There are numerous online payday loans lenders and these come up when you run a search. Immediately you are faced with the decision of choosing one or two. How do you spot the best online payday loans lenders? This article will help you spot and choose the best lenders to deal with. I outline 7 things that you need to look for with any payday loans website. Here they are.

1. Lender, broker or introducer
This is your starting point. The payday loans company or firm should reveal this on their “About us” page or somewhere else on the website. A good lender should readily display the fact that they are a registered lender. Registration information is typically displayed on the footer section of the website.

2. Online presence

Impression
As you browse through a website what impression do you gather about it? Do they appear professional? What image do they portray? These are important questions to ask of any payday loans website you will deal with.

Contact details
A good payday loans website should display contact details. Ideally you would want to see a physical address of the registered office alongside opening times and days. In addition they should be a contact telephone number, email and/or a fax number. This information is typically found on the “contact us” page.

Tip: Sometimes it is a good check to ring the provided contact telephone number and determine whether a human being actually answers it and that they make reference to the payday loans company in question. If you are diverted to an answering machine – this should raise concern.

Be equally concerned if an online payday loans lender’s website displays neither a physical address nor a contact telephone number. Surely if they are genuine, they should be open about their contact details.

3. About the payday loan

How much is offered
Look out for how much they offer. Companies usually state the minimum and maximum loan amounts they offer. Look out for the maximum amount offered to first time borrowers. If you cannot find this information, look on the frequently asked questions (FAQ) section.

Payday loans charges
There has to be transparency over the charges and interest for borrowing a payday loan. Most websites would have a fees and charges page displaying this information. Also check out late payment fees or default charges should you miss a payment – this information is sometimes on the FAQ.

Repayment
Most lenders prefer to collect payment from a debit card. Some set a direct debit from your account. Check and establish what means the company will use to collect a payment from you.

4. Payday loan application

Loans criteria
A lending criteria should be readily available for you to review and see if you qualify to apply.

Application process
Next is the loan application process. This should be clearly stated or illustrated. You should know what to expect at every stage of the application. Check out whether the application is done completely online and how long it takes to receive notification of approval. Check to see if you need to submit documents by fax or email. Some lenders may want you to ring and complete the application process over the phone.

Finally check on how long it will take to have the loan in your account once it has been approved. There is usually the ideal option of fast transfers and a BACS transfer which typically takes up to 3 working days and this is usually free of charge.

Tip: There may be a fee or charge for fast transfer of the loan to your bank account. This information is not made clear in some cases. Customers sometimes only get to know about this when they are finalising the application. Do check – the FAQ will sometimes display this.

5. Online security
This is extremely important. The website should be secure and safe for users to submit personal details. Check out the following 3 things that show security of any website.

1st: The web page URL
The URL of the web page address (in this case the application forms) should start with the letters https. A website URL usually begins with http. Take note of the ending letter s in https. This is the bit which shows that the web page is secure.

2nd: The Lock icon
Look for the “lock” icon (in this case on the application form pages). This is displayed somewhere on the browser window of a secure web page.

Tip: Some fraudulent websites are built with an imitation “lock” icon. You can validate the “lock” icon on any website by clicking on it. When you do, details on the website’s security are displayed.

3rd: SSL Certificates
Look out for Secure Sockets Layer (SSL) certificates. SSL protocols have to do with the secure transmission of information between web servers and browsers – in other words they make it safe and secure to pass our personal details over the internet. SSL certificates are issued out by vendors like Comodo, Entrust, GeoTrust, Thawte and Verisign. The certificates are usually displayed somewhere obvious on the web pages.

Tip: You can validate authenticity of the certificate(s) by clicking on them and you will be directed to a page verifying the website’s security.

If all these 3 are in order, then the online lender’s website is safe and secure to input your details.

6. Privacy and information protection
A privacy policy or statement should be readily available for you to review and express your agreement. In most cases you would not physically sign but tick a box.

Tip: Some websites will have a box for you to opt out or opt in to having your application shared or matched with other online payday loans lenders if you are not approved. Watch out for this and take the necessary action.

7. Responsible lending
Most lenders pledge to be a responsible lender. They display a statement highlighting this fact. Check it out and see how they are committed to responsible lending.

In summary, when you are choosing online payday loans lenders, these are the things to consider:

1. The payday loans company – what are they: a registered lender, broker or introducer
2. The impression you gain of the company’s website and can they be contacted
3. Clear information about their loans including interest, charges and repayment
4. Clear information on the application process including lending criteria
5. How secure the website is
6. Do you agree with their privacy policy?
7. Finally, is the company a responsible lender?

I trust that this information will be of use when you are choosing online payday loans lenders.

