How to Find & Choose the Right Payday Loan Company

Need a quick loan for unexpected bills or expenses? A payday loan company may be the answer. One of the easiest ways to find payday loans company is to type “payday loan” into the search box on your favorite Internet search engine. When you click search, you’ll get back page after page of companies who want your business.

Many payday loans online companies have physical locations, or storefronts, as well as an online presence. If you feel more comfortable doing business face-to-face, going to their local “store” is probably the best option for you. However, if your schedule just can’t take one more appointment during standard business hours, you can handle the entire payday loan process electronically, online. Either way, before deciding which company you want to work with, you should spend a little time checking out their reputation.

How Long Has the Company Been in Business?

One of the first questions you’ll want to answer is how long the company has been providing payday loans. A well-established company is probably a less risky alternative than a company that just opened its online doors last week. This is not to say that new companies aren’t reputable. Rather, it’s just much more difficult to get a feel for the honesty and integrity of the organization if they haven’t been in the payday loan business for long.

Does the Website Display the Better Business Bureau Logo?

The Better Business Bureau (BBB) online logo is a sign that the company has registered with this business regulating organization. Companies who are members of the BBB join to help them stand out as a trustworthy resource in a very competitive marketplace. From a consumer point of view, contacting the BBB is a great way to find out about the company’s reliability and reputation.

Is the Company a Member of the CFSA?

The Community Financial Services Association of America (CFSA) is an organization that exists to ensure that consumers can feel confident that they are being treated fairly when working with the payday advance industry. According to the CFSA, almost half of the payday loan companies in the United States are members.

From a consumer point of view, one of the most important things the CFSA has instituted is a set of mandatory guidelines or “best practices” that payday advance companies must adhere to in order to become and remain a member of the CFSA. Clearly communicating loan costs and offering an extended payment plan option at no additional charge are great examples of the best practices CFSA member companies implement. Seeing the CFSA logo on the website of a payday loan company you are considering should make you feel more comfortable in choosing that particular company for your online payday loan.

What Do Past Customers Say

Past customers can be a terrific source of information about the reliability and trustworthiness of a company and its services. The company’s website will likely publish customer testimonials that you can read to get a feel for what the company is about. However, the company will only publish positive comments on their website. Therefore, you’ll also look for feedback elsewhere on the Internet. There are a wide variety of consumer review sites such as Insider Pages and Angie’s List where you may find some information about a particular payday loan company. You can also do a general search using your Internet browser. A word of caution with a general search, people are much more likely to go on a rant if they are dissatisfied, than to randomly post positive feedback. Therefore, you’ll want to compare comments from a number of different sources before making a judgment.

The negative reputation of the payday loan industry is the result a few “bad apples.” The industry is self-regulating and there are also a number of government mandates that have helped ensure that consumers are treated fairly. Knowing that, and doing a bit of research on your own, you can weed through the thousands of companies out there select a payday loan company that you can trust.