If we keep aside the illegitimate payday lenders online, we can find various legit lenders online too. They have come online as they find it an easier and faster way to help their consumers online. These legitimate companies provide you with synchronized services. They understand the necessity of a short term loan and help you accordingly without ripping you off. However, there are scammers too just like in any other business. There are certain ways by which you have to save yourself from getting ripped off by an illegitimate payday cash loan company online.
The following points will help you determine the legit payday cash lender:
1. The rates: You might be more than surprised to find that a company is providing you with the lowest rates, even below the industry standards. This undercut must raise an alarm. If they were to give you money for such a rate, others can do that too. Stay away; it may be a rip off. These companies advertise such low rates just to attract you. In reality, a genuine company will abide by the laws laid down by the government regarding maximum rates. Usually the websites will also provide you with the breakdown of the components of the loan. This indicates transparency of the online payday cash loan company. You can bank on this one.
2. Upfront fee: Beware of this term. It is surely a rip off. Once you pay up an upfront fee, they may never get back to you. An authentic payday cash loan company will know that you are asking for a loan just because you do not have money. How would you pay an upfront in this case?
3. Information exchange: If you are the only one asking questions, you might be in trouble. A genuine company will provide you with answers to all pertinent inquiries made. It has to be a two-way interaction rather than just a one-way. They will ask you for a proof of your employment. This is required by any trustworthy company as proof of your income. Incase the online payday cash loan company fails to ask such questions, it may as well be a scam.
4. Check rip offs: You can check rip off reports online to find out who is scamming and who is not. Do not make any transactions unless you are absolutely convinced.