BBB Accredited Payday Loans Guide

BBB Accredited Payday LoansTrying to find out if a business provides BBB accredited payday loans can be tough, since so many of them aren’t. It’s safe to assume that unless they are displaying the seal of approval on their website or they have a decal on their storefront that they are not accredited by the Better Business Bureau.

While it’s popular belief that the Better Business Bureau is in some way affiliated with the government, it isn’t, and it’s simply a franchise operation that chooses to do so as a non-profit. Non-profits can still make a profit, so they shouldn’t be thought of as the consumer advocacy group they might appear to be. They are just a company that looks after other companies and charges membership fees to them. That is all.

There are plenty of complaints and proof was given that all a business needs to do is pay the membership fee and they’ll get a high rating. There have also been reports of business not paying and being given the lowest grade possible. When you think about it, what incentive does the BBB have to rate and review a business that hasn’t paid a fee? How are they supposed to determine whether or not they’re conducting business in a legitimate manner, and going above and beyond to be a stand up company?

Are BBB Accredited Payday Loans Safer?

The payday loans you get from a BBB accredited lender are not going to be any better in regards to the fees and the terms, although you might have a higher chance at getting better customer service, and they might follow the law closely if they ever need to try to collect the money from you. They would do this to protect their reputation and to avoid losing their status. Also, if you have a dispute with them they would likely be more open to resolving it as to not tarnish their good standing, thus wasting the membership fees they’ve paid.

What BBB Accreditation Means
Some people see the BBB accredited sign and assume that the business in question has a good reputation and has passed the test of time with few unresolved complaints. But as with all things there’s money to be had, and there’s a fee involved for the BBB to even bother reviewing a company for approval. That’s not to say that an unworthy business can buy their way into accreditation, but it means that the process is initiated by the business and not by the BBB.

Lack of accreditation does not mean that a company will provide an unsatisfactory experience, nor does it mean that an accredited company will treat you right. It simply means that they’ve paid the fees to the BBB, they were reviewed, and they passed the review process. You shouldn’t give any more credibility to it than that, or any less.

The Standards of the BBB
Going through the accreditation standards set by the BBB is a bit like going the the Boy Scouts code of honor. They have things listed like tell the truth, and honor promises. Of course these traits as well as all the others listed are ones that you’d expect from a legitimate business, and it says something that we live in a world that has to have third party like the Better Business Bureau come around and inspect companies for these qualities.

Brick and Mortar Lenders
Brick and mortar lenders, regardless of their status with the Better Business Bureau are going to be held liable by the state where they do business in. They’ll have to get the proper licenses, and will be subject to state audits to make sure that all of their i’s are dotted and t’s are crossed. If you happen to find one that has also paid the accreditation fee and offer BBB accredited payday loans so much the better, but it shouldn’t be a deal breaker if you don’t see the seal.

Just keep in mind that each BBB office is individually owned, and although there are general guidelines set forth by the head office, there’s no requirement that each office follow them, and many times the requirements can vary greatly depending on where you’re located.

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