Whether our previous lending experience is pleasant or not, we should be aware that there are things we could do to improve our ability to obtain loans. As customers, we need to be properly informed and ready to deliver all necessary things regarding to our transactions. Here are things we may need to consider when we are applying for online loans:

  1. Find out whether the company is real: Setting up a new website is very easy and we should determine whether the company is real with true physical address. Locating the actual location of the company should be very easy to do and we should be wary of offices that use only post office box as mailing address. We could verify the address with the online yellow pages and other sources. In many cases, the company could have real physical address, but they are located in different countries. In this case, it may be preferable to choose only local lending companies, so we can easily contact them and obtain legal protections. It should be noted that lending money from external companies could be potentially troublesome because they are not associated with restrictions and laws of our country.
  2. Make sure that the website is protected and secure: It should be quite easy to determine whether their website is secure. After the website is fully loaded, we should check the bottom of our browser windows and try to locate a yellow padlock icon. This should indicate that we have a secure connection. A secure website should use Https instead of the standard Http. Major web browsers also provide us with a warning if the website is potentially fraudulent.
  3. Does the lender comply with the local lending rules: There are specific APR and interest rates that online lenders should adhere to. Although interest rates can be based on our credit history, they are still based on specific rules. They may not exceed specific percentage. If the interest rates and minimum monthly are prohibitively high, we should consider choosing another lender.
  4. Make sure we get allotment payments: With allotment payments, we should be able to prevent problems when we are forgetting or losing a bill when we move. Although, allotment payments should be considered as requirements, they are still important to have. In fact, they can prevent penalties caused by late payments.
  5. Approval from Better Business Bureau: A reliable lending website should have the BBB Reliability Program icon on the website. We should be able to click it and it should take us to a valid BBB webpage. Obviously, it is very easy to copy and paste the logo to any website, so we should make sure that the approval is valid. Before making our decision, we should check for resolutions and complaints.
  6. Offer for assistance: Trustworthy lenders provide us helps if we unexpectedly face problem and can’t repay the debt. Some bad lenders actually expect us to have a bit problems, so we will be required to pay penalty fees.