Safe Payday Loans with a Trusted Loan Company

Many families face difficulty paying their monthly bills on time. Their financial problems aren't surprising. Wages have been stagnant in the United States for 30 to 40 years. This stagnation makes it difficult for individuals and families to save money — they're too worried about putting food on the table to put anything aside.

While paying monthly bills is a struggle, life gets even harder when unexpected expenses arise. Where do you find an extra $100 when your car needs repairs or you have to go to the doctor?

A lot of people use credit cards to pay for these unexpected expenses. However, relying on credit cards can lead to a spiral of high-interest debt. In general it’s a good idea to avoid using your credit cards unless you can afford to pay off the balance the same month. Using a safe payday loan is often a better option that can help you get back on your feet without forcing you into a never-ending cycle of debt. Before you accept an offer, though, you need to learn how to identify safe loans that match your needs.

How Do You Identify a Safe Payday Loan?

If you live in an urban or suburban area, you probably have dozens of nearby payday lenders to choose from. Even in rural areas, you can usually use the internet to find a business willing to lend you small amounts of money.

Unfortunately, not all of these payday lenders are reputable. The easiest way to tell the difference between a safe payday loan and a scam is to look for businesses that are properly licensed. All licensed payday lenders must follow strict laws passed by your state and the federal government. Since they have to follow these rules, you know you have more protections from fraud.

Most safe payday lenders will mention that they are licensed on their websites. You can always verify this information by contacting your state's attorney general. Keep in mind that an online lender licensed in one state may not have authority to lend money to people living in other states.

What Else Should You Consider When Searching for Safe Online Loans?

Finding a licensed lender isn't the only thing to consider when searching for safe online loans. Some companies that present themselves as lenders don’t actually lend you money themselves. Instead, they are lead generation sites that distribute your personal loan information to online lenders. It's usually best not to give your personal information to a website that will sell it to other companies. You never know where that information will end up.

If you're uncertain about what a website does, ask whether it is a direct lender. A direct lender handles every aspect of the lending process. As a direct lender (where allowed), LendUp reviews your application, handles the approval process and sends your money. When you make repayments, you send the payments to LendUp. It's a simple process that keeps your private information secure. To review, when looking for a safe payday lender, you should always make sure that:

  • The lender is licensed in your state.

  • The loan will come directly from the company (where permitted).

  • The website will not distribute your information to other companies.

What Makes LendUp a Safe Option for Short-Term Loans?

LendUp has emerged as a short-term lending option that a lot of people find more attractive than payday lenders. We only lend money in states where we’re licensed to operate. You also get the benefit of dealing directly with your lender. LendUp reviews applications quickly and deposits your money into your bank account. You don't have to worry about any third-party lenders misusing your information. In other words, LendUp gives the right answers to the most important questions about safe loans.

LendUp doesn't stop there, though. It also offers benefits you won't find from many payday lenders. For instance, LendUp doesn't have rollovers. If your lender uses rollovers, then you could fall into the same problem created by misusing credit cards. As the balance rolls over from month to month, you may eventually owe so much money that it's nearly impossible for you to get out of debt.

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