When thinking about applying for a payday loan, it’s only natural for you to properly vet your lender in Tennessee. Doing your due diligence before giving your personal information will ensure that you don’t have any issues with a lender.
Here, we’ll walk you through the 4 things that you need to do before choosing a payday lender.
Legitimate lenders are required by the Federal Trade Commission (FTC) to register their business. To comply with this, the attorney general in Tennessee will do a thorough background check to weed out scammers. So, before you take out a payday loan with your lender, make sure that they have completed this requirement.
How can you confirm that your lender has the proper paperwork to operate their business? Here are two things that you can do:
Doing this before handing over your valuable information will keep you from having problems.
To avoid applying with an unlicensed lender, a review of their website and the details that they have published there is a must.
First, check if their website is secure. If it isn’t, then your personal information may not be as well. You can easily do this step by making sure that there is an “https” prefix on their web address. If it only shows “http,” think twice before submitting your information to them.
Make sure to confirm that the address they have listed is legitimate too. Most trustworthy lenders will have their business addresses on their websites so that they can easily be contacted by clients and other agencies.
Another thing that you should do is ask if they require advance payment to get your loan approved. If they tell you that you need to pay upfront fees to secure their approval, then you are likely the target of a scam.
A legitimate payday lender in Tennessee will disclose all required fees and payments instead of asking you for money upfront. Keep your eye out for companies that say or do otherwise.
When in doubt, scour the Internet for reviews about the company.
We live in a digitalized and highly connected world. If a payday lender in Tennessee has not performed well, you’ll be sure to read about it online. From their processes to how they handle their customer service, the online community will be sure to leave remarks about their experiences—especially if it’s not a good one.
It is possible for a lender to post fake reviews on their website so make sure the reviews are real. A search for the business on Google or Bing should produce their business details and reviews so you can make sure they are legit.
Looking for a payday lender in the area that is reputable and trustworthy? Lending Bear is here to offer you top-notch and honest services. Apply for a payday loan on our website or give us a call to learn more about how our process works.