Phone Before Applying
Before applying for an online payday loan, always contact the lender by telephone to ask questions.
By doing that, you can see the level of customer service they provide and avoid major problems down the road…
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Avoid Payday Loan Websites with a Shared IP Address
Before doing business with an online payday lender, always check their IP address using a WHOIS service with Reverse IP.
It is a valuable clue that can be used to weed out search engine spam sites that waste your time and sites set up by identity thieves that put your personal information at risk.
Let’s learn a little bit more about IP addresses and why you should always avoid payday loan websites that share an IP address…
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Honesty is the Best Policy
When applying for payday loans, honesty is the best policy for getting your application approved.
Overstating financial health and understating existing debt will be discovered quickly.
Even one lie can get your loan application denied and hurt your chances of getting future loans…
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Advantages and Disadvantages of Various Payday Loan Perks
Payday lenders offer a variety of perks to make borrowing money faster, easier or cheaper.
Unfortunately, one man’s perk is another man’s poison.
Let’s examine the advantages and disadvantages of various payday loan perks…
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Double-Check Your Payday Loan Due Date
Names can be deceiving.
Although the website says ‘payday’ loans, that is no guarantee that the due date of the loan will match your payday.
If you don’t check the due date in the loan agreement carefully, the loan could end up costing you much more than you think…
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Only Apply When You Qualify
Only apply for a payday loan when you are absolutely certain you qualify.
If your application is denied, the fact that you applied will remain in your record permanently.
If your record contains too many applications, payday lenders may view you as a risk and you will have trouble getting future loans…
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Never Borrow More Than Fifteen Percent
Many state laws limit maximum payday loan amount to 25% of a your gross pay. One state even limits the amount to 15% of your income.
Internet lenders based in other states (or offshore countries), of course, may not respect such limitations.
Although unethical payday lenders may offer to loan you over 25% of your income , there are good reasons to never borrow more than 15% of your gross pay…
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Use Only for Emergencies
Payday loans are short-term, high-interest loans intended for emergencies.
They are the most expensive form of credit available and, even in emergencies, should only be used as a last resort.
Pain awaits those who follow the sweet invitations of unethical lenders and try to use them otherwise…
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Lenders Who Borrow
Payday loan websites include lenders who ‘borrow’ content from other consumer loan websites.
In other words, they steal text (especially testimonials), images and other content from their competitors.
There are a few simple things you can do to unmask content thieves and a few good reasons to avoid lenders who borrow…
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Shop Around
Payday loans are intended for emergencies.
Some predatory lenders take advantage of this by charging outrageous interest rates or including hidden fees. They know people suffering a time-sensitive financial crisis usually do not have time to shop around.
A small difference in fee, however, can mean a huge difference in total cost.
It pays to shop around…
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