When we are looking for any sort of loan we are often given advice as to look for the cheapest one, best repayment terms, best customer service and things like this. However, this is all great, but knowing how to actually find this information is much more difficult and finding the best payday loans even more so as they are not available from high street lenders. It may seem complicated, time consuming and you may think that it is just not worth the effort. However, below are some tips to make the process of finding the best payday loans a lot easier.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
Friends and family have your best interests at heart and so if they make a recommendation or tell to avoid something it is because they want the best for you. They are not biased and have nothing to gain from telling you to use a particular financial product. This is why they can be the best people to ask when you are looking for a payday loan. If they have had one themselves then it is good to listen to what they have to say about them. Ask them what company it was through, what they were like to deal with and whether they would recommend that company. It can be hard opening up to friends and family like this as you may not want to admit that you need a loan like this, but they can be really helpful.
There are many forums and message boards where people discuss finances. It is worth looking at a few that you trust and see what people are saying about payday loans and lenders. Look for recent threads and comments, as opinions and lenders may change over time and you want to know how they operate right now. If there are no threads then see if you can start one so that you can get the information that you need. It is a good idea to use a selection of websites so that you get a variety of opinions.
It can be good to ask work colleagues about this too. If you feel that you do not want them knowing that you are considering a payday loan then you could just start a conversation about borrowing generally, perhaps starting with mortgages which are seen as a good form of debt and then see if you can get onto the subject of payday loans. If anyway says that they have used one then you could talk to them on an individual basis to find out what they thought of it.
If you have a lot of friends on social media then it could be a good place to ask for help. There might be more chance of you finding someone that has taken out a payday loan. You may even find, that if you look, there are some groups where this sort of thing is discussed. Search groups and pages and see whether you can find any. You may also be able to discover social media pages which belong to payday lenders and can look at the comments on there to see what others think of them.
Although comparison websites give limited information, they can still be useful. They can be a good way of finding out what lenders are available and who has the lowest interest rate. It is worth noting that these sites do not list every lender and so you may find that there are better ones elsewhere. They get commission for every lender that is used through a click on the link on their site and so they will be likely to only list the ones that pay them well.
It is wise to be cautious when you are reading reviews of anything, including payday loans. This is because a review can be biased and you do not know whether the person who has written it has ties with the product they are reviewing. You may also find that people who leave reviews tend to leave negative ones. This is because we probably feel more strongly about something if we are not happy and so are more likely to leave a review.