How to Find Legitimate Payday Loans from a Direct Lender

Finding a legitimate payday loan from a direct payday lender can be quite a task especially when you’re in need of an amount of money in short order to pay off any bills or expenses.  National Payday will help you find the best lender based on your needs. We know that lenders are getting a bad rap due to the amount of payday loan scams in existence.

While one lender will require you to have a bank account, others will not require you to have one. At most, lenders can send you money in as little as one day (some have same day delivery).

Here are six ways to help you decide the best direct lender for you:

1. Availability

The availability of payday loans varies from state-to-state. A majority of states in the US allow payday loan lenders to operate but are heavily regulated. Some states allow lenders to operate with no regulations. In 14 states, lenders are not allowed to operate at all. Please take a look at your state’s available options before applying.

2. Reputation

A lot of people frown on payday loans for being deceptive regarding to business practices. One way to look is whether or not if the lender has a good rating. If there is no rating, you should use caution and dig a little deeper. If the lender has a bad rating, consider other available options.

3. Requirements

Not all direct payday lenders are created equal. That’s because each lender comes with its own set of requirements on how a customer can qualify for a cash loan. Most lenders will have the requirement of having to be 18 years of age or older, be a United States citizen or permanent resident. Some will require to have you to have a bank account and a source of income that will allow you to pay the loan off.

4. Fees

All lenders are required to disclose all fees that a customer has to pay during for the duration of the term. The contract must be clear in what the applicable charges will be.

5. Loan Amount Minimums and Maximums

The minimum and maximum loan amounts vary from lender to lender. It is important to consider how much money you need to pay off any bills or expenses. Your specified amount may not meet a certain minimum requirement or may exceed the maximum limit of what a lender can give. Each lender will be able to disclose both amounts. Some payday lenders have a minimum of as little as $200. Maximums usually are anywhere from $1,000 to $2,000 (or more).

6. Is it legitimate?

Many people get preyed upon in payday loan scams because of their need to receive money in the shortest time possible. Sometimes, the promises that a lender makes may sound too good to be true. Because of these scams that take place, it’s another reason why payday loans are getting a bad reputation. That is why it is important to do more in-depth research on the other payday lenders. If a “lender” makes unsolicited phone calls, they are likely operating a scam, and you should stay clear.

There you have it, top 6 ways to spot payday loan scams and filter your search to find only the legitimate direct lender for payday loans.