Capital Payday Lender Review

Capital Payday Lender ReviewCapital Payday Lender says you can get up to $1000 right into your bank account, which is not such an amazing claim since many online lenders promise the same thing. So let’s see if there’s anything they offer that will make this a better company to go with than another.

They say they offer the lowest possible interest rates, which is interesting because there’s no way they can know that for sure, unless they are auditing all of the lenders in each state and find out what each of them is charging and then undercutting them. In fact, the examples they give as to the fees they charge are just that, examples, and do not illustrate by any means that they are in fact the lowest cost lender in any town.

Looking past that, let’s just suffice it to say that they are concerned about offering loans at a reasonable rate, not like some lenders that charge enormous APRs and demand that the money be paid back in full each payday.

Capital Payday Lender Review – Key Features

Capital Payday Lender does a pretty good job of showing why they’re better than other lenders. Aside from saying that they have the lowest fees, they do have some features that seem to make it worthwhile to go with them. They say that you get your money direct from their lender, so they are not farming out your information to a giant network of lenders, they are simply going to pay you directly, and then you make your payments back to them.

Flexible Loan Option
Flexibility is key, and payday loans are notorious for not being flexible. Payday loans get their bad reputation because you have to pay them all off on your due date, you can’t make payments. You can take the money out again and again, but each time it’s due you have to pay it back in full. This is why people get trapped, and is one reason why a flexible loan option sounds so appealing. Be sure to look into the details on this if you end up going with them, as there may be some terms and conditions that make it not such a good idea.

Fees
They say you can expect to pay between $12.50 to $23.50 in fees for every $100 you borrow. Perhaps that fluctuates based on which state you live in, but that seems about right on for most payday loans, so we’re not sure why they think they’re the lowest. The fees for payday loans are not really what get you into trouble. It’s the fact that you have to pay it back just two weeks later. If you don’t have a financial emergency it sounds downright dumb to borrow money for such a short time. But in the midst of a financial crisis you’ll do anything to get out of it, and that’s when they make their sale. You’ll take the money the first time, and then need to take it out the second, third, and fourth time, and that’s when they make their big money. Go with the installment option if possible.

Security Issues
They say that the security of your personal information is important to them, but we don’t see anything in place that keeps your information secure. They say that they “securely process” your application, but it’s quite clear that their application is just as insecure as the rest of the website. It’s easy to spot a secure page, and there are more and more of them. Even google.com is a secure page. Your email is hosted on a secure server, as is Facebook. But it’s not hard or expensive for a website owner to add this feature to their site. It’s a huge oversight and a flat out lie that they are processing your application details securely.

Our Recommendation
Capital Payday Lender should really look into offering an encrypted page for their application. Today’s world is full of identity thieves, and it doesn’t take very much to set up a secure page on your website, especially when you are asking for personal and banking information. We’d be happy to recommend their service, but we always recommend against providing any information over an insecure page.

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