Online payday loans are a convenient way of getting fast cash. The problem is anyone can set up a website and collect private information about you. Identity theft is running rampant across the internet take steps to protect your personal information.
Always know the website you are entering your personal information on is secure.
Working with an online lender is provoking a certain amount of risk. Do you know if this company is real? You give them access to your social security number and bank account information. What are they going to use it for? Look for the “lock” icon in the browser window to check if a webpage is securely transmitting your information.
Use a U.S. based lender that has a real person to talk to on the phone.
The lender could be an off shore company that is hard to locate if you have a problem. Check the contact page on their website to get an address and phone number to the company. Give them a call to find out if they are legit.
Don’t let the lender set up your account as a renewal account.
Many online cash advance companies have automatic renewal terms. They will deduct only the fee from your account and rollover the principal loan. The borrower must take extra steps to have the principal amount deducted. This is a major debt trap costing you hundreds of dollars.
When you click the OK button know what it means.
Online companies use an “e-signature” to electronically sign your loan documents. They may “trick” you into a high rate cash advance when you hit the OK button. Once you submit the application you’re locked into the loan no questions asked. Always know what you’re getting into.
Take all the above advice with you as you search for an online cash advance company. Utilize internet common sense. There are legit companies that can offer you the security and privacy of an online loan. When in doubt, stay away!
Remember to: Check the website for security. Read all the terms and conditions before signing the loan documents. Use a U.S. based company that you can file a complaint against at your local States Attorneys office if needed.
