What should I consider if I'm thinking about getting a payday loan online?
When shopping for a loan online, consider the following:
- Are you on a lead generator site or the site of an actual lender?
- Is the lender’s contact information – street address, phone number, and email address – easy to find in case there is a problem later?
- Is this lender licensed by your state? What types of laws do they claim to follow?
- How will you repay the loan?
- How much will it ultimately cost?
- Is your loan set up to automatically renew several times, making it necessary to contact the lender in advance of the due date if you want to pay off the loan?
- Will the website protect your Social Security number, checking account number and other personal information? What are the privacy and opt-out policies? Can you restrict the site from selling your personal information?
Ask CFPB provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically.
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