Consumer Education & Awareness

loansharkpro.com promotes responsible borrowing. Before applying for a short-term loan, consumers should weigh all the options to ensure that they are making the best financial decision for their particular situation. Consider the following tips on the right way to manage a payday loan:

1. Do not borrow more money than you can afford to pay back. In an emergency, it can be difficult to think clearly. If you have to cope with unexpected car repairs, for instance, you might consider taking out a $1,000 loan even if the repairs only cost $600. It can be tempting to apply for a higher loan amount than you actually need, but consider how much easier it would be to pay back a smaller loan in a shorter amount of time. Before applying for a loan with us, make sure you know exactly how much you need to bridge the gap before your next paycheck, and plan a sample budget to determine how long it will take to pay off the loan. Only apply for the amount you actually need to handle the emergency. This can help prevent you from getting into an even worse financial situation than you are already in.

2. Only take out a loan with one lender at a time. To prevent customers from getting into a financial bind, a responsible lender will place limits on the number of times a client can renew a loan. Unfortunately, this practice leads some payday customers to attempt to take out multiple loans from several lenders. This invariably results in additional loan fees and prolonged debt. For this reason, loansharkpro.com will not approve a new loan for an applicant who already has existing payday loans with other lenders.

3. Do your research. Compare several payday lenders before applying for a loan. Online lenders are required to disclose their rates and fees on their websites, so it’s fairly easy to weed out unscrupulous companies.

4. Keep a record of your loan application and agreement. Be sure to take note of the lender’s name, website URL and other important information when you apply for a short-term loan online. Save all communications that outline the terms of the loan, payment due dates and procedures, and so on. Also keep any emails, paperwork or other materials the lender sends you. This information could be useful if you have any unexpected problems with loan payments or other issues.

5. Verify that your personal information is protected. Trustworthy lenders encrypt your personal information and take other steps to ensure that your sensitive financial information is secure. Since online lenders use digital application and payment technologies, it is vital that they employ the latest security measures so customers can borrow with confidence.

6. Get credit counseling if needed. If you are experiencing chronic problems with debt, consider seeking out professional credit counseling. Many communities offer free credit counseling to consumers. A free online resource is the Community Financial Education Foundation.

7. Report harassment. The Federal Trade Commission (FTC) investigates reports of illegitimate debt collectors who use threatening tactics to intimidate consumers. Report harassment to the FTC.