Phone Before Applying

Posted by on Feb 27, 2007 in Tips

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…

Ethical lenders will always provide full contact information. This includes:

  • full company name
  • physical address (not a post office box)
  • phone number

Good lenders will also provide a toll-free telephone number.

If an online payday loan website does not disclose full contact information, run. There is a good chance that the website was set up by a publisher/affiliate or an identity thief, not an actual lender.

If the phone number is not toll-free, you should shop around. Respectable lenders will always have a toll-free number.

Contacting lenders by phone to ask questions will let you see the level of customer service they provide:

  • are they prompt?
  • are they professional?
  • do they return your calls?

If you have trouble contacting them now, you will have trouble contacting them later should problems arise.

We have received many reports of borrowers suffering financial difficulty because they were unable to contact lenders. For example, this month we received an e-mail from a borrower who said that they made:

“…many attempts to call [a payday loan company] just to get transfered [sic] to a manager’s voice mail who never calls me back…”

Many borrowers were desperate to contact online payday loan companies because the lenders were:

  • taking money out of their account
  • attempting to cash checks repeatedly (incurring substantial NSF penalties)

…but were unable to contact the company in question because:

  • no contact information was provided on the website
  • nobody was available at the phone number provided
  • nobody was answering the e-mails or contact form submissions sent by borrowers

In order to avoid similar problems, always contact online payday loan companies by telephone before applying for a loan and avoid companies that do not provide full contact information.

“Phone Lender to Ask Questions” is Number Ten in our Payday Loan Checklist – Ten Things You Must Do Before Applying for an Online Payday Loan.

Inability to contact lender is one pitfall of payday loans. To avoid payday loan pitfalls altogether, please consider payday loan alternatives.

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