Secure payday loans

A short-term loan, also known as a payday loan, is a convenient option when you need money quickly, and there are scores of short-term loan providers across the country. However, even though state regulations govern how payday lenders operate, there are still disreputable lenders in operation.

Security plays a particularly important role if you’re considering applying for a short-term loan online, because you’ll need to provide your financial and identification documents over the Internet. There are secure short-term loans available and this guide will show you how to find them.

What are secure short-term loans?

A secure short-term loan is one where the loan provider keeps your information safe and confidential, and adheres to all applicable rules and regulations.

In terms of features, they are the same as other short-term loans. State regulations restrict how much you can borrow and what fees and interest lenders can charge. There is usually a limit on loan terms as well.

It is important to note that payday loans are not legal in all American states. If a lender is willing to provide you a payday loan in any of the states where they’re not legal, you’ve automatically got reason to be wary.

Check what the rules are in your state

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Check the websites of any providers you’re interested in to confirm they operate in your state of residence.

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Name	Product	Filter Values	Loan amount	Turnaround time	Requirements
Chime SpotMe overdraft			Up to $200	Instant	$200 in qualifying direct deposits into a Chime checking account in the last 34 days	Go to site More Info		loading Fetching your data...
OppLoans Installment Loans			$500 to $4,000	1 business day	Direct deposit, Meet minimum income requirements, Live in eligible state	Comes with the option to change your due date so you won’t fall behind on repayments.	Go to site More Info		loading Fetching your data...
CashNetUSA Loan			Varies by state	As fast as same business day	Regular source of income, bank account, US citizen or permanent resident, age of majority in your state	Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.	Go to site More Info		loading Fetching your data...
Fast5kLoans Short-term Loans Connection Service			$100 to $35,000	As soon as the next business day	Regular source of income, Verifiable bank account, US citizen, Ages 18+	Get connected with multiple lenders you might qualify with — even if you have bad credit.	Go to site More Info		loading Fetching your data...
LendYou Short-term Loans			$100 to $2,500	Same business day to 1 business day	$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+	Get offers from potential lenders in minutes by filling out just one online form.	Go to site More Info		loading Fetching your data...

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The features that come with secure short-term loans

A secure short-term loan offers the same features that come with a typical short-term loan. Here’s what you can expect when you apply:

• Secure online application. Lenders who provide secure online short-term loans make use of the latest encryption technology to ensure that the personal and financial information you provide remains safe.
• Loan amount and term as per state laws. A lender should not offer you a loan that exceeds the restrictions of the state – for instance, if you’re a resident of California you cannot be offered a loan of more than $300.
• Quick access to funds. Some online short-term lenders can give you access to the money you need on the day you apply, or at the latest the following business day. If you apply online and the lender has a physical branch location you may have the option of picking up your loan in-store.
• Use your funds however you need to. You can use the loan amount for any worthwhile purpose. This includes paying bills, repairing your car or simply getting through to your next payday.

How to find a safe loan

There are many loans on offer. Here’s how to find a safe option no matter what kind of financing you’re looking for:

• Payday loans.
  A payday loan is usually paid back in one lump-sum, typically when you receive your next paycheck. Contact your state’s Better Business Bureau (BBB) to find out if the lender you’re considering follows its standards and if there are any unresolved complaints against its name. You can also check if the lender has a valid license by contacting your state’s Department of Financial Institutions.
• Installment loans.
  These loans require you to make repayments in installments spread across a scheduled time period, which can be up to a year or more. Ensuring that you’re dealing with a reliable lender when getting an installment loan is crucial. To check the reputability of the lender, you can follow the same process as detailed above for short-term lenders.
• Auto title loans.
  With an auto title loan, you use your vehicle’s deed to serve as collateral. Make sure you deal with a trusted lender who will not try to take your vehicle without giving you the opportunity to repay the loan. You can check if the lender is trusted by looking for independent reviews online on third-party websites.
• Online cash advance loans.
  These are the same as short-term loans. Make sure the lender uses data encryption your information when you transfer it online.
• Storefront short-term loans.
  You can expect a safer transaction when you get a storefront short-term loan because you don’t have to worry about your details making it into the wrong hands online. Other than this, finding out if the storefront lender has a valid license is a good step to take.

How to protect yourself from payday loan scams

Frequently asked questions

• What kind of a bank account should I have to apply for an online short-term loan?

  You should have a savings or checking account that accepts ACH debit and credit transactions. You’ll have to provide your bank’s name, its ABA number and your account number.

• Are direct short-term lenders safer than loan matching services?

  It ultimately depends on the business you choose to deal with, but bear in mind that a loan matching service has your permission to pass your information on to other lenders.

• Do I have to meet any eligibility criteria to apply for a short-term loan?

  Yes. You must meet your state’s specified minimum age requirement, be a permanent resident of the US and you may have to meet minimum income requirements.

Are payday loans available in my state?

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