So you need a payday loan. You don’t want a payday loan, but forces beyond your control require you to have more money than you possess. You don’t have a few weeks to wait for a bank, you need to find a lender for the funds quickly.
No one wants to be in this situation, but if you are in this situation, there are a few easy tips you can follow to get the most out of the experience. How do you get the least interest? How do you make sure you’re working with the right company? The following list gives you some pointers from the insiders perspective on how to Maximize Your Payday Loan.
How To Find a Reputable Lender
There are hundreds of payday lenders online. Many of them are exactly what they say they are: others, not so much. How can you spot the difference? By finding the answers to three questions
- Is it a secure site? If the URL does not begin with HTTPS the site is not registered and secure with Google, and much more likely to be the victim of scams or data fishing.
- Is it an established business? How long has the company been lending money? If it’s only a few months – or worse yet, they won’t say how long they’ve been in business, keep looking. Find a website that has been around for years, they have deeper roots and can be easily contacted.
- Is this a lender or a broker? A loan broker collects your information and then sells it to the highest bidding payday loan company. Make sure you only deal with a direct lender, excluding the middle man will save you money.
Easy Access to Information
Whatever questions you have about the lender, or the loan, are important, and you should get satisfactory answers. The lending website you visit should have all its important information clearly labeled and easy to find. Here’s a quick checklist of information the website should give you.
- Interest rates or fees for a loan
- Repayment schedule
- Contact information (hopefully a phone number, but at least an e-mail)
- What you need to submit in order to be approved
These are all incredibly basic questions, and any reputable business will not make you search for the answers. Remember, if it seems like they have something to hide, they probably do. Don’t be afraid to shop around.
And then, when you find one you like, move on to…
Ask Questions and Make Friends
What other questions do you have? Reach out to the lender, by phone or email, and ask them. Of course these call-takers are usually very busy, but if you tell a company “I would like to take a loan from your company will you answer my questions?” they should be willing to jump at the chance! If there is no response, or an unsatisfactory response, then you move on to the next lender.
But when you do talk to a lending representative, use that chance to make friends with them. They are working people, just like you and me, and will respond much more positively if you treat them with respect. By doing this you can turn this person from a random call-taker to a trusted contact, someone you can refer to again in the future when dealing with your loan.