Picking up a payday loan can be a great idea, as it can really help you get out of a right spot. Payday loans can be a great way of getting quick relief from any potential financial problems. Whether your wages vanished quicker this month than usual or you haven’t had as many days of work this month, trying to make your money last the month can be a struggle.
Payday loans offer an alternative away from scrimping and scraping for a week or two to get through the month after your wages have been spent. The problem is with this is that you need to do your research on any payday loan companies that you consider. For every brilliant and legitimate company, there is potentially a shark who is waiting to tie you up in a legal knot and leave you without a leg to stand on, or a penny to count.
Here are some of the most obvious warning signs that the payday loan company you are considering may not quite be up to the high standards that they claim;
If you are having to borrow money, you can’t have much can you? So any company you phone up and demands a fee up-front or before you get access to your money should be dodged like the plague. This is almost certainly a scam and if it’s not you don’t want to be working with that type of backwards firm anyway!
Any payday loan company worth using will be licensed with the BBB, the Better Business Bureau. Check out the BBB website and if the company you are researching is not there, cross them off the list. This is an instant give away to a scam or a rogue.
If you get your verification within seconds, then you should be worried. Instant verification or a lack of verification on the lenders part is an immediate warning that you could be dealing with the wrong crowd. A proper payday loan firm will be very vigilant on the verification process, so don’t give any company that is blasé about this your details. Anybody willing to throw money at you without proof you earn enough is not worth dealing with, trust us!
Check every contract you are given. This is obvious, but being trusting can cost you a lot of money in time. Before you sign off on the loan that you have decided on, make sure that you give the contract a full read over. Any hidden fees or penalties that were not discussed will be in there and if you see any, rip up that contract and leave!
Don’t let yourself get into a situation whereby a con merchant can take your money and leave you in a bad position. You might not even get your money back if anything goes wrong if you are tricked, so don’t take the chance!