Legit Short Term Payday Loans: Things You Need to Know

Using payday loans can be convenient, but you should take some precautions to avoid scam artists. Keep in mind that not all states allow payday lenders; the states that do authorize payday lenders to have their own rules and regulations. Here are points to remember when determining if the lender is legitimate.

short term payday loans

Bare Minimum Requirements

Legitimate short term lenders hold proper licenses for their states and local jurisdictions; some of the variables controlled by the government include maximum interest rates, fees and loan terms. The lender is considered legitimate if it is operating according to state law, even if the application process occurs online.

Each lender must determine whether or not the applicant has the ability to repay the loan. This decision is based on income, cost of living expenses and debt.

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Indicators to Look For

If a lender is legitimate, then there should be evidence to back them up, such as the firm's website. It's important that you visit the website directly instead of clicking an email link, which could be a phishing scam. The contact information on the website should tell you where the company is located. It should also disclose all the fees and charges you can expect to pay throughout the loan term. Another indicator of a legitimate lender is being accredited by the Better Business Bureau.

How a Legitimate Short Term Loan Helps

Once you have researched the lender to make sure they are following state laws, you can benefit in many ways by applying for the loan. As long as you can prove you have a certain income level, you can have access to the cash you need within 24 hours. You don't have to worry about a credit check, nor will it affect your credit score. Payday loans can be the quick solution to the following scenarios:

  • unexpected medical bills
  • car maintenance
  • school tuition and books
  • gifts for friends
  • weekend vacations
  • funds to start a new business


Conclusion Payday loans can be very useful when you want to keep borrowing private. First, you must investigate the lender and then make sure you have a responsible repayment plan.

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Robin Williams

Robin Williams is an Executive at CashOne, a reputable financial services company that helps consumers tide over their short-term financial crises. Our fast, convenient, and secure online loan application eliminates the unnecessary hassles or time required to procure payday loans online.

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