Online Payday Loans

By: Michael Tagnani
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There you are, poised at your PC, having just taken thefirst step towards easing your financial crunch by performing an Internetsearch for Payday Loan providers. Then suddenly your hand freezes over yourmouse! You’re mesmerized by the vast selection and frozen like a deer inheadlights! Amidst all this, an unpleasant sense of doubt tickles the edge ofyour consciousness. How do you know getting an online Payday Loan is safe? Hereare the things that you should look for and do to ensure that you have a safe onlinepayday loan experience.

?????????Website security.Verify that the online payday loan website’s security certificate is valid. Itcan usually be found on the homepage of the website. Also, look for the littleyellow padlock icon in the lower right corner of your web browser window. Thisshows that the website is secure and generally means the information on thatpage is being encrypted so it cannot be stolen. In addition, check to see ifthere is an “s" after the “http" portion of websites internet address at thetop of your Internet browser screen. This is important on the pages where youare transmitting personal or sensitive information (i.e. pages that includeyour social security number, bank account information, etc.). You can beassured that your Payday Loan provider has taken steps to ensure that yourpersonal information, at the time of submission, is encrypted and secure if youfind these site security indicators are in place.

?????????Ask questions.Make sure that you feel comfortable with the terms of your loan, thesecurity of the website, and why the documents that have been requested of youare required. Ask questions regarding any concerns that you have and keepasking until you are satisfied with the answer. If you don’t get completeanswers, you might want to find another lender.

?????????Reviewyour disclosure. The Federal Truth in Lending Act requires that payday loanlenders disclose all fees associated with your payday loan. This law is inplace to protect both consumers and lenders. Your loan agreement (or disclosureagreement) should clearly state what your loan rate is and the loan fee that youwill be charged (i.e. the interest on your loan). In addition, it shouldclearly state the amount that you are borrowing, the total amount due, and thedate by which your pay off will be due. Make sure you understand the terms youare agreeing to. Beware of any hidden fees and charges that may not have beendisclosed.

?????????Borrowonly what you need. It’s easy to be tempted to accept a payday loan for ahigher amount if it is offered to you. However, it is important to rememberthat with a higher loan amount comes a higher fee and therefore a higher payoff balance! Keep in mind, your balance will be due for repayment on your nextpay date. Make sure that you will be able to do without that amount on your paydate so that you don’t put yourself in greater financial peril. Borrowing onlythe amount you really need and planning for a timely repayment is the best wayto keep your financial life safe once the current crisis has passed.

A Payday Loan can be as safe as you make it. An informed consumer is a smartconsumer! Armed with your new knowledge you can feel prepared to take the nextstep and click that mouse. You are more than ready to select a Payday Loanprovider from the buffet of services offeredFree Articles, with no fear that your selectionis compromising your personal information or your financial future.

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