All Payday lenders are bound by
strict regulations and codes of conduct. Unfortunately, not all online Payday
lenders abide by these rules and guidelines. Every day, we come across stories
of borrowers who have been mistreated or misled by unscrupulous online short
term lenders. Although Payday loans as a form a credit are still increasing in
popularity, the number of these financial horror stories posted on the
internet, do not seem to be disappearing. Bad lenders cast a bad light over the
whole payday loan industry, which is unhelpful for the people out there who
genuinely want to use this form of credit. It's also unhealthy for the industry
as a whole.
In this article we look at some of
the things you should consider before you apply for a payday loan in the hope
that you can avoid the bad lenders and end up with a much more positive
experience.
The biggest issue is that the less
than honest lenders are not so easy to detect. Many of them have seemingly good
reputations and flashy websites promising the best and quickest loans. When you
are looking for a good short term lender, first of all, choose a reputable
company, that's a good start. Secondly, make sure they clearly show their
lending licence and registration details on the website.
Reviews and feedback from other
customers are also an excellent way to establish whether a lender is good. The
best lenders offer free customer advice so you can ask questions and make
enquiries without having to apply for a loan. You should be able to access all
the information you need without any obligation to borrow money, until you are
ready to do so.
According to our research, internet
searches are how the majority of people find a payday lender. This is a good
way to start, but once you have found a few lenders, it is best to spend a
little time doing some research into them.
Some lenders will go to amazing
lengths to convince you to borrow from them. While we understand you may be
feeling stressed and under pressure to borrow money as quickly as you can,
don't let a bad lender harass you into making a rash or hurried decision. Even
if it is just for a few hours, take some time to consider all your options
before you apply for a short term payday loan.
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