Should I Avoid Third Parties When Shopping For A Payday Loan?
When you make the decision that you need a payday loan, one of the biggest things to consider is using a third party website to shop for “the best rate”. We all see ads in the media for companies that claim they will help you find the best lenders for your home mortgage. While this might be something to consider in that case, it is not a wise thing to do for something as small as a payday loan.
You might ask why it would make a difference. It comes down to your privacy and identity theft. When you use a third party vendor you put in all your personal information (social security number, birth date, address, employer, income, etc.). You have given all this information to someone who you think will be saving you time and money. In five minutes or so, you will begin getting emails from all types of “lenders”. Problem is that you now have to put all of your information in again and again. Makes you wonder why (and who) you gave all this information to the first time.
For the sake of privacy and security you are better off by searching for direct payday lenders with no third party involvement. How do you know the site you are on is a direct lender? Good question. A good answer is that the fine print at the bottom of the page will have all the information you need, take time to read it. The really fine print usually says something like; “We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan.” This statement was taken from a website that appeared to be a direct lender without third party involvement.
The bottom line (pun intended) should clearly state they are a direct lender, not a broker or an advertiser. If you are not sure, take time to carefully read the terms of service. This will always contain the true details of what you are getting into. They should also plainly indicate which states do not allow them to issue loans. Several states consider them usury (ridiculously high interest) businesses.
Take the time to read all the fine print, the terms of service, the privacy terms. While many may think this is a waste of time and that they all say the same thing, they are wrong. A review of the privacy terms may reveal that their statement of “we don’t sell/give away your information” translates to: “except to our partner sites or parent corporation”. You will be shocked when you discover the amount of misdirection in the easy to read parts of a website are.