When applying for any type of loan, making sure you choose the right lender for your needs is always important. It is especially important when you are looking into a payday loan lender with a no telecheck system. It is easy to use the first lender you come across, but you need to make sure the lender is legitimate. This may seem like a daunting cause with the number of lenders out there today, but there are some things you can look for to verify that your lender is legit and not a fake.
Is the Lender Registered?
Payday loans or cash advances on your paycheck should be obtained only from lenders that are registered. Registered lenders have certain state and federal lending guidelines to follow and your personal and account information will remain safe and confidential. Using a registered lender dramatically decreases your chances of any fraudulent activity.
Compare Terms and Policies
When investigating a prospective payday loan lender with no telechecks, it is a good idea to read all the terms and policies of the company and the loan. Do this with several and compare and contrast what each company offers. A true lender’s terms are usually flexible with several different repayment plans. In case of a delay in repayment, they should be able to accommodate you with little fuss. If you have to roll over your loan, it is good idea to check and see if the interest rate will be higher on the roll over and if there are any hidden costs or fees involved in this occurrence.
Are the Interest Rates Low?
Most payday loans have higher interest rates than other types of loans. This is another reason why research is beneficial to you. Comparing interest rates between payday loan lenders with no telecheck systems will help you save money. Finding one with a low interest rate and even one with a longer repayment plan will help your situation greatly. The lower the rate the less amount of money you have to repay in fees and interest, and the longer you have to pay it back means you won’t be stuck in the same situation come next payday.
Secure Personal and Financial Information
A registered and legitimate payday lender should be hosting a secure site. If not, your information could be easily hacked into. A legitimate lender will ask for your bank account information, but only to deposit your loan proceeds into and to debit the account for the repayment amount. A fraudulent lender may ask for more security information regarding your account – which you should not provide. This jeopardizes your finances and other identifying information – which could lead to identity theft.
Finding the right payday loan lender with a no telecheck system seems a bit daunting, but it’s really in your best interest to do your homework before deciding on a lender. The last thing you want to do right now, in a time of financial need, is to choose a lender that is fraudulent and put you in even further debt. Doing the research and choosing the right legitimate lender is the best and safest thing to do.