In life stuff happens, stuff like flat tires, sick animals, broken windows, and just making the bills. These things are often times unavoidable but can be resolved with a quick loan. When deciding to get a loan in the twenty-first century you have quite a few choices. There are multiple websites, and brick and mortar locations advertising loans with great interest rates. But how do you choose where to go?
Most people find it most convenient to go online and apply for one over the computer. This way is convenient but is also the most dangerous when it comes to identity theft and hidden charges. Many online loan companies will use your credit information with other third party loan firms without your knowledge. A survey was taken and found the following results “almost 40 percent said their personal information was sold to a third party without their knowledge. Nearly one-third had an unauthorized withdrawal from their account.”(Ladika.2015) Onto of this, many online loan companies have harsh contracts with even harsher debt collectors.
One women claimed that a debit collector was going to call the local sheriff office if she did not pay off her loan that day. “Absolutely the worst thing you can do is apply for an online payday loan,” says Jay Speer, executive director of the Virginia Poverty Law Center.(Ladika.2015)
Brick and Mortar
There are other options when it comes to getting loans though. Your basic brick and mortar locations can be a lot more satisfying. Though you may still have debt collectors trying to hassle you about paying of your debit, you will not need to worry about a third party company using your information and charging you. When going into a physical location to get a loan the process its self is safer, you do not need to check if the “URL” is secure or if you are clicking on the right contract. When getting a loan at a brick and mortar location you can see the actual contract and can have the loaner explain the conditions of the contract. Next time you need a loan for whatever reason consider the previous information.
Ladika, Susan. “Dangers of applying for an online payday loan.” www.creditcards.com, 17 Feb. 2015. Accessed 2 July 2017.