A Google search of ‘Online Payday Loan’ yields over fifty-two million results. Given the sensitivity of the information required to apply for a loan, choosing the right one can be downright scary.
Today, I’d like to compare two different options I found in my search.
Oneclickcash is a direct lender, meaning they issue the loans themselves. While this gives you direct access to your loan company, it does not give you choices of who to borrow from, so you either pay their rates and fees or go elsewhere.
Surfing their site, I was unable to find any assurances of security of your private and sensitive information, which is somewhat disconcerting. In an age where identity theft is so prevalent, I would like the people I provide with my banking information to offer me some peace of mind.
Oneclickcash requires you to create an account in order to start the process. You must immediately provide them with sensitive information including driver’s license number, social security number, email address, phone number, and birthdate. This is not a problem, as the site is deemed secure by my browser, except that I still didn’t know the ins-and-outs of their process. A phone call to their customer service number was like walking into a used car lot. They are not interested in providing information as much as they are about bullying you into signing up—online. When asked if they could help me, I was consistently referred back to the site. So much for the personal touch.
They allow you to borrow up to one-thousand dollars without a credit check. You need only provide them with proof of income. This is good and expected. If you have great credit, chances are you can get a loan from your bank, instead.
They offer an extended payment option, in case you are unable to pay your loan on time. This incurs another fee, of course, making catching up very difficult.
SFS, Inc. dba Oneclickcash is not a company I would choose after reading hundreds of complaints on not only your normal public awareness forums, but also through state websites (Washington accuses them of operating without a lender’s license).
This company is a loan-finder. They provide you with a number of options by searching hundreds of loan agencies and companies so you can choose one with the best rates and terms. The lenders are provided locally, so you will always have a place to walk into to discuss problems or concerns with a face-to-face meeting.
Next Payday Advance offers assurances all over their site about protecting your information. Of course, since they share this information with potential third-party lenders, they can offer no assurances for the security measures those institutions employ. A search under their name and the company’s parent, Cash Reserves LLC, provided only a few complaints and none through official channels. The biggest issue seemed to be their unsolicited email marketing strategy, which is commonplace and expected these days.
This company collects no fees from the applicant. They make their money from the referrals to other loan agencies. Once you are approved and accept a loan from a third party, your business with Next Payday Advance is essentially done.
Anyone who provides their email address is automatically pre-qualified for a one-thousand dollar loan, as long as they fill out all the sensitive information before the ten-minute timer expires! This is a little like the ads you see on television where ‘call in the next ten minutes and you will get…” run at any time and no matter when you call, you get that offer. It’s a little sketchy, but a proven marketing technique, so hard to fault them on that.
Given the pros and cons between these two sites, it is clear to me that Next Payday Advance is the way to go.