Due to the current financial climate, people are desperately trying to find additional sources of credit. When the normal practice of extending an overdraft or requesting a loan fails people are increasingly turning to payday loan lenders. These types of loans can be used for anything but they are mostly used for expensive emergency situations including vehicle repairs, emergency plumbing or medical bills.
Though guaranteed payday loans boast simplicity and convenience, the short-term loan industry is currently being heavily documented in a negative light. With the scrutiny on short-term lenders, we ask ourselves the question: Are guaranteed payday loans really the answer?
Within any industry there are people looking to make maximum profits of people, sometimes at the customer’s expense! The payday loans industry is exactly the same and there are some greedy and often dishonest companies looking to rip people off with expensive fees that make the initial loan impossible to repay. Not all companies are like this though and there are some honest and reputable lenders that can be trusted. In this article we’ll be dishing out some handy tips on how to find the best guaranteed payday loan lenders:
- Before purchasing or doing anything online, we always advise checking reviews and doing a little bit of research and the same applies before taking out a guaranteed payday loan. Get your favoured search engine open and read some reviews before deciding on a company. If anyone has written anything negative about a company then steer well clear of them! The other advantage of searching around is that you can save yourself money, the payday loan industry is fiercely competitive with many offering special introductory offers and seasonal promotions.
- Once you’ve got a few companies in mind, check out their websites and make sure that all the important information (Fees, APR, Repayment date) are displayed clearly. You don’t want to be stung by information hidden away in hard to read small print! Whilst checking these essentials it is also a good idea to check that the company have up to date contact information. If there are any problems further down the line you are going to want to be able to get in touch with someone at the company.
- Once you’ve verified that the sites are legitimate and safe to use, review the terms and conditions. If there is information that you are unclear about then give the company a call or drop them an email. Do not sign anything until you are 100% sure about the process.
- If you’re satisfied with the company and they are ticking all boxes regarding the above points then recheck your expenses for the next month. Remember, as with any financial arrangement, if you don’t keep up your side of the deal then it is more than likely you will be hit with additional fees. Failure to repay any form of loan may also have a seriously negative affect on your credit rating!
Follow all of the above tips and you’re experience should be simple and pleasant, avoiding those companies looking to rip people off!