Legitimate Fast Cash Payday LoansCredit: Dani Simmonds (MorgueFile.com)

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Consumers who find themselves short on cash often wonder if it's possible to find legitimate fast payday loans. It’s important to understand that even with a reputable lender, the interest on payday loans is always higher than on traditional loans. If despite knowing this you opt for this type of loan, it is important to choose a reputable payday lender.

1. Finding Legitimate Fast Payday Loans: Consumers who take out payday loans typically do so to care for emergencies, so they need some fast money. For this reason, the process to secure payday loans is generally much quicker than traditional loans. Despite this, the duration of the application process can vary. Some lenders might approve a loan within hours, while others might need up to a few days. Lenders who offer fast payday loans will use the following terms in their ads:

  • Fast payday loans
  • 1-hour payday loans
  • 24-hour payday loans
  • Instant cash loans
  • Online payday loans
  • Fast approval process
  • Faxless payday loans
  • Fast cash payday loans
  • Same day cash advance

2. Researching Legitimate Fast Payday Loans: Do your homework to make sure that the companies are reputable prior to submitting any personal information, particularly if you‘re thinking of applying online. For example, taking the following precautions could help you choose the right payday company and avoid fake sites.   

  • Analyze the website. Temporary sites often contain spelling and grammar errors. Take note of the formatting. Ask yourself the following questions: Does it promote professionalism? Is the site secured? If it is, a lock should appear on the upper right hand side of the browser when you click on the "Apply" page. Keep in mind that fake payday loan websites can also have a secured connection, but they generally don't.
  • Contact the Better Business Bureau, and inquire about the company's standing.  
  • Perform an online search for consumer complaints.

3. State Authorized Payday Loans: State Law generally requires that cash advance lenders apply for a lender’s permit. Lenders need a permit for each operating location and must display the permit in a visible area.    

4. Payday Loans Fees and Interest Rates: The law requires that fast cash lending businesses make customers aware of any payday loan charges and interest rates prior to submitting an application. If you choose an online lender, the fees and interest rates should appear on the website. If you opt to apply at a brick and mortar location, the notice should appear in a high-traffic area. 

5. Legitimate Payday Loans' Agreement: Before signing the contract, make sure that you understand clearly all the terms and conditions. The contract must include the total loan amount, the loan fee and the interest rate. For instance, it cannot read, “$700 including fees and interest rate.” It must show specific amounts.

Additionally, the contract should specify the payday loan’s maturity date and explain how to proceed should you default on the loan. If the lender allows you to roll over the loan, it should include any applicable roll over fees and the number of times that you can roll over the loan. State Law often regulates the number of times that lenders can roll over a loan.

Reputable payday lenders will make sure that their customers understand that payday loans are short-term solutions that consumers can turn to only as a last resort. 

In summary, finding reputable fast payday loans involve choosing a lender who observes state regulations, has a fast-approval process in place, and offers the lowest interest rate possible. Another important factor to keep in mind is that cash advance loans are short-term loans, which typically become due on the date of your next paycheck.  In addition, the loan amount will likely have to come out of your next paycheck, so make sure that the funds are available to avoid late fees. Although payday loans are not encouraged, if you find that you do not have any other options, a bit of homework prior to applying can help you make the right selection when researching legitimate fast payday loans. 

Copyright © 2011 Ana Jackson. All Rights Reserved. Reproduction in whole or in part constitutes plagiarism, is illegal and strictly prohibited.


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