You can easily find direct payday loan companies. They can be found at small or large financial institutes, even at pawn shops. You can receive a loan from banks, credit unions, and/or financial companies. However, beware of some companies who promote scam (usually found overseas).

Where can you get a Payday Loan?

While browsing online, you can find thousands of direct payday loan companies. Some sites refer you to other companies to get your loan. Large, financial institutes, such as Citifinancial, MBNA, and Wells Fargo, are involved in online payday marketing. You can also find local lenders who specialize in payday loans (called check advances). There may be a dozen of these local lenders within five minutes apart. You should compare interest charges to determine the one that is best suited for you.

Various Application Processes

The application process for payday loans (a high risk) has become more rigorous with FDIC institutions.  Some loan companies have made it more difficult to qualify for the loan by requiring a higher income level and by determining your financial background (the history of your checking account). These are usually the larger institutes with competitive customers.

However, there are direct payday loan lenders who only require the basics to get your loan. These lenders usually only require a proof of identity and of income, and a current checking account. If you get a payday loan online, there is usually less paperwork and nothing to fax. Online applications are simple to fill out and you immediately know if you are qualified or not and for what amount you are qualified for.

There is also a difference in the way you receive your payment and pay it back, depending on what type of lender you seek. If you go to a traditional lender from a local business, they will require you to postdate a check for the day you will be paid again, and you can either pick up the check that day, or they will cash it at your bank. If you choose an online lender, there are no checks involved, and they will automatically wire the loan amount to your checking account (direct deposit), and then when it is due, they will debit the loan amount plus finance charge immediately from your checking account. This is the fast way to receive a loan. By getting a loan online, you can avoid the inconvenience of waiting for checks to clear.

How To Identify a Scammer

If you want a legitimate direct payday loan company, then avoid getting one from overseas. These are usually not legitimate companies, and they are mainly concerned with getting your personal, identifiable information so that they can scam you or steal your identity. Since they are located overseas, it is really difficult to press charges and have them persecuted.

Just by using good old common sense, you can avoid getting scammed. If the company is a third party website who promises to refer you to a lender, don’t give them your financial information. Legitimate companies usually have higher finance fees and strict payment options. Sometimes things are too good to be true. If the finance fee is extremely low, do some research on that company; contact the lender of the company and speak to a representative and determine if they are knowledgeable enough to answer all of your pressing questions. If they cannot answer your questions to the full extent possible, then they are probably not legitimate.

Locating the Best Direct Payday Loan Company

Do comparison shopping before settling for one lender. Remember there are thousands of direct payday loan companies for which you qualify for. Do some research online to find the best finance charge rates and terms of conditions. Before you become committed to a lender, ask questions to make sure your financial information will be secure. By just doing a little bit of research, you will save yourself a lot of headache.