Having low or no credit shouldn’t stop you from getting a loan – and it doesn’t with payday loans. What should stop you, though, is whether or not you’re getting the best payday loan in the US. So, how do you know what’s best? By ensuring these five factors, you’ll know just how to choose the best payday loan for you.


1. They Follow the Rules

In the United States, payday loans are regulated at the state level and currently, 37 states have specific statutes for payday lenders. Simply put, this means that each state has different rules when it comes to payday loan products. As a result, what payday loan companies in your state offer will all vary. If your payday loan company is reputable, they follow these rules – and you can tell as soon as you land on their website.

When you visit a payday loan company’s website, the first thing that might happen is the website will verify where you live. This ensures you’re getting the correct rates and information for your state. The state license should also be clearly visible on the website. Licensed lenders follow the state guidelines and are audited to ensure they’re following the rules.

Another way to determine if the payday lender is reputable is to see if they’re a part of industry groups. Most nationwide financial groups depend on its members to reflect their solid reputation, and therefore, unscrupulous lenders are typically not a part. LendNation is proud to be part of theCommunity Financial Services Association of America (CFSA), a leading national association that helps create product development, technological advances, and regulations for the small-loan industry.

Last, reputable payday loan companies will have a clearly labeled and easily accessibledisclosures page that provides understandable lending information, explanation of terms, and what you can expect working with them, usually organized by state.


2. Lending Rates are Reasonable and Clearly Labeled

These days, it feels like even the simplest products have contracts that require a law degree to understand. A credible lender will help explain the details to you in easy to understand language.

If a payday lender does not make it clear what the interest rates are and what your repayment amount will be – and when – then it’s wise to stay away. When you visit LendNation, long before any application is completed, you will know down to the penny how much a payday loan will cost and when it will need to be repaid.


3. The Lender Follows Term and Repayment Guidelines

One trick to find out if the lender follows the guidelines is to review their repayment practices. The lender should happily share that they follow all federal and state laws in regards to repayment and uphold the Fair Debt Collection Practices Act that limits bad behavior from collectors.


4. The Payday Loan Application is Simple

A payday loan is a short-term loan for relatively small amounts and because of this, you shouldn’t have to jump through hoops to apply. You should be able to complete an application in minutes and without digging out tax returns from years ago. At LendNation, all you need to complete the application is a current US-issued photo ID, an active checking account in your name, a steady income and a working phone number.

Most lenders also provide several ways to apply, whether that’s applying for a payday loan online, by phone, or in-person. With more than 250 locations across the country, LendNation makes it almost as easy to apply in-store as it is to apply online.


5. The Payday Lender Treats Customers with Respect

It isn’t easy to ask for help, no matter who it’s from. Why would you want to work with a lender who makes you feel bad for reaching out? There are a few clear signs that a payday lender may not be enjoyable to work with, including:

  • No language on their website suggests a people-first approach. Working with LendNation means you’re treated with the respect you deserve. Look for an About Us or Why Us page to get a feel for the lender’s approach.
  • The lender has been in business for a long time. Referrals from friends or family members are important to most people when choosing a lender. If people are repeatedly unhappy with a lender, they won’t go back. LendNation has been providing our neighbors with short-term loans for 30 years – a clear sign that we are doing something right!

Your relationship with your lender is very important and shouldn’t be a decision you rush into. There are hundreds of payday lenders across the nation – but not all of them are created equal. Make sure you spend a little time doing research to find the right lender for you, one that follows the rules, offers clear rates and fees, practices positive repayment practices and treats you with respect. When you need help getting cash, think of LendNation for a title loan, installment loan or payday loan!