There are many payday lenders offering loans and it can be confusing knowing which of the loans will be the best. If you are in a hurry to get your money, or are not sure about how to compare them, then it can be even more difficult. However, there are things which will probably be important and it is worth, considering whether they are important to you and then looking into them so that you can find the loan that suits your needs the best.
The cost of a loan is a really important factor. Obviously, you do not want to pay more than you have to and so comparing different cash loans to see what the prices are is important. There are two main ways of comparing the cost. With a payday loan there are often fees as well as interest to pay and this means that comparing rates may not give you an accurate comparison. If you see the AER percentage this will take into account the interest and the fees, but if you are not too good with figures it could still be a confusing way to compare. The best thing to do is to use the calculator that they should have on their website. What you can do is to enter the details of how much money you wish to borrow and how long for and it will let you know how much you will need to repay. If you do this on various sites then you will be able to get different figures and see which is the cheapest. Just make sure that you enter the same information in each site so that you have an accurate comparison.
Most payday loans have the same repayment rules. They tend to require that you repay the whole loan in a lump sum on your next payday. However, there are now a few loans where you can repay in instalments. Although this is likely to make the loan more expensive, due to the fact that you are borrowing the money for longer, it can make it much easier to manage. A lump sum repayment can be difficult, not only because you need to find a big chunk of money, but because you then have to manage until you next get paid with a significantly smaller amount of money. This sometimes leads to people having to borrow more money so that they can manage. Therefore, you may want to see if you can get a loan which allows you to repay in instalments if you think that you will otherwise struggle to manage.
It is worth thinking about whether there are any features that you are looking out for in a good lender. It can be easy to think that there is little difference between them, but there could be. You might be interested in knowing more about them so that you can compare them on things like
- How long they have been around
- How well-known they are
- How good their customer service is
If you take a look at their website you will be able to find out some things about them. You may also want to look them up in search engines and see if you can find any other information on them and ask people that you know. You may even want to contact their customer services department so that you can tell for yourself, how polite and helpful they are. You do need to be careful about bias in the information that you see online. It might be that rival companies will put bad things about others to try to boost their reputation or that people will give a lender a good review because they will pay them good commission if they provide leads. You may also find that customers will tend to only leave a review if they are not happy with the service that they have had and so you may get more negative than positive reviews, although this will be the same for all lenders.
There is a lot of research to be done if you want to be completely sure that you are picking the best payday loan for you. It is important to keep in mind what you are looking for in a loan and a lender so that you make sure that you can match your expectations up with the lenders that are available. You may not find the perfect match, but if you get the best match that you can, then you will be confident that you have made the best possible choice. This will hopefully mean that you will get good value for money from your loan and your experience will be a positive one where you are able to repay on time and get a good service too.