Getting Online Payday Loans

By: Michael Tagnani

Online payday loans are a convenient way of getting fastcash when you’re in tight situation. The problem is anyone can set up a websiteand collect private information about you. Identity theft is running rampantacross the Internet. So, it’s important that you take steps to protect yourpersonal information. Consider the following advice when looking for onlinepayday loan:

Ï?????Alwaysverify the security of the website you are entering your personal informationon.? Working with online payday loancompanies has the potential to provoke a certain amount of risk. Do you know ifthis company is real? Generally, you will be giving them access to your socialsecurity number and your bank account information. While this information isrequired to complete the online payday loan process, it is sensitive data that cancreate tremendous problems for you if it falls into the wrong hands. Look forthe "lock" icon in the lower status bar of your web browser to checkif a webpage is securely transmitting your information. You should also be ableto verify the website security certificate right on the website (homepage).

Ï?????Use a U.S.based online payday loan company that have real people you can reach by phone.Check the contact page on their website to get an address and phone number ofthe company. Call them and speak with a representative. Ask them any questionsthat you may have and be sure that you are satisfied with the answers theyprovide you. The lender you choose could be an off shore company that is hardto locate if you have a problem. In most cases, online payday loan companiesthat are based in countries outside of the U.S. are not bound by the same U.S.laws that are in place to protect your rights.

Ï?????Don’t letthe online payday loan company put your account on automatic renewal. Manyonline payday loan lenders have automatic renewal terms. They will deduct onlythe loan fee from your bank account each pay date and rollover the principalloan balance. The borrower must take extra steps to have the principal amountdeducted to pay off the loan in full. While this is convenient for people whoconsistently run behind, this can be a major debt trap that can end up costingyou hundreds of dollars. Be sure you carefully read through your disclosureagreement before you sign it.

Ï?????Don’tborrow more than you can afford to repay on your next pay date.? While it is tempting to take the maximum loanamount you are offered, you should carefully consider what amount you cancomfortably repay when your pay date rolls around.? Higher loan amounts equal higher fee amounts.If you cannot repay the loan on your due date you run the risk of being forcedto roll over the loan, which means additional fees. Or you may find yourselfconsidering taking out a second payday loan to pay off the first one (almost nevera good idea).? And then there is alwaysthe risk of your loan going into default. This usually creates a huge messbecause of the default fees that will be applied, the negative credit reportingthat will result, and potential legal problems.

Take all the above advice with you when you search for anonline payday loan company. Use Internet common sense. Remember: Check thewebsite for security. Read all the terms and conditions before signing yourloan documents. Use a U.S. based company that has real people you can talk toand don’t borrow more than you can afford to pay back. There are legitimate companiesthat can offer you the security and privacy of an online payday loan withoutthe risk. When in doubtFind Article, stay away!

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