One of my favorite readers asked me the following question and felt responsible to do more research and answer him together with anyone else who would be in dilemma.
Question: is it safe to apply for an online payday loan? They ask you to fill out your social security number and your checking account number online. Can this be trusted? I want to get a payday loan, but am I putting myself at risk for identity theft?
It is not all consumers who fall in love with those advertising gimmicks they get exposed to on the web. I thus commend those who probe further about the discretion and security of applying for online payday loans.
Remember many of these sites that offer information about online payday loans are also in business and may just write and publish information for the sake of money.
Payday lending in general is a controversial practice and faces both legal battles and poor public opinion almost in every state in the U.S that practices it. Also currently disapproved in the U.K.
Those who oppose its credibility criticize the market for high annual interest rates (APRs) and for locking customers in to a cycle of credit dependency.
There are so many online payday loans sites, all claiming to give you quick cash advance within no time and at the comfort of your chair at home.
But ahead of applying for this kind of easy loan, it is important for you to consider a number of important things, key to which is the security of the information you give out to unknown lenders.
Just like the concerned person in the above question is worried about identity theft, this can be an absolute outcome of giving your confidential information online.
The Consumer Federation of America -CFA is warning consumers to exercise extreme prudence when using Internet payday loan sites.
Online loans due by the next payday can cost up to thirty dollars per a hundred borrowed and borrowers normally face annual interest rates (APRs) of six hundred and fifty percent.
According to their survey of a 100 Internet payday loan sites, small loans involving electronic access to consumer’s checking accounts create high risks to them who borrow money by conveying personal financial information via the Internet.
To ascertain if you need to apply for online payday loan, try my opinion.
Do you really need the loan? -Ask yourself
Any form of a loan puts you at an obvious risk of paying back the principle plus the interest not to mention the hassle of being approved for one.
The major reasons why many people opt for payday loans is because they are saved the stress of providing collateral as required by financial institutions.
Moreover, application has also been made convenient by the fact that consumers can now do this online, get approval and receive the money right away.
The information they place on those sites is at times deluding to consumers who lack an immediate and genuine online activist to consult.
This should then translate to the plain truth that any business done online is a risky adventure because one may not know the intention of the party behind those screens.
It is for this reason that one who wishes to borrow online payday loan need to think more if this type of a loan is really necessary according to their given circumstances.
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An original article by Esteri Maina on ONLINE PAYDAY
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NO, don't do it on line. Go the Amscot or some other place in person. There are way to many spoof sites that will use that info for other purposes. It's not worth the risk!
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