You are likely familiar with payday loans and cash advance loans. The industry has experienced a boom since 2000, with increasing numbers of payday loan retail shops popping up across the United States. These businesses thrive on offering low dollar, short-term loans to consumers who are strapped for cash. However, as an increasing proportion of Americans gain computers and internet access, payday loan businesses have began to operate online, either as extensions of traditional, physical payday loan locations, or as completely internet-based entities. If you have taken out a payday loan the traditional way, in person, or even if you are considering on for the first time, you may not feel comfortable with the safety and legitimacy of online payday lending. However, you can be rest assured that the vast majority of internet payday loan sites are indeed safe and legitimate. Here are some tips and advice you can use to make sure that (a) your payday lending site is a legitimate and trustworthy business and (b) it is safe to give personal information on the payday lending website without the fear of identity theft.
Research several internet payday loan sites before choosing one. Look for lots of advertising, information, and reviews of these sites. This usually indicates a legitimate business.Beware of payday lending sites that ask for some kind of up-front payment. While some may do so legitimately, this should typically be a red-flag that you may have stumbled on a bogus site that is attempting to steal your information.Avoid payday lending sites that guarantee approval. It is fairly easy to get a payday loan, but no one is ever guaranteed without possessing a way to pay the loan back (i.e. bank account, place of employment, etc.)Make sure that you have a secure internet connection. Public computers such as those at libraries or schools are generally NOT secure. If you must use a public computer be sure to close the browser and reboot the computer to ensure your information is not easily retrievable by a stranger. Also, if you use a wireless internet connection from home or elsewhere, make sure it is a secure connection (secure connections require that you know the name and password of the network).Familiarize yourself with the settings and functions of your internet browser. Most will tell you if you are on a secure website with a security icon or some other symbol. Many times the site will tell you that it is secure but always check your browser to make sure.These tips will help you make sure that you are secure when taking out an online payday loan or when making any kind of internet based transaction where you give out personal information. If you have made the decision to take out an online payday loan, please borrow responsibly, and take care with your personal information.
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