One of the biggest factors that you need to consider before getting a payday loan is who you will borrow from. In the past ten years or so there have been hundreds of private lenders pop up across the web. With so many different options to choose from, it is important that you carefully consider your options. Finding the right lender can really help you pay off your loan on time and in full. This article will help you select a lender that you can really trust.
1. Experience
The amount of time that a certain lender has been around is just one of the many things that you need to take into consideration. You should find out how much experience each lender has before making a decision. This will give you a better idea as to just how credible they are. Disreputable lenders tend to go out of business fairly quickly. Another way to get an idea of a lender’s credibility is to read online reviews of them from their customers/borrowers.
2. Requirements
You will want to avoid private lenders that have a lot of outrageous requirements for getting approved. While most of these lenders make it easy for people to get approved, this is not always the case. You can save yourself some time by getting this information before filling out a single application.
3. Their Website
Take a look at the website of each payday loan lender to see what it looks like. Is it professional-looking and responsive? The overall design and feel of a lender’s site can tell you a lot about them. Most shady lenders don’t put a whole lot of effort into creating a nice-looking website that is easy to navigate. It’s always a good idea to choose a lender that has a professional overall appearance, and part of that is their site.
4. Interest Rates
If you want to save all the money you can on a payday loan for bad credit, you will need to get quotes from a few different lenders. Find out what kind of interest rate you can expect to pay with each one. This is something that varies greatly from lender to lender, so you need to do your research. A legitimate lender should charge you a rate that is fair. Keep in mind that your credit can have at least a small impact on the rate you end up paying.
5. Flexibility
The fact is that some private lenders are more flexible than others. You will want to find a lender that is willing to work with you to come up reasonable terms that meet the needs of both parties involved. You should try to speak with the lender before applying if at all possible. This will give you a better sense as to what they are really about. All of these lenders are just trying to make money, but some of them care about their customers more than others.
6. Customer Support
When you are going about choosing a lender for a payday loan, you must also take the quality of their customer support into consideration. Does the lender have a phone number that you can call if you have a problem or question you need resolved? They should at least have an email address that you use to contact them. If you don’t get at least decent customer support, you probably won’t have a very good overall borrowing experience. You also have to consider how helpful the customer support is. Call the number provided just to get a sense of this before applying.
7. Transparency
You definitely need to find a lender that is completely transparent when it comes to their various borrowing policies. They should tell you up front about any fees they charge so you aren’t surprised later on. The amount of information on their website will be a very good indication of this. If you can barely find any information on their own site, you probably want to go to another lender for your loan. The more straightforward a lender appears, the better off you will be as a borrower.
The truth is that getting a payday loan doesn’t have to be a negative experience at all. As long as you take enough to time to find the right lender, you shouldn’t have any problems. It is crucial that you do this research so you can get the loan you need with minimal strings attached. There are lots of reputable and credible private lenders out there to choose from. This criteria will really help you with narrowing down your list of options. Remember that the biggest private lenders aren’t always the best. Sometimes it is the mom and pop lending operations that are the best overall.
