Payday Loans and Fast Cash Guide | Finding The Best Payday Advance Online

Finding The Best Payday Advance Online

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Finding a payday advance online is easy, finding one that is going to be fair and honest is much more difficult.  There are a few things that you need to watch for when looking for your payday loan, and this post will show you those things.  I’m certainly not going to tell you that you shouldn’t get a payday loan, when you need fast cash you need fast cash.  Good, hard working people just like you and me hit rough spots every now and then, and finding a way to get money without getting ripped off is extremely important.

For those that aren’t sure what online cash advance payday loans are, I’ll break it down for you.  Basically, a payday loan is a short-term loan that doesn’t require a credit check.  The amount that is lent depends on how much money you make each paycheck, and will usually start off small and grow fast as you build your credibility with the lender.  The average first-time payday loan is around $500, but as you gain trust with the lender by paying them back on time the loan can grow up to $2000 or more.  You’ll repay the loan by either writing a post dated check (for brick and mortar stores) or allowing the lender to withdraw the money from your account (online).  Interest rates on these loans varies, but the average is $25 per $100 borrowed.

Finding A Payday Advance Online

When you’re looking at online payday advance websites, there are essentially two different types.  The first is the actual lenders who you will apply with and lend you money.  The second are sites that work to pair you with the lender that is best for you.  These sites are called “lead-generators” in the industry, and they get paid when you sign up through them.  Both sites have their advantages.  The easiest way to determine which site you’re looking at is to look for a customer login form.  If there is a place for returning customers to login, it’s a lender.  If not it’s a lead-generator.

The lead generator sites will collect your info and shop it out to different lenders.  Each site has their own terms, so it’s difficult to say that you’re going to get the best deal, but at least they will do some of the shopping around for you.  And keep in mind that if you don’t like the terms of the offer that’s being made to you, you have no obligation to sign up for it.  They will usually shop your inquiry out to three or four lenders before determining which is the best fit for your situation and lending needs.

If you prefer to go directly to the source when shopping for your payday advance loans online, it’s a good idea to look at a few of them before signing up.  Each has it’s own terms and rates, so it’s a good idea to see which one is the best for you.

Avoid Getting Scammed With Payday Advances Online

While you’re shopping around for your online payday loan, there are a few things that you should be looking for to keep yourself protected.  The first is to keep a close eye on their lending rates.  If you find one that is way higher or lower than the $25 per $100 borrowed, that’s a good sign that you’re going to be taken advantage of.  Many online lenders operate in states that allow higher interest rates, so they will do their best to charge you as much as possible.

Another thing to look for is the seal of the Community Financial Services Association of America (CFSA), or its equivalent in your country.  The logo on the left is what you’re looking for, and it will usually be at the bottom of their page.  Online payday advance companies apply with the CFSA and are only approved if their practices fall within their guidelines and their state’s laws.  This certainly isn’t a guarantee against shady practices, but it means that company adheres to the CFSA’s best practices and can be held accountable if they don’t.

Follow these guidelines and trust your gut when shopping for payday advances online.  It’s your money, be smart with it!

Thanks for reading,

Lydia

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