Legit Payday Loans

When you are looking for easy payday loans online you will find many legit lenders who can help you, but some predatory lenders will take advantage of your emergency. So here are some tips to find legit lenders and avoid scams.

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What Do Legit Payday Loans Mean?

Many states have regulations regarding payday loans, in terms of the maximum APRs, how much fees can be charged, the amount of the loan, and the repayment period. A legit payday loan lender will ensure that all the rules are followed. One important rule for all payday loans is that the lender has to look at the borrower’s ability to repay before making a reasonable decision to offer a payday loan.

Factors in this decision include monthly income, usual living costs, and any current outstanding debts. If a lender does not request any of that information they may not be legit.

How Can I Know Whether My Payday Loan Is Legit?

It is easy to feel a bit lost with so many payday loan lenders offering instant funding online, so here are 7 ways to help you find legit online payday loans.

Better Business Bureau (BBB) Accreditation

The Better Business Bureau is a non-profit organization that has been around for over a century, and it aims to help people identify reputable businesses in the US, Canada, and Mexico. If you see a lender that has BBB accreditation, you know you are dealing with a trustworthy business.

Upfront Contact Details

Any reputable payday lender will openly give their phone contact number and a physical address, and usually access to live chat online. If a lender’s website only gives an email address or a contact form to fill in, you might want to check them out or look for alternatives before going much further with them, regardless of what they promise on their website.


A direct lender offering legitimate payday loans online should disclose all fees when they present you with a loan agreement, which should clearly state all applicable costs with the loan upfront so you know there are no hidden fees. That is why it is important to carefully check the loan document before signing anything.

Abides by Provincial/Territorial Regulations

Most states have conditions and limits on payday loans, and a legit lender will make sure to follow these completely.

Use Money for Any Reason

A legit lender will not be too interested in your reason for borrowing a quick payday loan online, and you are free to use the instant cash for your purposes. If a lender makes conditions for the use of the loan it may not be legit.

Doesn’t Require Money Upfront

Any fees associated with the provision of the loan such as origination fees or processing fees are always taken out of the loan itself when it is paid out, so if a lender asks for cash upfront this is a cause for you to be concerned about the company.

Lender Is Provincially Licensed

Not all states allow payday lending, and those that do require the lender to be licensed, so this is a point to check. If the lender is not licensed the loan contract may be void.

Where Can I Find Legitimate Payday Loans Direct Lenders Online?

There are plenty of payday loan companies online, and you can search through their websites without having to leave your home or your workplace. As well as physical stores they all have an online presence so you can find one to offer you the payday loan you need, although some states do not allow payday lending and you can find this out from their website.

You can spend time filling out online forms and applying to various direct lenders, although a much easier way is to use a reputable broker like us to help you find trustworthy lenders so you can easily compare their terms and rates.

Getting Payday Loans Online With CocoLoan Is Fast & Easy

If you need a loan urgently you may want the process to be as fast and easy as possible, so when you are searching for quick payday loans online you don’t want to waste time. CocoLoan provides a solution to this problem and all you need to do is follow these simple steps:

  1. Submit your information through the quick and easy online form on our website.
  2. Get quotes from the network of lenders and compare the rates and conditions.
  3. If you agree with all requirements of the loan you choose, you can usually sign the document electronically.
  4. Get the money directly to your bank account within hours or the next business days depending on the lender and your bank’s policies.

How much would you like to borrow?


Are There Any Alternatives to Payday Loans?

Use Your Emergency Fund

If you have some money put aside for an emergency, you should consider using it because an emergency will probably be why you are looking for a payday loan online, and if you use your savings you will avoid expensive debt.

Personal Installment Loans

A personal installment loan usually allows you to borrow a larger sum of money and repay it over a longer period, which might usually be up to 5 years in monthly installments. This makes the loan easier to manage although the longer the term the more interest you end up paying. Some online lenders will work with borrowers who have poor or bad credit.

Credit Cards

A credit card is a good way to pay for an emergency such as a car repair or a medical bill, and you can also get a cash advance on your card. The costs of this are high but not as expensive as a payday loan and the repayments are easier to manage.

Get Fast & Easy Payday Loans Online With CocoLoan Now!

Looking for the best online payday loan? Let CocoLoan show you the fast and easy way to find instant cash online

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Get Fast & Easy Payday Loans Online With CocoLoan Now!

Looking for the best online payday loan? Let CocoLoan show you the fast and easy way to find instant cash online

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