Is applying for a payday loan online safe?

Reputable payday lenders take extreme care in ensuring your personal information is safe online. Check for proper website encryption by looking at the website address. If it starts with “https” instead of just “http” then the site has extra security to protect your information. You can also search online for customer reviews of each lender you are considering.

How can I tell if a payday lender is licensed to do business in my state?

Licensed lenders typically provide their state license number on their website. You can also call customer service to confirm that they’re properly registered with the state, or double check with your state regulatory agency. If you cannot confirm that the lender is licensed in your state, take your business elsewhere.

What do I need to qualify for a payday loan?

Basic requirements typically include an age minimum of 18, a valid social security number, verification of income, a checking account, and a phone number. Specific lenders may require additional qualifications, such as a minimum age of 20 or an email address.

Will a payday lender pull my credit report before deciding whether to give me a payday loan?

No, most payday lenders do not consult any of the three major credit bureaus when reviewing applications. Instead, they go through a specialty credit bureau which gives them a smaller amount of information. This benefits borrowers because applying for a payday loan will not affect your credit score. This allows gives you leeway to shop around lenders to find the best deal without worrying about taking a hit on your cred your credit score is not affected by a hard pull.

Can I pay back my loan before the due date?

Yes, most states prohibit early repayment penalty fees, however, it’s always safe to check with your specific lender first. Paying back your loan early is typically a great way to ensure avoiding any late fees or rollover terms.