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Frequently Asked Questions

How can I know which payday lender I can trust?

Payday lending is a phenomenon that has been steadily growing in the United States since the end of the last century. The financial crisis of 2007-8, together with the atmosphere of economic insecurity which followed, has helped to contribute to the popularity of payday loans.

Although in recent years, a number of states have enacted legislation limiting or outright banning this type of loan, it is still not a well regulated field. There are many payday lending businesses of various sizes jostling for a piece of the pie in this lucrative market. Some are reliable, while others are less than honest.

If you yourself are hoping to receive a payday loan, you may be wondering which lender you can trust.

Well established financial institutions
A well-established financial institution which has been doing business at its brick and mortar premises for at least several years tends to be trustworthy. Usually this means a bank or credit union. Besides reliability, this type of institution has other advantages.

They generally make a wide variety of loan options available to their clients, allowing you to decide which is right for your situation. They may also offer free credit counseling to help you learn how to manage your personal finances and eventually get out of debt. There is one minus to dealing with your bank, though.

They will have the authority to access your account and seize funds if you fall behind in your payments.

Accredited lending institution
If you are dealing with a payday loan store, find out where they are licensed. Look for one that is licensed to make loans in the state where you reside. This ensures that they will be governed by your local state law, which is to your advantage.

In addition, make sure that the lender does not have just a website, but rather a physical location, within the US, and that customer service is readily available by phone to answer any questions you may have.

Reputation
Talk to those among your family, friends and acquaintances who have been in a similar position to yours. Ask who they borrowed from and whether they were satisfied with the experience. Would they deal with that same payday loan store in the future, or recommend it to others?

Then check out the lenders they recommend with the better business bureau, the well-known consumer watch dog organization. The bbb provides free reliability reports via internet. By reading these, you will find out whether customers have complained to the bureau and how the lenders responded.

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Grace Chen
Grace Chen - Writer & Editor
A graduate of the Haas School of Business, University of California, which is one of the top three (3) business schools in the U.S., Grace Chen has 10 years of experience in this field and have been delivering stellar business content through her written word. She’s the chief editor of Communicate Better and has written and edited thousands of content published in various online and printed media, including the NYSE-sponsored research studies and MEC Global. Connect with Grace on LinkedIn, https://www.linkedin.com/in/grace-chen-9254ab8/

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