Immediate Payday Loan Review

Immediate Payday Loan ReviewIf you are considering going with Immediate Payday Loan for your next payday loan, you might be interested to know that the loans they give out are not immediate. There’s really no such thing as immediate loans when it comes to the payday process.

In fact, they’re not even going to give you the loan directly, they’re going to pass your information along to other lenders that will then make the decision of whether or not to loan to you. This is called a brokering service, or a loan matching service. So if you are looking for a direct lender to do business with you may want to go elsewhere and apply directly. You won’t incur any extra fees when you go with a service like this, but sometimes it’s better to deal direct.

We looked and looked for a reason to go with IPL over other lenders out there, ones that have everything in order like a streamlined application hosted on a secure server so you could feel content about sending over your personal details. But we didn’t really find one.

Immediate Payday Loan Review – Better Options Exist

One huge infraction when it comes to the Immediate Payday Loan process is that they don’t bother to provide you with a secure server in order to transmit your personal and banking information. This is huge! You wouldn’t send someone all of that personal data and banking numbers in an email, would you? But today’s free email services are hosted on encrypted servers, which makes it more secure than using a site like this.

Rates and Fees
They charge over $111 to get a $600 so let’s compare that to the kind of loans you can get locally. For example, in the state of Michigan under Michigan payday loan laws the maximum a lender can charge for a $600 loan is $76.45 which is what most lenders will charge. That means you’re paying an extra $35 for the same $600. It’s all money, it all spends the same, so why pay more just to go with this company instead of going in person.

Some might say that you pay for the added convenience of not having to leave the home, but at the same time you are leaving your bank account open to being debited again and again if you don’t have the funds on your payday. Each time they send over a debit request and you don’t have sufficient funds, you end up with an NSF fee that you have to pay back if you want to keep your account open.

Requirements
The require that you make at least $1800 net each month, which knocks a lot of people out of the running for a loan right off the bat. It’s interesting that they offer loans for $100 but require you to bring home $1800 each month. They also offer extensions for loans, which is not allowed in most states because it basically means you are paying ridiculous money to borrow some money, equalling an APR that’s in the thousands, which is pretty absurd no matter how you cut it. Some borrowers like this, since you don’t have to come up with the principle balance, but it equates to even bigger exploitation on the part of the lender.

Customer Service
They do provide a toll free customer service number, which is a bit better than some lenders out there that only rely on email. There is also a contact form if you’d like to reach them that way. They also have a fax line, and we were unable to determine if you’ll need to fax anything in to them, although during the application process they do require that you enter a fax number in, but most people don’t have a fax number so this is kind of odd.

Our Recommendation
We could find no specific reason why you’d want to do business with this company, when there are so many more worthy companies that you can get money from. They don’t provide a secure server for their application process, so your information is susceptible to hackers when it’s being transmitted. You also stand a chance of paying higher fees than you would if you went to a local lender in your area.

Immediate Payday Loan Review

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