How to find the best direct online lenders

Once you make the decision to seek financial assistance, it can be overwhelming to choose who to lend with. How do you know what company to go with? What should you look for in a lender? What should you avoid? Are there any red flags you should watch out for?

Here are some tips on how you can find and choose the best direct online lender for you and your personal needs:

1). Look for a license.

Trustworthy online direct lenders will typically display a license on their website. State laws usually will regulate and set certain limits on interest and fees that lenders are allowed to charge. If you don’t live in state that allows short-term lending (payday loans, cash advances, tax refund loans, etc) then you may have to opt for a direct online lender that works out of state or out of an Indian reservation. It’s important to read the fine print on any online direct lender’s website.

2). Insist on a full disclosure on your loan’s agreement.

If it seems too good to be true, it probably is. You should know the APR, any fees or charges, and what happens if you don’t repay the online loan in a timely manner before you sign the dotted line. If a direct online lender hesitates, beats around the bush, or flat out tells you it doesn’t matter, you should look elsewhere immediately. Millions of Americans have become slaves to debt. Many get started on the debt cycle by not being 100% informed of the agreement they’re getting themselves into.

3). Look for an encryption seal.

An encryption seal on a website means the website is equipped with technology that will protect any personal information you provide from being leaked to outsiders. If you provide personal information like your income, bank account, or social security number on a website that isn’t encrypted, you are essentially subjecting yourself to identity theft. A reputable online direct lender’s website will be encrypted.

4). Customer service should be friendly and informative.

Be wary of customer service associates who evade your questions or pass you on to another representative. A quality online direct lender will be more than happy to answer all your questions and concerns. As their customer, your happiness should be their top priority.

5). Review an online direct lender’s certification.

A good online direct lender is a legal lender. Check to see if your lender is certified, what their reputation is in their market, and how long they’ve been in the market. If you come across an online direct lender who isn’t certified, find out why. Using a certified online direct lender may cost you a little more, but they are usually the safer bet.

6). Get a referral.

Do you have a friend who has had a good or bad experience with an direct online lender? Do you know someone who benefited from a payday loan? If you do, ask them questions. Most people are eager to help you avoid a bad situation and help you find a good, quality online direct lender.

7). Go through a third party website.

Applying for a cash loan through a third party website, like SpeedyPaydayCash.com, that “matches” borrowers with lenders is a sure way to get a good deal. Third party financial services websites have already reviewed all the direct online lenders they match their customers with.