Signs of a Payday Loan Shark

The Lender is Too Vague in Answering Your Questions.

You should be able to ask questions and gain a better understanding of how the loan process will work. Some lenders dont like to answer questions or theyll beat around the bush when they provide your answers. With these payday loan lenders, you may find yourself more confused than when you first arrived.


They Charge a High Interest Rate and Additional Fees.

The bottom line is that this is how payday loan lenders make their money. They do, however, have a choice of what fee rate to attach to the loans they provide. Some unsavory lenders will charge the maximum loan rate allowed by law. They also tend to nickel and dime you with application fees, deposit fees, and/or processing fees.

The Lender is a Private Lender.

Many people have been scammed into getting payday loans through private lenders. These lenders often make it appear more attractive by telling you they can do things other lenders cannot. Certain types of loans are governed by different laws, so its important to find out the type of loan these private lenders are actually offering and what rules apply in terms of fees, repayment, and default.