While looking for payday loans you will come across many lenders, claiming something providing other things. It is there advised to select the lender carefully. Go through these basic tricks and find the best one!
1. Check The Advertisement Method:
The lender who mentions interest rate per or something like this, and gives clear information and link to detailed information should be considered, while others merely claiming can misguide you.
2. Look For Lender’s Ties
Always select the lenders which have their ties with big institutions, these lenders follow a professional and reliable way than the small ones.
3. Check The License
In many the states of United States, lenders are issued a valid license. So, if your lender doesn’t have one, he is not valid.
4. Read Carefully All The Incentives
Lenders often give Incentives like a low-interest rate for repayment within time. If you are capable of repaying on time it will be a bonus point for you, otherwise, they can stick you in their tricky policies.
5. Always Have A Clear Loan Statement
Never forget to take a written document of all the terms of the loan. This is your legal right under the TILA Lending act. Lenders who are not willing to do this are suspicious.
6. Get Signed Agreement
Keep everything written on the agreement like principal amount, interest rate, duration, late fee, etc, and get signed by the lender. If the lender is not signing the agreement or writing a rough document, he is a suspicious lender, you must choose reliable one.
7. Compare Interest rates
There are two things, first, compare the interest rates and choose the best suitable for you. Secondly never misunderstand with terms of interest rate and lending/finance fee. Finance charges seem less because of the short duration, but when you calculate that in the interest rate you find it’s a big number. For instance, If a lender has a finance fee of $50 for a $200 loan and the period is two weeks. This is about a 650% interest rate.
8. Automatic Extension
When you are unable to repay at the end of the term, some lenders ask you to avail of the offer again, while others automatically activate the offer. Just choose those who ask before doing so.
9. Learn The Laws An Rules
Laws and rules give you legal rights, all you have to do is look for those rights. You must follow the rules and choose the lender who is following as well.
10. Make Use of Federal Trade Commission (FTC) Service
FTC is an agency for the rights of customers. In the United States, you can connect with them and ask about ambiguity you have in mind. You can make a call or contact me through email. There is a proper channel on the website http://www.consumer.ftc.gov. All the information is available there.
11. Claiming To Be Native Tribal American:
In this way they don’t follow the laws, claiming to be sovereign tribal american. Be aware of those lenders.
Emergencies can lead you fast decisions, but never select a scam in hurry. Keep everything in front of you and decide calmly. To make things easy for consumers looking for emergency funds, Slick Cash Loan is the best company. Slick Cash Loan is a 100% legitimate company that offers instant payday loans online guaranteed approval via its reliable network of direct lenders across America.