Purple Payday Loan Reviews

Purple Payday Loan ReviewsPurple Payday Loan has a nice user interface, and makes it seem like they would be the lender of choice if you needed to get fast cash. But after looking further into what the process entails, and the kinds of fees you’d be paying, you might want to consider other options.

When the global economy can’t make up its mind on what it wants to do, it an have an effect on just about everyone, and when something occurs to set you back it’s nice that there are places that can get you cash in a hurry. The only problem is that you pay for this convenience, and you pay for the bonus of not having your credit be an issue when it comes to the loan. At the same time many of us know that a payday loan isn’t the answer, but just a short term fix that may get you by, or may make things worse.

There isn’t much you have to go on when it comes to sizing up potential lenders or matching services, so it can make it hard to determine which lender to go with. But here are some of the features we noticed that you might want to explore further.

Finding Purple Payday Loan Reviews

The big draw to using a service like this is that you can keep your application stored at their site and it makes it easy to come back and take out another loan if you need it again in the future. They also say that they have one of the higher acceptance rates around, and they’ll give you a decision instantly, so you won’t waste a lot of time seeing if you’re accepted or not, and you can get on with other parts of your life.

Not a Direct Lender
You won’t actually be recievng a loan fro Purple Payday Loan, they are a matching service that is set up so that you can fill out one application and have it matched with a lender that loans to borrowers fitting your details. For example, if you’re wanting a larger sum of money, they would match you up with a lender that is able to provide you with that amount. If your credit is less than perfect, or downright awful, they will line you up with a lender that overlooks this as a criteria. In theory this should save you from the cycle of applying and getting denied again and again.

Safety Concerns
Even though their application page says that it’s 100% safe and secure, they are not encrypting the browser page, and therefore it is unclear exactly how they are protecting the information you enter, including your banking information. It doesn’t take very much time or expense to have your website hosted on a secure server, but a quick look at the URL shows that it is not on an https, but rather an http, and not as secure as it could be.

High APR
The APR for the example they give is nearly 2,000%, and is pretty absurd when you compare it to a traditional bank loan, and also ranks high compared to other payday loans you can get. Of course this example does take into account that you’d have the money for 28 days and would pay if off in one lump sum. But these days you want to be as smart with your money as posssible, and this still represents a lot of quid just to get yourself out of a tight financial jam. It’s easy to see how this could easily get you into a further bind and would force you into larger loan amounts, and a problem trying to repay the loans.

One nice feature they have is that you can get a loan consolidation loan in order to help yourself get out of the payday loan trap of having to re-borrow the money right after you pay it back. A lot of lenders don’t offer this sort of loan because their cash cow is keeping you in the trap and collecting the fees and interest month after month. But compared to the states you shouldn’t have too much trouble since they allow you to keep the money for a month, instead of having it due back on your next payday.

Add Your Own Experience to our Purple Payday Loan Reviews Below

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