You’ve seen the commercials and read the ads in the newspapers. Payday loan companies claiming that they can get you a good loan overnight, or just plain fast. Sometimes you’ve thought about using one of these services in order to pay for an emergency or other bill. But something seems off about the whole process. How do you know if there are legit payday loans? Aren’t they just scams?
The sad truth is many payday loan places are “scams” in the sense they trap you in a hole that is hard to get out of. However, there are many companies that are legitimate out there waiting for you to get them. How do you tell the difference? We go over some tips below.
What Can You Find Out About The Company?
The first thing you should do before applying for any payday loan is research the company. (Better if there’s more than one.) You want to look up their history and the types of reviews they have online. Since many people use payday loans, you are bound to find some reviews on aggregate sites that will cover everything you need to know. You should probably stay away from places that have overwhelmingly negative reviews, and the few good reviews there smell fishy.
Payday loan companies should be completely transparent about who they are and how they function. Any company that doesn’t tell you upfront what their rates are and when you can expect their money is a company that you should run from.
Do You Feel Comfortable With Them?
When you enter the payday loan shop, do you feel comfortable? Is it clean? Is the service friendly? You don’t want to do any dealings with people who make you feel uncomfortable or give off the feeling that they don’t care about their presentation. Why would you want to take money from those people, and what makes you think that you will be treated well?
But it’s not just the presentation. It’s also how they interact with you. If the service is unfriendly, or at least not neutral, then it may be time to find another place. While no payday loan place is perfect, you want to feel clean and comfortable from the moment you walk through the door until you leave with your slip in hand. Remember, you are a customer. The payday loan place is working for you and to keep you satisfied with their service.
Do They Make Promises That Are Impossible To Keep?
You see it in the ads all the time. “Come in today for same-day loans!” For most places, this is impossible. Overnight loans are even rare, although not impossible. But any place that raises red flags saying, “We can’t really deliver this,” is not a place you want to be doing business with.
Legit payday loans are hard to come by, it seems, but still possible. Do some savvy research before you get your loan, and don’t be afraid to leave if you feel it’s not worth it. It’s your money – treat it right.