Surveys show that a good proportion of payday or cash advance loan applicants rely on online payday loan lenders as these companies provide fast services and delivers the loan amount within a day or two. However, surveys reports that a number of online payday loan services in the web world are fake or not genuine. Most of them are designed to steal the vital personal information of customers while some lends money at a high interest rate than usual.
Always check the following points before you send an application for an online payday loan:
· The mode of operation of an online payday loan lender
· Security provided in the website
· Support provided by the company
The mode of operation of an online cash advance loan lender
Is there any relation between the mode of operation of an online payday lender and the interest rate? Yes, economic surveys shows that interest rate, processing fee and service charges are connected with the mode of operation of cash advance loan lenders.
What makes some companies charge you more?
Most of the online payday loan institutions are the affiliates of direct cash advance loan lenders, which compels those companies to increase the interest rate vigorously to maintain the profit rate. If you approach a direct lender, you will get your payday loan at a less interest rate even lower than traditional offline lenders.
The second reason is related to the yearly business rate of a company. Small online payday companies based on single websites charge you more comparing to organizations with many localized websites and customer care services as they does less business than multi web online payday companies.
Site security
Site security is one of the important factors you must check primarily. You may have heard about hackers who could steel vital information from websites. Even if the online payday lender is genuine, sometimes hackers may penetrate their security system and steel your vital data to steal your accounts and money. Most of the online lenders ask you submit the Social security number, details of online banking and permission for online bank account access.
There are different methods to check whether the site is secure or not. They are,
· The browser will show the term 'https' at the beginning of the web address of the website after loading the web page.
· The site security certificate (mostly the logo of the cyber security company that delivered the certificate) would have demonstrated in the home page of the browser.
· You must click on the certificate and check its validity
· If the certificate is valid then the site is protected with extra layers and invulnerable to hackers
Support provided by the company
Always check the customer support as you may need help in many occasions of the online payday loan application procedure. Moreover that incase of future disputes, the transcript or record of the conversation will act as a great proof. However all online payday loan companies are not same and customer care can help you solve many issues. For example, if the software automatically withdraws extra money in the due date, the support team can help you clear your doubts and restore the withdrawn extra money to your account.
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