Most of us have seen any number of storefronts in our cities and towns that provide quick cash advance services to the public. The Internet is a more recent venue through which individuals can access paycheck loans, and is rapidly becoming a booming business.
In terms of regulations, requirements, and applications, there are only minor differences between accessing payday loans online versus brick and mortar lenders. The most important differences are with regard to the convenience and privacy provided by the Internet. Online lenders allow a person to apply for a short term loan online and be approved in a matter of minutes. Depending on the company used, borrows then fax required documents, or are called by a customer service agent for details, and see the money deposited into their bank account within 24 hours of first applying. All of this - without leaving the house.
The convenience provided by accessing goods and services online is one of the biggest selling features of the Internet. Applying for payday loans online is no different. There are few time demands, no transportation required, and very easy access when acquiring goods and services via the Internet. In terms of a quick cash advance, money can arrive into your bank account in one day without you leaving your home.
Accessing a payday loan online also provides complete privacy. Many people feel uncomfortable even walking into their local cash advance 'store'. Online payday loan companies understand that this is a very real emotion for many people and provide them with an environment where they can apply for a loan with complete privacy and discretion.
Is it safe to get an instant cash loan online?
Reputable companies providing online payday loans must follow the rules and regulation stipulated by the Federal Reserve Wire System. As well, any company that operates online is advised by the FTC (Federal Trade Commission) to follow particular procedures and implement strong security policies. Always read through the security and privacy policies of any company you deal with on the Internet, including those offering cash advance services.
There are things to look for before you enter into an online agreement with any payday loan company. Only deal with a company that:
1) Provides information about the company
2) Provides both and address and telephone number where they can be reached
3) Offers a detailed outline of their security and privacy policies
4) Provides a secure server through which to order or submit personal information (see below)
Any website that does not provide these four elements should be viewed with suspicion. Any reputable company will happily provide you with the details mentioned above.
When applying for or ordering services or items online, websites will ask you to 'click here to apply' or 'buy now'. Once you have clicked on these links, you are typically taken to a page that asks you to supply personal or banking information. Before you enter or submit any information, look for a small lock icon in the bottom right hand of your computer screen. This lock indicates that you are on a secure server, and information you send is encrypted prior to traveling through the Internet. Another method of ensuring that you information is secure is to look at the address bar of your web browser. You know that you are secure if you see an 'https:' at the beginning of the address, instead of the usual 'http' (i.e. without the s at the end).
Questions? Contact us.
Online Payday Loans Resources:
Read through the NACHA rules governing Internet ACH debits for online payday loan businesses. The FTC offers consumer facts for those buying goods and services online.