In case you are looking for a small business loan, go for business cash advance instead. If your business accepts credit cards as a form of payment, you can use your future sales to obtain cash you need by getting a business cash advance.

A business cash advance is cash borrowed against your credit card balance. The cash advance may be lower than your credit limit. There is a fee or an interest rate associated with cash advances.

A business cash advance is an alternative to the conventional small business loans. It provides you with finance needed for new equipment, inventory, acquisition, daily operations, etc. Business cash advance is one the best solution when the traditional small business loan falls short. Small businesses often face challenges in obtaining money at critical junctures when additional funding would open up new revenue streams or help recover lost ones.

The growth of your business can come to a standstill due to lack of adequate cash to meet crucial and immediate needs. A business cash advance provides the cash needed to fuel success, such as advertising and marketing, equipment, inventory or invoice payments.

You can leverage your future credit card sales for cash today.

Getting approved for a business cash advance is quite simple. Almost all businesses get approved for a business cash advance. The competition among bankers and financial institutions has made getting a business cash advance loan easier than never. Get a business cash advance and see your business grow significantly in no time.

Zed Miller, an expert business writer, regularly contributes his articles to various websites just to help merchants, small businesses and retail houses to expand their market base by accepting the prevailing mode of payments.

Running your own business is always a challenging job and the challenge becomes even more difficult when there is a fund crisis. Every business, small or big has experienced this situation where you need immediate financing to support your daily business activities and you are running short on cash. So what are the solutions?

While effective working capital management can reduce the occurrence of such situations, it is more than likely that businesses will still have need for funds, may it be to meet the recurring expenses, buy capital equipments or to expand the existing business.

Business owners has traditionally being dependent on business loans to meet such fund requirements, however, business loans are probably the worst type of liabilities that any entrepreneur would like to shoulder. They would require a collateral, a high rate of interest and fixed payment terms – business owners often risk losing their assets that they put as collateral in case they fail to make timely payments. With all these issues making business loans a negative option for entrepreneurs sets them on a hunt for a better finance option. Business cash advance is just that!

Business cash advance is one of the most popular financing methods for businesses. Cash advance providers would buy a predetermined number of Visa and Master card receipts from business owners and provide them with business cash advance in lieu of those receipts. The amount that the seller receives is not a loan and it is a cash advance paid against the Master and Visa card receipts and is paid back through the merchant account. The borrower need not repay the amount personally.

Unsecured business cash advances are available and the business owner would not require any collateral to get an unsecured cash advance. Also the borrower is not personally liable to repay the business cash advance. The business owner can sell his future credit card receipts at a discounted rate to avail a business cash advance. This is very much similar to Factoring, except for the fact that in factoring business-to-business invoices are discounted where as in this case your credit card receivables are factored.

There are no fixed payment schedules for a business cash advance and only the credit card sales receipts are used for repayment of a business cash advance. All other payments received through cash, check or other credit cards are left with the borrower. This ensures that he has sufficient funds to run his business while the cash advance also gets repaid through the Visa and Master card receipts.

Not only is Business cash advance an easier finance solution from repayment perspective but also it is easier to get. The general criteria required to qualify for a business cash advance are:

The business must accept Visa or Master Card as a mode of payment
The business must process a payment of $1500 or more in a month
The business should have been there for at least 2 years.
Credit card statement and bank statements for 3 month for seasonal business and 12 months statement for non-seasonal business should be available.

Most business cash advance companies would have similar conditions probably with some modifications here and there. These makes it easy for any business that accepts payments through credit cards to qualify for a business cash advance.

With this easy to get and easy to repay options, business cash advance has been the finance of choice for most business owners and especially small business owners are taking the maximum benefit of from business cash advance. If you are a small business owner, act now and get a business cash advance to take your business to the next level.

This article is written by Ray Smith, a marketing expert with years of experience in different industries and specialized knowledge on branding and Internet marketing.

Many business owners are struggling to find working capital. Once readily accessible to most businesses, small business loans are harder and harder to come by. Thankfully, business cash advance providers have stepped up to fill the gap. Some business owners are skeptical, and hesitant to be open to the idea, but there are many benefits to the business cash advance program. While they both certainly have strengths and weaknesses, in this article, we hope to clearly explain how they work and what their benefits can be over traditional small business loans.

Who Qualifies?

Business cash advances are very easy to qualify for. Since they’re based on revenue from credit card processing, the biggest qualifying factor is whether or not you accept credit cards as a form of payment, and how often you have sales to run. This makes most retail businesses and certain service-based businesses excellent candidates because they usually accept credit cards and the cardholders are physically present at the point of sale. Unfortunately, most home-based and internet-based businesses don’t qualify. You have to process at least $5,000 per month in credit card sales, and underwriting also likes to see that you settle transactions at least 10 – 12 times every month. Personal credit is not a big factor; the only stipulation ist that the owner’s FICO score is above 500 and there are no open bankruptcies.

