Do you know what you’re applying for? Find out what makes a payday loan secure, and how you can get one.
A payday loan is a convenient option when you need money quickly, and there are scores of payday loan providers across the US. However, even though state regulations govern how payday lenders operate, there are still disreputable lenders in operation.
Security plays a particularly important role if you’re considering applying for a payday loan online, because you’ll need to provide your financial and identification documents over the Internet. There are secure payday loans available and this guide will show you how to find them.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
Min. Loan Amount: $50
Loan Term: Varies upon State
Turnaround Time: 1-2 business days
Total Costs: Varies depending on the amount and your state of residency
Must be 18+
No security needed
Confidential and secure!
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Read the Check into Cash Payday Loan terms and conditions.
A selection of secure payday loans you can apply for
Rates last updated September 30th, 2015
Max. Loan Amount
Term of Loan
Turnaround Time
Total Cost of Borrowing $100
Check into Cash Payday Loan
$1,000
Varies upon State
1-2 business days
Varies depending on the amount and your state of residency
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Trusted Loans Payday Loan
$1,000
Next payday
Next Business Day
Rates and fees are determined by the lender who approves you.
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Borrow Jet Loans
$1,000
Next payday
Next Business Day
$25 to $30 for every $100 borrowed
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Trusted Loans Personal Loan
$10,000
2-60 months
Next Business Day
APR ranges from 25-450% based on your credit score.
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100 Day Loan Payday Loan
$1,000
Up to 100 Days
Next Business Day
APR will depend on your credit score and your state or residency.
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Cash Mojo Installment Loans
$2,500
Varies
1-2 Business days
This will vary based on your state and credit score.
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LoanMart Car Title Loans
$50,000
1 business day
Based on the value of the car and your ability to make regular payments on time.
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Trusted Loans Installment Loan
$10,000
2-60 months
Next Business Day
APR ranges from 25-450% based on your credit score.
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CashLoansMax Payday Loans
$1,000
Next payday
Next Business Day
$25 to $30 for every $100 borrowed
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US Payday Cash Fast Loans
$1,000
Next payday
Next Business Day
$25 to $30 for every $100 borrowed
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What are secure payday loans?
A secure payday loan is one where the loan provider keeps your information safe and confidential and also adheres to all applicable rules and regulations. In terms of features, they are the same as other payday loans. State regulations restrict how much you can borrow and what fees and interest lenders can charge. There is usually a limit on loan terms as well.
It is important to note that payday loans are not legal in all American states. If a lender is willing to provide you a payday loan in any of the states where they’re not legal, you’ve automatically got reason to be wary.
Check what the rules are in your state.
The features that come with secure payday loans
A secure payday loan offers the same features that come with a typical payday loan. Here’s what you can expect when you apply:
Secure online application. Lenders who provide secure online payday loans make use of the latest encryption technology to ensure that the personal and financial information you provide remains safe.
Loan amount and term as per state laws. A lender should not offer you a loan that exceeds the restrictions of the state – for instance, if you’re a resident of California you cannot be offered a loan of more than $300.
Quick access to funds. Some online payday lenders can give you access to the money you need on the day you apply, or at the latest the following business day. If you apply online and the lender has a physical branch location you may have the option of picking up your loan in-store.
Use your funds however you need to. You can use the loan amount for any worthwhile purpose. This includes paying bills, repairing your car or simply getting through to your next pay day.
What you should look for to find a safe loan
There are many loans on offer. Here’s how to find a safe option no matter what kind of financing you’re looking for:
Payday loans.
A payday loan is one where you have to repay the entire amount in one installment, typically on or before your next payday. Contact your state’s Better Business Bureau (BBB) to find out if the lender you’re considering follows its standards and if there are any unresolved complaints against its name. You can also check if the lender has a valid license by contacting your state’s Department of Financial Institutions.
Installment loans.
These loans require you to make repayments in installments spread across a predetermined time period, which can be up to a year or more. Ensuring that you’re dealing with a reliable lender when getting an installment loan is crucial. To check the reputability of the lender, you would follow the same process as detailed above for payday lenders.
Auto title loans.
With an auto title loan, you use your vehicle’s deed to serve as collateral. Make sure you deal with a trusted lender who will not try to take your vehicle without giving you the opportunity to repay the loan. You can check if the lender is trusted by looking for independent reviews online on third-party websites.
Online cash advance loans.
These are the same as payday loans. Make sure the lender uses data encryption your information when you transfer it online.
Storefront payday loans.
You can expect a safer transaction when you get a storefront payday loan because you don’t have to worry about your details making it into the wrong hands online. Other than this, finding out if the storefront lender has a valid license is a good step to take.
Is applying online for a payday loan safe?
Safe payday loans are easy to find in the online world. Most of the leading payday lenders make use of 128-bit secure socket layer (SSL) encryption technology to keep the transfer of information secure.
When you’re considering online payday lenders, stick to ones who provide phone numbers and mailing address in a visible location on their website, and that they are easy to contact.
The payday industry is home to some disreputable lenders, which means it’s important that you compare your options and apply with lenders that you have determined are reputable and trustworthy.
Frequently asked questions about secure payday loans
What kind of a bank account should I have to apply for an online payday loan?
You should have a savings or checking account that accepts ACH debit and credit transactions. You’ll have to provide your bank’s name, its ABA number and your account number.
Are direct payday lenders safer than loan matching services?
It ultimately depends on the business you choose to deal with, but bear in mind that a loan matching service has your permission to pass your information on to other lenders.
Do I have to meet any eligibility criteria to apply for a payday loan?
Yes. You must meet your state’s specified minimum age requirement, you must be a permanent resident of the US and you may have to meet minimum income requirements.
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