Guide to Payday Loans Over the Phone

Payday loans over the phoneGetting payday loans over the phone is sort of a cross between going in person to your local branch, or getting them completely online without talking to anyone. The benefit is that you get to verify that there is a real live person on the other end of this transaction. The drawback is that you may be pitched to take out the payday loan during the conversation.

If you are just calling for information, don’t be surprised that they will try to get you to start the loan process while you’re on the phone. If you do want to loan with them, see if they offer any sort of discount if it’s your first loan. Some companies will run promotions in order to attract new clients, so if you’ve never gotten an advance with them, see if they can entice you to do business with them over their competition.

Should I Get Payday Loans Over the Phone?

You’re basically taking out the same type of loan you would at your local payday lender, or an online lender, but you are doing it over the phone, for whatever reason. Maybe you don’t want to leave the house to have to get the money, or maybe you don’t feel comfortable sending your information out into cyberspace. The basic rule of payday loans applies, no you probably shouldn’t be getting payday loans over the phone, but if you’ve come to the conclusion that this is the best solution for your situation at this moment, go for it, and get out as soon as humanly possible.

Call Online Lenders Too
If you decide instead to get a payday loan from an online lender, it’s still a good idea to give their toll free number a call and talk to a representative, even if you don’t get the loan over the phone. Many fly by night websites won’t have the money to staff a toll free number, and so if no one answers during business hours, you should go on to the next place that actually has their business in order.

By calling online lenders you not only verify that they have a budget for a customer service phone line, but also that they actually care enough to have someone there to answer questions. They probably double as a salesperson, so watch out if they try to rope you into a transaction, it’s just what they’re trained to do.

The Process Is The Same
Even though you’re conducting the transaction over the phone instead of in person or online, the basics will still be in place. You’ll have to verify your identity, and give your personal information to the person on the other end. You may not feel comfortable giving your financial data over a phone line, but they won’t be able to complete the transaction without some form of payment being given. You should have this information available and on hand to make the transaction go as smoothly as possible.

Building a Rapport
Customer service is basically what sets one lender apart from another one, and by getting your payday loans over the phone you have a chance to get to know the person on the other end of the line. Be sure to get their name so that you can personally ask for them the next time you need to use their service. This will help you to get to know them, but more importantly it will help them get to know you. If you ever get into a jam and need some extra time, it can be helpful to have someone there that knows you more than the do the other customers.

Is the Phone the Best Way?
We still advocate going into your local branch office of a payday loan company in order to get an advance. This is because there is a higher likelihood that they are following state mandates in regards to the fees they are charging and basic record-keeping laws. You can also be more assured that they get audited either internally, or externally by the state on a regular basis. You also get a chance to see the type of people working for the company, and to potentially get to know them. They might be more lenient with you if you have trouble making your payment.

Add Your Own Tips for Payday Loans Over the Phone Below

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