There are numerous
online payday loans lenders and these come up when you run a search.
Immediately you are faced with the decision of choosing one or two. How do you
spot the best online payday loans lenders? This article will help you spot and
choose the best lenders to deal with. I outline 7 things that you need to look
for with any payday loans website. Here they are.
1. Lender, broker or
introducer
This is your starting point. The payday loans company or firm should reveal this on their "About us" page or somewhere else on the website. A good lender should readily display the fact that they are a registered lender. Registration information is typically displayed on the footer section of the website.
This is your starting point. The payday loans company or firm should reveal this on their "About us" page or somewhere else on the website. A good lender should readily display the fact that they are a registered lender. Registration information is typically displayed on the footer section of the website.
2. Online presence
Impression
As you browse through a website what impression do you gather about it? Do they appear professional? What image do they portray? These are important questions to ask of any payday loans website you will deal with.
As you browse through a website what impression do you gather about it? Do they appear professional? What image do they portray? These are important questions to ask of any payday loans website you will deal with.
Contact details
A good payday loans website should display contact details. Ideally you would want to see a physical address of the registered office alongside opening times and days. In addition they should be a contact telephone number, email and/or a fax number. This information is typically found on the "contact us" page.
A good payday loans website should display contact details. Ideally you would want to see a physical address of the registered office alongside opening times and days. In addition they should be a contact telephone number, email and/or a fax number. This information is typically found on the "contact us" page.
Tip: Sometimes it is a good check to ring the
provided contact telephone number and determine whether a human being actually
answers it and that they make reference to the payday loans company in
question. If you are diverted to an answering machine - this should raise
concern.
Be equally concerned
if an online payday loans lender's website displays neither a physical address
nor a contact telephone number. Surely if they are genuine, they should be open
about their contact details.
3. About the payday
loan
How much is offered
Look out for how much they offer. Companies usually state the minimum and maximum loan amounts they offer. Look out for the maximum amount offered to first time borrowers. If you cannot find this information, look on the frequently asked questions (FAQ) section.
Look out for how much they offer. Companies usually state the minimum and maximum loan amounts they offer. Look out for the maximum amount offered to first time borrowers. If you cannot find this information, look on the frequently asked questions (FAQ) section.
Payday loans charges
There has to be transparency over the charges and interest for borrowing a payday loan. Most websites would have a fees and charges page displaying this information. Also check out late payment fees or default charges should you miss a payment - this information is sometimes on the FAQ.
There has to be transparency over the charges and interest for borrowing a payday loan. Most websites would have a fees and charges page displaying this information. Also check out late payment fees or default charges should you miss a payment - this information is sometimes on the FAQ.
Repayment
Most lenders prefer to collect payment from a debit card. Some set a direct debit from your account. Check and establish what means the company will use to collect a payment from you.
Most lenders prefer to collect payment from a debit card. Some set a direct debit from your account. Check and establish what means the company will use to collect a payment from you.
4. Payday loan
application
Loans criteria
A lending criteria should be readily available for you to review and see if you qualify to apply.
A lending criteria should be readily available for you to review and see if you qualify to apply.
Application process
Next is the loan application process. This should be clearly stated or illustrated. You should know what to expect at every stage of the application. Check out whether the application is done completely online and how long it takes to receive notification of approval. Check to see if you need to submit documents by fax or email. Some lenders may want you to ring and complete the application process over the phone.
Next is the loan application process. This should be clearly stated or illustrated. You should know what to expect at every stage of the application. Check out whether the application is done completely online and how long it takes to receive notification of approval. Check to see if you need to submit documents by fax or email. Some lenders may want you to ring and complete the application process over the phone.
Finally check on how
long it will take to have the loan in your account once it has been approved.
There is usually the ideal option of fast transfers and a BACS transfer which
typically takes up to 3 working days and this is usually free of charge.
No comments:
Post a Comment