Sadly, there are many unscrupulous lenders out there who view potential cash advance borrowers as targets and take advantage of their financial circumstances. It could be a loan store on a street corner, a bank, or a fraudulent website. It’s important for borrowers to be aware of the potential risks that they may face when looking to obtain a payday advance.
The best way to prepare yourself is to be as informed as possible about the cash advance laws and practices within your state. PaydayOk.com has a wealth of information available to potential borrowers about the regulations and lending legislation in your home state, and information about how consumers can stay protected.
PaydayOk.com also has details of the alternatives to payday advances that are available. There may well be a situation where a cash advance is not the best solution for you and some lenders may choose not to bring this to your attention. It’s always important to be fully informed before committing to a loan agreement.
Prior to the regulation of the cash advance industry, some lenders would charge borrowers exorbitant interest rates in addition to hidden fees and charges. In response to this practice some states capped the amount that lenders were allowed to charge in interest, while other states outlawed the practice of cash advance lending altogether.
Most lenders will charge borrowers at a rate of between $15 and $30 for every $100 borrowed, the average charge being $25. If you come across a lender who attempts to charge more than 30% in fees then it’s not worth pursuing. Similarly, if you encounter a lender who tries to charge you an upfront fee, then it’s time to look elsewhere.
Many store-based cash advance lenders know that, because of the time it takes to drive to their store and fill out application paperwork, it’s unlikely that you’re going to be able to really shop around properly. Lenders on PaydayOk.com know that you have a range of options available to you when choosing a cash advance loan. As a result of this, as well as due to competition with one another, they know they have to offer you as a low a rate as possible in order to get your business.
The Internet can also present a range of potential problems that consumers must be aware of. Whether it’s an unsolicited email requesting personal details, or an unsecured fraudulent website that infects your computer with malware, it’s important for borrowers to remain vigilant and know what to look for. PaydayOk.com is certified by McAfee Secure, VeriSign, and TRUSTe in order to ensure that your personal information is secure, and to help give you peace of mind online.
PaydayOk.com has been the industry leader in online cash loans since 1997, connecting millions of American borrowers with reputable cash advance providers. Using the PaydayOk.com Network of Trusted Lenders, consumers have been able to find competitive cash advance loans from reliable and secure sources, and at competitive rates.