There are many of us that have read information about payday loans and payday lenders that might make us very wary of them. It is always important to be cautious of all lenders, but with payday loans they are usually with less well-known companies and so even more caution may need to be used. There are a number of ways that we can find out more about them which could help us to decide which ones we feel we can trust.
Ask friends and family
It is a good idea to start by asking friends, family and colleagues about their experiences with payday lenders. They are a great place to start because they have no reason to give out biased information and they will have your best interests at heart. Find out whether they have used a payday lender, which one they used and whether they would recommend them or suggest that you avoid them. It is also important to find out why they have that opinion of them because it may be that this reason is not relevant to you. However, talk to as many as you can as it will help you to start gathering information. Do be wary of people that just tell you to avoid them all, because of things that they have read about these lenders. This is not helpful, as you want personal experiences at this stage in your research.
Read their website
The next step is to look at the websites of the lenders that you are considering. This should allow you to get more of an insight into the company. There might be facts about the company on there which could give you information that helps with your decision making. You may also find that you can get a feel for the company and what they are like, just from the way that their website is written and put together. It should also give you enough information to decide whether you like the look of the loan that they are offering.
Look at online reviews
The next stage is probably to look online to find information about them. You may find that there are websites with reviews on as well as blogs, message boards and forums with all sorts of information, particularly about the more well-known lenders. It is wise to be cautious when you are looking through this information. It could be very biased and rival companies could even write bad things about each other or good things about themselves. Review websites may even be hosted by payday lenders. Another alternative is that there could be affiliate links on sites recommending certain payday loans and they may just recommend the ones that they get paid the most for. Therefore, you need to be very careful. Look for sources of information that you trust and also think about whether what they are saying seems realistic. Although, this is not the best way to find information, if you have very little else to go on, then it will at least give you some information that will help you with making your decision.
Get in touch with customer services
It can also be worthwhile to get in touch with their customer services department. This will allow you to actually see what they are like at responding to questions. You will see how fast they are, how polite and how useful and this can be an important factor when choosing between lenders. It helps you get a feel for what the company is like as a whole and you will know; if you have questions and queries once you have a loan, if they will be good at helping you out with them.
It is easy to have a general mistrust for payday lenders because of the things we hear about them in the press. However, if you need a quick loan and have a poor credit record then they may be your only option. This means that you will want to find one that you can trust. Doing the things mentioned above should help you to choose between lenders and hopefully you will be able to find one that you trust. It is worth remembering that although cost of loan is a big factor, trusting the lender should be as well. This means that you may have to be prepared to pay a little more money in order to get a loan from a lender that you trust. You may feel that you should be looking to pay as little as possible, but peace of mind can be worth paying a bit extra for. Consider how much more it will be and whether you feel that this is worth it. This is a very personal decision but may also be determined by how much you can actually afford to repay. It is so important to make sure that you can afford the repayment as if you do not you could end up having to pay significantly more in interest and/or extra fees.