Payday Loan Direct Lenders Make Your Life Easier
When we say loan, it means cheapest way to get instant cash! Thousands of lenders and companies are offering finance services but not all of them are providing actual loans. Quick payday loan is the only way of obtaining instant money within few hours.
Payday Loan Direct Lenders: Easy, Simple and Reliable:
5 Reasons Direct Payday Lenders Give You a Better Deal
Are you really saving money by working with a loan matching service? Here are five ways direct payday lenders give you the best deal.
1. Quick Approval Time
When you need emergency cash, you do not want to wait weeks for an approval letter. By applying with a direct lender, you can skip the middleman and shave days of waiting off your loan decision.
The average approval time for direct payday lenders is one to three hours, versus three to five hours for brokers and loan matching services. Because direct lenders have relationships with major banks, they can usually direct deposit your funds the same day. Some even offer instant approval and one-hour loan transfers.
2. Lower Fees
Loan matching companies typically make money by selling applicant names in exchange for a commission on every lead. To offset the commissions, direct lenders are forced to loan money at higher rates. By dealing with a payday lender directly, you can slash your fee payments and receive a low APR for any money you borrow.
3. Privacy Protection
When people apply for cash advance loans, they are often in delicate situations. They need fast cash to pay bills, but their bad credit may cause them to be rejected by traditional banks and credit card companies.
If you want to control who knows about your loan application, you must limit the number of companies involved. When you apply through a broker, you are essentially giving away your personal information twice–once to the broker and again to the actual lender. With today’s danger of stolen information and identity theft, savvy borrowers know to go directly to the lending source.
A major concern of working with a payday loan matching service is the sneaky techniques the company may use to make additional cash. For example, in 2009 the Federal Trade Commission ordered a loan matching service to pay $4.8 million for charging customer credit cards without their informed consent.
When choosing a payday loan lender, you should look for reputable organizations that:
- disclose their fees
- have working phone numbers
- comply with all government regulations
- are members of trade associations
Most direct lenders have years of experience helping customers with short-term loans from $200 to $1,000 or more.
5. Informed Decision-Making
Finally, when you have a question about your cash advance, you need an honest answer quickly. Most broker services can provide basic responses but then they must refer you to the lender. These transfers can cost you time and delay your loan approval.
When you are selecting a payday loan provider, you need details such as:
- the loan minimum and maximum
- the repayment period
- whether rollovers are allowed
- how many loans you can take out at once
- what happens if you cannot afford to pay back a loan
- how to cancel a loan agreement if you change your mind
When you work with direct payday lenders, you know you are getting this information directly from the source. You can make an informed financial decision based on details that you know are correct.
Same Day Payday Loan – Massive Fraud Uncovered
In the last few years many criminal organizations have figured out a new more deceptive way to steal your identity. It is called same day payday loan ss theft. Few criminal organizations out there have been prosecuted because it is an extremely difficult crime to prove. The only evidence is the unusually high rate of identity theft among there customers, and that is not enough to get a conviction. This article will attempt to shed some light on this epidemic and show you ways to avoid this scam should you be one of many people saying I need a payday loan immediately or needs to use a same day payday loan service sometime in the future.
With new technology available to law enforcement mob organizations traditional businesses such as illegal gambling and extortion are becoming almost imposable to run profitably. As law enforcement changes, so do the criminal organizations. Now, mob organizations are running more secretive and more profitable organizations than ever before. Whenever you apply for a payday loan you need to give them your name, your address your place of work, your check information and your social security number. Some criminal organizations in order to “maximize” there profits will keep that information and use it to get a loan for homes, cars, lines of credit, anything else they can get. Often times they will have there “employees” rack up thousands of dollars in credit
cards buying high end electronics and re-selling them on online auction sites like eBay.
Now that you know about this kind of theft you are probably a little wary of applying for a same day payday loan, but in case you really are in a tight financial situation, here are a few steps you can take to help you avoid same day payday loan fraud. My first tip to you would be to never go to a brick and mortar payday loan store. They have the most instances of fraud because people tend to trust them most and they have the most customers for them to rip off. Over 90% of payday loan are taken out from an actual brick and mortar stores. Also because the internet is so well known for fraud, online companies are very heavily regulated, resulting in substantially less cases of fraud. Also because it is almost impossible to prove that it was them, so they have no real reason to go to the less profitable internet companies. They are far too interested in expanding into the most profitable field.
It is actually safer to go to an online payday loan store. Not only because there are fewer instances of fraud, but because unlike brick and mortar, there are things you can do to greatly lessen the chances of identity theft. Online businesses are more likely to be reported to the better business bureau, because pretty much any online business that defrauds there customers gets reported there. The better business bureau is an online organization, it is a place you must look out for complaints about fraud on any internet website.
Protecting Payday Loan Consumer’s Informational Documents
A payday loan management company will be paying out over $100,000 in fines due to their improper disposal of consumer documents.
The Federal Trade Commission has strict guidelines to protect consumers. Financial institutions are required to protect personal information. Safeguards need to be set-up and privacy notices need to be delivered to consumers. Financial transactions deal with sensitive personal information. Many documents will contain loan applications which obtain a consumer’s employment information addresses telephone numbers, social security numbers, bank account information and often times credit reports. Privacy practices would safeguard this information. Once a financial institution no longer needs the consumer’s information it is supposed to be destroyed. When this is not the case and mismanagement of the disposal process happens, the Federal Trade Commission will clamp down on the company.
This latest ruling stemmed from the payday loan management company which left sensitive documents unsecured in dumpsters near actual brick and mortar payday loan companies. The Federal Trade Commission has clamped down on consumer safety. The Disposal Rule, which states that companies must dispose of credit reports and information may come from them in a safe and secure manner. A dumpster is a far cry from proper procedure.
One of the good things about online payday loans is that there is very little paperwork to worry about. Application forms are done online, bank statements can be sent through email or opt for no fax payday loans. It is still important that whatever paper work is printed that it is disposed of properly. There are services which do take care of this properly. These services take care of more than just financial company waste. If you have questions or concerns about how any type of financial service handles their document waste, it is definitely worth a phone call to find out. Most often, you will find disposal management services take care of sensitive documents. The Federal Trade Commission oversees that companies have privacy procedures in place and that each party concerned follows through using them. If and when you have any concerns about improper procedures, call the proper authorities.
Part of being a responsible lender, especially for direct payday loan online companies is to follow all the best practices in the book. Transactions are done over the phone and through electronic transfers. The only personal contact is if there are phone conversations. A great lender knows this and makes sure that these phone calls are done professionally and courteously. A consumer can do more to protect their personal information by seeking out responsible financial services before sending sensitive personal information of any kind.
There are many consumers who refuse to utilize online banking in any shape or form. Refusing to use direct deposit convenience or paying bills online. These people like the paper and being able to see and talk to a person or write out the check themselves. These paper trails need to be disposed of properly. If you are expecting any one way to be perfectly secure over another leaves too much room for human error. Sometimes these errors are pure mistake while others are due to carelessness or sheer defiance of rules. Consumers need to shop around for financial institutions which they can trust to uphold the standards from communication, money transactions of all kinds, to proper disposal of sensitive documents Errors are not only found pertaining to payday loan companies, but in every business or service where human error makes it possible.
Category: Payday loans