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Safety Checks You Can Use When Getting a Payday Loan Online

February 26, 2012 | Comments: 0 | Views: 111

When you are borrowing money, you want to make sure that your details are kept safe at all times. From the lender's point of view though, it is equally important that they are able to verify all applicants' details before making any final decisions. But what safety checks can you employ when you decide to apply for a payday loan on the Internet?

Check the site is secure

First and foremost, if you're using a company for the first time, make sure that their site contains all the usual security features. The Terms and Conditions as well as the privacy policy should give you a clear indication of what data they require and how this will be used.

Also, when you submit your application you should be taken to a secure connection to do so. This will provide added protection to ensure that hackers don't access your data. Many web browsers clearly identify secure areas (often through a pop-up box or symbol), but the easiest way to know if your details are being protected is to look at the URL. If it still begins with HTTP:// then there's a good chance it isn't secure. Alternatively, if it says HTTPS://, then you should be safer.

Look for Consumer Credit Licence and Company Number

Sometimes you just want to make sure that the company you're dealing with is legitimate. A very quick way to do this is to scroll down to the bottom of their homepage and see if they are a registered company and if they hold a consumer credit licence. By law lenders and brokers need to show this information clearly on their websites. As well as providing reassurance, it also gives consumers an opportunity to check up on companies with the legal bodies.

Search online for reviews

If you're on the Internet looking for a payday loan, then why not take advantage of search engines to find out what people are saying about the individual lenders? There are plenty of independent review sites and financial forums where industry experts and consumers provide impartial reviews of the services being offered.

Whilst even the best companies will have a mixture of good and bad reviews, particularly in a field as emotive as payday loans, it should be easy to determine the average consensus. In cases where reviews are particularly positive, or indeed negative, you can easily make up your mind on who you can trust and, more importantly, who you can't.

Contact lenders

If you have particular concerns or you have a query about how data is handled, you can always contact the lenders themselves. More often than not they will be able to answer any queries that you may have and even direct you towards further information if needed. They may even allow you to apply through a different medium, if you're not comfortable about sharing your details on the Internet.

You can email, call or even use live messenger services on some sites, so there are plenty of opportunities for you to get in touch and clarify any issues. Where contact details aren't immediately available, you may want to carry out further research on the company or simply go elsewhere.

So if you are concerned or want to tread carefully whenever carrying out transactions online, take the time to carry out a few of your own investigations. This shouldn't take too long either, it just requires a few quick checks on the Internet or over the phone.

Vincent Rogers is a freelance writer who writes for a number of finance businesses. For Payday Loans, he recommends Payday Power Loans.

Source: EzineArticles
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