Many websites that advertise payday loans are not actual lenders. They are businesses known as “lead generators, ” which make money primarily by findings customers for lenders. You should not depend on the lead generator to shop around for the best deal for you.
Lead generators will collect your information – including your Social Security and checking account numbers – and then send your request for a payday loan to a network of lenders. Your application will then be sold to the lender that offers to make you a loan. However, that may not stop other lenders or other service providers from calling or emailing you.
Tip: Key phrases can help you spot a lead generator. It can be hard to tell if the website you click on is a lead generator or an actual lender. Lead generators might disclose that they are not lenders somewhere on their site, but this information can be hard to find. In addition, look for phrases like: “matching you with lenders, ” “connecting you with a network of participating lenders, ” or something similar, as an indication that you are on a lead generator’s site.
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