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How to choose a great payday loan


Having decided that a payday loan is the choice of finance for you, the mass of companies claiming that their deal is the ‘one for you,’ can make it difficult to choose between them. However, the number of lenders has in fact decreased, since early 2015 when new regulations came into force. Before choosing your choice of lender, certain factors should still be considered. Here are our suggestions:

Use a search engine

Whilst this may seem obvious, a search engine enables you to compare the competition that’s out there. Searching for ‘payday loans’ brings up a large range of companies, all seemingly offering the best deal. This is a good sign; companies competing for your business mean that each one is trying to out-do the other – hence overall costs to you will be lower. It is worth scanning through a few of the companies listed to get different quotes and a ‘feel’ for the company you might choose to deal with.

Choose a low rate of interest

Many lenders have an on-screen calculator which enables you to input your loan requirements, before receiving an instant calculation of how much you will end up paying back. Use this calculator to make comparisons between the list of different companies trying to sell you their service. Choosing a provider who charges as low a rate of interest as possible, should be one of your priorities.

Get a reliable, licensed lender

The internet can be both your friend and your enemy. Despite providing you with a wealth of information and companies fighting for your business, unfortunately, not all the companies can be trusted. This is also true of email so be careful as to who you provide your personal details to. Check that the lender is a licensed lender of money. This should be readily available on the website. When I am signing up to an agreement with a limited company, I always view www.companieshouse.gov.uk to see how long they have been trading (this is a free check). It is also worth checking if you have heard of the company (e.g. if they have advertised online, etc). Companies with good reputations are preferable to others as there will be a good reason as to how they have become established.

Read reviews

Again, this suggestion is based on the relationship between you and the Internet. Remember that some reviews will be biased, and some will be genuine. However, by taking the time to look at reviews, you can make a decision based on the experiences of other people. This is as true of a loan company as it is of booking a holiday. You may read a horror story which puts you off for good. Others may be more positive. Add this to your criteria.

Communicate with them

If you have looked at the company website but are unsure as to how much you trust them, try using the outdated approach of calling them. By speaking to a helpdesk or customer service team, you can tell them your concerns and see how well they deal with them. Many businesses understand that first impressions count, so the first call should reflect how approachable and good at helping the company is. In addition, if you are a good negotiator, would you be able to convince them to give you a better deal than the one offered on the website? At the end of the call, ask for them to confirm what they have told you in writing so that you can refer back to it if required at a later date.

Read terms and conditions

They might be boring, but a company’s terms and conditions are there to protect you as a consumer, as well as the company that you are obtaining the loan from. Read them prior to accepting a deal, and you will not be caught out by exorbitant fees. Many sets of terms and conditions also set out your rights as a consumer, so if anything does go wrong, you will be able to see how you are protected.

Consider your credit rating

When you apply for credit, a ‘notification’ is added on to your credit report so that credit agencies can make a judgement as to whether or not you are in a position to satisfactorily repay future loans. We encourage you to be extremely careful when applying for credit from any supplier, as a long list of previous applications can significantly jeopardise your future applications. In addition, even the appearance of a payday loan company on your credit report can affect the rating given by a credit agency, as its appearance could suggest urgent, desperate attempts for cash. It is worth asking the question to your provider, as to how your credit rating might be affected.

Consider Your Credit Rating

When you apply for credit, a 'notification' is added on to your credit report so that credit agencies can make a judgement as to whether or not you are in a position to satisfactorily repay future loans.

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