Ways to Find the Best Payday Loans Online
If you are familiar with searching for things online you will realise that it can be rather overwhelming if you are doing general searches. If you just put in the search term ‘payday loans’ online into a search engine then you will get pages of results. Through those pages you will find a mixture of sponsored posts which might not be relevant to search term as well as genuine companies and other irrelevant content too. If you then have to look through each one to find out, firstly, whether they are what you are looking for and then whether they are suitable for you, you will have a difficult task. As you are likely to be looking for guaranteed payday loans online because you have a financial emergency, it is likely that you will not have the time to do this. You will therefore need to think of a way that you will be able you find a good payday lender without spending too long doing it. It is important though to make sure that you are careful when you do this as it can be easy to make mistakes.
How much would you like to borrow?
Representative Example: Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
Some Pitfalls to Avoid
There are a number of mistakes that people do make when they are looking or loans in a hurry. It is worth making sure that you avoid these if you can and so being aware of what they are is really important.
- Going with the first lender they see – it can be really tempting just to borrow the money through the first lender that you see listed online. If money is needed urgently it can be really easy to panic and then just pick the top of the list without really thinking about what you are doing. It can be easy to think that every online payday loan is very similar and think that there is no point in comparing them as there will be no differences between them. However, this is not the case and there are differences between them. As well as having different costs, they will lend different amounts and allow you to repay over different periods of time. All of these factors could be really important for you as no one wants to repay more money than necessary, they want repayment to be manageable and to be able to borrow the amount that they need. There will also be differences between the lenders with regards to their customer service, how flexible they are and things like that which might also be important to you. It is therefore worth taking some time to make sure that you are using the best payday loan for you.
- Using a well-known name – it can also be tempting to think that if you go to a well-known lender then you will be getting the best loan. This is something which many people feel about all sorts of products and explains why many people will only buy big brands. They feel that as big brands have a reputation, they will be better quality or better value for money so that they can uphold their reputation. Sadly, this is not always the case. This is because they get customers just based on the fact that they are well-known and do not need a good reputation. It is the smaller and less well-known companies that rely on having a good reputation that will provide a better service to try their best to get as many customers as possible. Just because you have not heard of a company does not mean that they will not be good. Likewise, just because you have heard of one it does not mean that is because they are a good company. It might just be that you know the name form advertisements, from complaints or other things. It is not always easy to know why you know the name and so concluding that it is because they are a trusted company is a risky attitude to have.
- Not comparing costs – it can also be tempting to just go ahead without looking to see what the price differences are between the different payday lenders. If you are in a rush it can be easy to convince yourself that it does not really matter and that you should just pick a company quickly so that you can get the money that you need. However, the costs of payday loans vary a lot and so you will find that it is well worth comparing them. Even a small cost difference could be the difference between whether you find it easy or hard to repay the loan so it is well worth checking. You want to do everything you can to make your borrowing experience a positive one and so make sure that you compare costs to ensure that you are not paying more than necessary.
- Not considering repayment – many people will not think about the repayment of the loan either. It is really important to make sure that you will be able to repay it. This should be fine as long as you plan it properly. There will be different repayment options with different online payday lenders. For example, some will be more traditional and offer a lump sum repayment when you next get paid. This can be good for those who know that they will have this money available and want to repay the loan quickly and get it over with very soon. However, there are also options for those that want to repay over a longer term. There are payday loans where you can repay in instalments. These will vary depending on the lender and so you should think about what will suit you the best and then you will be able to search for a lender that will fit those requirements.
There Are Places You Can Find Help
Even if you know what you want from your loan it can still be difficult to know how to find one that fits your criteria and how to do it quickly. There are luckily places that you can go to for help.
- People you know – it can be a good idea to speak to people that you know about their experiences of using short term loans. They will be able to tell you who they used, what their loan terms were and whether they liked the lender and why. Make sure you question them about the reasons they liked and disliked the lender so that you can decide whether they fit in with your idea of a good lender. This will enable you to decide whether you want to check them out or whether you feel you will not bother.
- Credit brokers– there are companies out there which can help you to find out more about lenders and choose the best one for you. Credit brokers such a Boutell will be able to help you because they will be able to take your requirements into consideration and suggest which payday lenders will be the best for you. This will take out a lot of the research work and mean that you will be able to just concentrate on getting the application completed quickly so that you can get the money that you need as quickly as possible.
- Review sites – you can also look at websites that review different online payday loans and this will enable you to know more about them without having to look at each lender’s website. If you can find out how much the loans that will cost as well as repayment terms and information about the lender, you will be able to choose a loan that will be the most suitable for you and your needs.
Still Many Things to Try
Although this is not a conclusive list, you will see that there are many things that you could try which will help you to get a good online payday loan. It can be tempting to just pick one really quickly as it is likely that you are in need of the money for an emergency. However, if you can take a bit of time to do some investigation then it could make a significant difference for you. You will be able to make sure that you consider what payday loans will be the most suitable for you and then match up your requirements to a loan. This might feel like it will take too long but if you use a credit broker such as Boutell to help, ask people you know or look at review websites you will be able to speed up the whole process. This will enable you to not only get the money you need quickly, but you will be able to be confident that you will not be paying more than necessary for the loan and that it suits your needs really well.