Legit Online Payday Loans
Getting a payday loan online can save you a lot of time and effort. You don't have to wait in long queues or physically exert yourself to visit the lender. You can request it online, and potentially within minutes, get your loan approved and the money in your account. When requesting a payday loan, make sure you only contact legit online payday loan websites.
With online websites, there's always an element of distrust between the borrower and the lender. With the number of scam cases that we witness, that doesn't come as a surprise. There are specific precautionary steps that you can take to ensure you do not fall prey to fraudulent lenders.
Identifying a Legit Online Payday Loan Website
To establish a payday loan website, you need to check whether the institution is certified. To be a legitimate business, online lenders need a license to operate in your area.
Every state has different laws regarding payday loans. Many online sites connect you to lenders situated in other countries where the rules may be different. If their license is not valid for your area, then they may end up charging their customers higher interest rates.
When verifying the business's license, don't just take their word for it. You should contact the local attorney general's office to ensure that the lender is, in fact, an authorized payday lender.
Why Is a License Important?
The license guarantees the borrower's protection against discriminatory and unfair laws. If you contact a legit, licensed payday lender and they violate your rights, the state will protect you. There are rules and regulations in place that define penalties and punishments for violations of your rights as a borrower.
During the time of registration, some lenders require the client's electronic signature. If your lender is not operating a real online loan service, they may use your signature to overdraft money from your account. Such a situation will create significant problems for you, especially if the website isn't a real payday loan service.
Obtaining the services of a real payday lender also ensures that your data will be protected. Since the state has authorized and verified the business, they are bound by law to protect the information a borrower provides. For unlicensed lenders, that is not the case. They are neither obligated to follow the rules nor regulated by the government and can thus sell your information or misuse it.
Many states also cap the amount of chargeable interest. Since short-term loans like payday are generally charge higher interest rates, this helps prevent businesses from taking advantage of borrowers.
Why Opt for Online Payday Loans?
Essentially, a real payday loan is a cash advance lent by banks, credit unions, or other financial institutions. Payday loans offer a lot of benefits to the borrower, and even those with bad credit records have a chance of getting an offer.
- Simple request submission
- Quick approval
Requesting a real online loan is a very straightforward process. You need to fill out an online form, which will take you only 5 to 10 minutes. Make sure you have the following information on hand when filling out the form:
- Bank account details
- Proof of regular income
- Social security number
- A national ID card or evidence that you are 18 years of age or older
Once you submit your request, GetCash connects you to a lender from our network of 100+. At GetCash, we bridge the gap between lenders and borrowers by removing intermediaries.