How to Choose the Best Payday Loan (lenders)
Nowadays it’s really easy to get lost among thousands of various lending companies in the market. Their websites bristle with reassuring images and tons of promises that namely this company is the one that will provide you the best payday loan there is. However neat and comforting it may look, it is not always true.
There are a few easy rules to follow if you want to find the best payday loan lender in your local area and take out a quick, safe, and cheap loan. Here we go.
Rule one: Size matters
According to a private statistics agency based in Houston, Texas, about 30 to 40 percent of payday lending companies on a nationwide basis are either scam or overcharge users. These are usually small fly-by-night companies that don’t have offices and are based strictly online.
Therefore, if the company you’d like to contact to get a loan from looks shady, just check their website and find out whether they have any offices out there. Remember that not all online-based companies are necessarily scam, just the chances that you might get scammed with such company are much higher.
Rule two: Compliance with norms
This is the ground rule on how to tell a decent company from a shady one. Only lending businesses that provide APRs that are in compliance with the official rates imposed by the local state government are safe to use.
Try to google the statistics on the maximum APR on instant loans in your state and use it as you look for the company that will give you out the best payday loan there is.
Rule three: Customer contact
A reliable lending company just can’t go without a customer relation service. You will need to check whether the lending agency has a phone number or a live chat that you can use to get in touch with it.
This way you will be able to learn how friendly its staff members are and how trustworthy actually the company is. Also, you will get a chance to ask any question if you have doubts.
Rule four: Always get a better insight
And though on the main page of this or that company you might read that they are to give you the best payday loan, the devil is in small print in these documents. Always check with them to see whether everything’s right or not.
Rule five: Never take one in a hurry
The worst instant loans are always taken when one is in a hurry. To secure the cheapest, the safest, and the best payday loan in your local area you have to carefully pick out the companies you would like to turn to for help, weigh all pros and cons, and try to find out through trial and error which company is the best.
In the end, one always finds what they are looking for.