Finding Your Pay Day Loan
You're looking to find a payday loan or cash advance loan
company that is reputable, provides excellent service, and is
properly licensed in their state of business. Also look for a
payday loan site that is professionally designed and managed,
run by a real company that understands the business and markets
it works in.
All payday loan companies that provide cash payday loans must
have a state license. Certain states don't allow payday loans,
so they will not issue a license to any company in that state
for that purpose. When looking at a particular payday loan
lender you should feel free to e-mail them at their contact
information and ask for information regarding their state
lending license. For example, the lending institution for
Personal Cash Advance is located in South Dakota. The company is
officially licensed by the State of South Dakota. When they
issue a payday loan contract with a client, it is deemed to take
place in South Dakota, regardless of where the client or his/her
bank resides. Therefore the payday loan contract is bound by the
laws of South Dakota.
More about Cash Advance Loans Security is also a major concern
when shopping for the right payday loan. When a client completes
the Personal Cash Advance application page, the connection will
be "SSL?which stands for Secure Socket Layer. Secure Socket
Layers provide the best means of encryption available to
commercial websites today. The personal data stored the data on
our computers is also encrypted with the highest standards
currently available. Ask any payday loan lender you consider
doing business with about their data security. You might be
surprised at their responses. If they are evasive or unclear in
their answers, go somewhere else!
Finally, make sure someone is available to answer your all your
application questions. Many payday loan lenders leave you
wondering what's going on. Although price is important, customer
service is even more important.
Tips For Getting Approved For Your Payday Loan
Check the payday loan lender's qualification policy to make sure
you're eligible. It's actually detrimental to fill out an
application if you know you don't qualify. It may hurt your
chances with another payday loan lender whose qualifications are
more relaxed.
When shopping for payday loan, limit the number of applications
you actually fill out and submit. Filling out multiple
applications can result in being declined by ALL payday loan
lenders. The reason for this is that each time you apply for a
payday loan, that application is reported to a consumer tracking
database used by banks and payday loan lenders. If your payday
loan lenders see multiple applications pending they assume that
their exposure or risk is much greater.
Fill our your application completely and accurately. Many
applicants think that exaggerating may help them (longer time on
job than they really have, higher income than they really have,
etc.) If a lender finds that you are exaggerating or lying they
will decline your request for a payday loan immediately.
When you talk to or send email correspondence to the customer
service department, be courteous and professional.
After You Get a Payday Loan
What if the unexpected happens and you cannot pay off your
payday loan on the maturity date? Contact the payday loan lender
regarding repayment options. Most payday loan lenders are
flexible, and offer different options or rollovers on the loan
amount. You should be prepared to pay the initial fee again,
however. Try to pay back the fee and as much of the principal as
possible.
The most important rule of all: do not default on the payday
loan! If you default it can cause many sets of problems for you,
like extra NSF fees from both your bank when the payments bounce
and as specified in your contract with the payday loan or cash
advance company. The payday loan company may also send your
account to a third party collections agency, which could be very
detrimental to your long term credit options. In addition, your
default will be reported to consumer credit agencies that can
make it impossible for you to obtain another payday loan or even
open a new checking account in the future. As a last resort some
lenders will take defaulting clients to court and sue them.