As if making up one’s mind to get a payday loan is not difficult enough, it gets even more confusing when one discovers a wide range of online lenders to choose from. It certainly doesn’t help that many of these online lenders are also not trustworthy and are mostly involved in deceitful activities. So how can a person tell whether the online lender they are going for is even genuine or not? Is their business even legal? As if being in a financial crisis is not enough, who would want to get involved in an illegal activity as well.
Getting a loan from the wrong lender would make you end up in even more trouble than you started with, so no matter how urgently you want the money; make sure that you pay attention to the following factors before you apply. A few minutes of research could save you from loads of trouble later.
1. Find out what others have to say:
Thanks to social media, people have now a large platform to say what they really want to say. Take matters into your own hands and find out what people really had to say about the lenders. Beware not to trust anything that is mentioned on the website itself. Most of the reviews on the page itself are fake or written by the services themselves. There are many websites that provides an open forum for people to give their opinion. Look out for any positive or negative reviews. The lender with most positive reviews would be worth giving a chance to.
2. Discuss everything in advance:
A professional and a legal online payday lender such as Quiddi Compare payday loans will naturally offer different payment plans to the borrower to make it easier for them to make the payment. Even if one doesn’t, the borrower must make it a point to discuss the repayment plan. If it feels like the lender is not providing the flexibility that a borrower requires then other options must be considered.
3. Response time:
Another way of checking the credibility and efficiency of the online lender is to check their response timings and actions against customer complaints. A good online payday lender will have least number of customer complaints and even if they do have some, they’d have handled it nicely. Notice how they handled it. Was the issue solved? Was the customer happy? This could be observed by reading customer reviews.
Make sure that the online lending service is registered and certified by the respective authority of the country.
One of the surest ways to check the authenticity of the online lender is to check the website for their address and phone numbers. Do not under any condition apply for loan in a company that only have an e-mail address as their source of communication. To be even surer, a borrower can check the presence of the company by driving to the address.
Online payday services are convenient and free of any complications, all that needs to be done is to choose the right lenders and enjoy the benefits of payday loans.