Direct lenders for payday loans are establishments which can provide you with small, short term loans which are to be paid back on your next payday. The reason that people get these types of loans is to help with emergencies or unexpected bills until their next payday. When you pay back the loan, you pay the amount you borrowed plus the finance charge. You can find payday loan lenders in your local area or online.
Locating a Payday Loan Lender
One way to find a direct payday loan lender is to look in your local Yellow Pages or to enter a search into your favorite search engine. You can use keywords such as “direct payday loan lender” or “payday loan lender.” The results that you will get will showcase those who have a local, storefront business or online lenders.
Be Sure the Lender is Licensed
It is important that any payday loan lender that you do business with has a license to actually practice lending. In the majority of states, payday lenders are required by law to get a license in order to be in the business of payday loans. In order to find out if a certain lender has the proper license, contact the agency in your state that takes care of regulating finances, securities and commerce. You can contact the agency directly and they will tell you whether or not a particular lender has a license and whether or not the license is in good standing.
Do Some Background Research on the Lender
Before doing business with any lender, you want to research the background of the loan lender. This will let you know if any complaints have been filed against the lender and when and how those complaints were handled. You can contact the Better Business Bureau in your area to find out about any lender complaints. You can also check out the website of the BBB to get information. You can also contact the Federal Trade Commission (FTC). They can advise you of any past complaints that may have been filed against the lender.
Special Online Considerations
When you are looking for a payday lender online, be sure that there is legitimate contact information on their site. You want to locate the phone number and call it to be sure it is legitimate. You also want to be sure that the website is safe and secure. The website address should start with https or has a lock icon, the site is secure.