Application Process

The application process is very simple. A one page application is filled out and signed by the business owner. The application contains basic administrative data about the business and the owner(s) and usually also lists a few trade references. The signature authorizes the cash advance provider to obtain a copies of the applicant’s business and personal credit reports. Pre-approvals can be given within 24 hours of the application being submitted along with the business’s 4 most recent credit card processing statements. At lease one, if not all, of the statements must be complete (i.e. all pages submitted) so underwriting can review them completely, looking at credit card processing activity, transaction count, average ticket size, batch frequency and rate analysis. The pre-approval will consist of a few different funding options based on the statements you submitted, along with a list of additional paperwork you’ll need to submit prior to approval. This can vary slightly on a case by case basis, but here’s a complete list of paperwork that’s generally required:

Signed, completed application.
4 most recent credit card processing statements. Seasonal businesses may have to submit more so underwriting can fully understand your seasonality.
3 most recent business bank statements. This should be the account where your credit card deposits go. If that account sweeps to another operating account, those statements may also be required.
Business lease. Underwriting will need the pages listing the parties to the lease, the term and expiration date, the property address and the signatures.
Proof of ownership. This can be a business licence or articles of organization.
Driver’s license or other state issued identification card.
Voided check.
Deals over a certain size may require year-to-date financial statements or the most recent tax returns.

Three Different Programs

Besides the main business cash advance program, there are two additional programs available:

The Starter Program – The starter program is designed for those individuals and businesses who don’t qualify for the traditional program. The two most common reasons someone would be declined for the traditional program is because of poor personal credit or because they process less than $5,000 per month. For the starter program, underwriting still requires that there are no open bankruptcies and that you settle transactions at least 10 – 12 times per month.
The Gold or Platinum Programs – For a long time, individuals and businesses with stellar credit and healthy financials have turned down cash advance offers. The cost of the traditional program was too great for many of them, and there was little that could be done. Providers have developed Gold and Platinum programs for these kinds of businesses. The cost can be less than half compared to the traditional program, and they are often underwritten at 12 – 18 month deals, which is typically a longer term than the traditional program.

Between these two relatively recent developments in the industry, business cash advance providers have been able to boast approval ratings upwards of 90%, and at the same time gain market share among established, credit worthy businesses who normally would only consider traditional small business loans.

Cost

Business cash advances, admittedly, are most costly than traditional business loans. The main difference is that business loans accrue interest over time. The longer you take to pay them off, the more expensive they become. Business cash advances have a fixed cost. The transaction that takes place is actually the purchase and sale of your business’s future credit card receivables. The business cash advance provider decides how much of your future receivables they are interested in purchasing (the “purchased amount” or total payback amount), and offer to purchase them at a discount rate, usually somewhere between 15% and 30%. How much they offer to purchase them for is called the “purchase price”. It’s also known as the “advance amount”. At a 15% discount rate, a cash advance could purchase $10,000 by advancing you $8,500. No matter how long you take to pay it back, it will never cost you more than $10,000. The discount rate offered depends on a number of things, including time in business, credit score, process history, etc.

Payback

Since the transaction involved in a business cash advance is the purchase of future credit card receivables, they are paid back as you process credit cards. A small percentage of each credit card transaction gets paid to the cash advance provider to pay down the advance. This percentage is fixed, so it remains the same through the course of the advance, and it’s agreed upon prior to funding. The result is an extremely flexible payback schedule. If you have a bad month, you might struggle to make the payment on your traditional business loan, but with a business cash advance, you’ll just end up paying back less that month. You never have to worry about missing a payment, and the cash advance provider only gets paid when you get paid. Most business owners find comfort in this method of payback.

Events of Default

Defaulting on a business loan is serious, since most of them are secured or personally guaranteed. If you miss that monthly payment, the bank can put you in a tricky situation. If you put up any collateral, the bank has the right to take that asset and liquidate it, below market value if they have to, in order to reimburse themselves for the principal outstanding. If you signed personally for the loan, don’t count on “limited liability” to protect yourself. The bank will have the right to take any of your personal assets including your home or your car.

For most business owners, this is the true beauty of the business cash advance. The fact that they are unsecured and never personally guaranteed justifies the higher cost. If you find yourself in the position where you can’t pay it back because you have to close the doors, the business cash advance provider is out of luck. As long as you didn’t provide any false or misleading information during the application process, there can be no recourse. Simply put, the asset in the purchase and sale agreement (your future credit card processing revenue) doesn’t exist anymore.