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Although these are difficult times, it does not mean that you should settle for any short-term loan you find. Payday loans and installment loans are not legal in all states, and even if they are, lenders generally have to comply with strict regulations. Any lender who is unwilling to comply with state law will not be legitimate.

Finding a legitimate lender does not have to instant approval no faxing direct lenders be difficult. All you need is a clear understanding of your state's laws and a baseline for finding a good deal.

A legitimate payday loan is one that is legally offered to you. The lender must comply with regulations set by your state, even if you are temporarily visiting another location. Short-term loans can be applied for online and in-store, but are subject to the same regulations.

Generally, short-term loan providers have less stringent criteria than banks and other types of lenders. You can apply for a short-term loan if you have negative credit , your income is low, or you receive government benefits. However, the looser eligibility criteria means that the rates and fees are higher than with other loans.

Lenders still have to abide by the state-required APR, and the amount they can lend has a state-imposed ceiling.

Lenders must make a reasonable judgment about the applicant's ability to repay the loan. The lender must evaluate factors such as income, housing expenses, and existing debt to determine if the applicant can actually repay the loan.

If a lender does not ask you for that information or does not try to assess whether you can repay the loan, it is probably not legitimate. Since there are many lenders who check , you should go ahead and find one that combines good terms with a sound credit ethic.

Payday loans, installment loans and auto title loans come with high rates and fees which can trap you in a cycle of debt. Borrowers may find themselves taking out a second or third loan because they couldn't pay back the first one on time.

Imagine this scenario: Don knows how expensive payday loans can be, but after receiving a large bill from the vet, he realizes he has no choice but to apply for one of these. Instead of applying to the first one he finds, Don decides to compare different lenders.

He reviews his state's laws and discovers that some providers are offering much more than they are legally allowed to. Others claim that they do not perform credit checks or provide guaranteed acceptance.