There are a lot of payday lenders and if you are considering a payday loan then you might be rather daunted by trying to decide which of them will be the most suitable for you to use. There are many factors which could influence you in your decision as well. With most people, cost would be very important, but in such a competitive market there may not be huge cost differences between the different lenders. This means that it might be wise to look at other factors as well. One of these could be the reputation of the lender. Some people feel that they really want to use a lender with a good reputation so that they feel they can trust them better. Therefore, they will need to do some research to find out more about them and what others think of them.
- Ask friends and family – asking the opinion of friends and family is one of the most useful things that you can do. This is because they will have no reason to be biased and they will want to help you. This means that they will be totally honest with you. Therefore, asking them whether they have had payday loans and what they thought of the lenders that they used is really important and can be extremely helpful. However, you may feel a bit awkward explaining to family and friends that you need a payday loan. For some people it will not matter, but for others, they will feel that they do not want to highlight that they are borrowing money. You may also find that you do not have any family or friends that have used a payday lender.
- Ask colleagues – you may also find that asking colleagues is useful. You might be more prepared to tell them about borrowing money or they may have more experience of borrowing than your friends and family. Even if you have information from friends and family it is worth asking them as well as you might be able to get even more information. You could always just start a conversation about payday loans and see if anyone mentions they have tried one and then you will not actually have to mention that you are thinking of getting one.
- Search lenders websites – it can also be wise to look at the websites of the lenders that you are choosing between. Although you won’t be able to find out what others think of them, it will give you more information about them which could be the most suitable for you. Finding out more about what they offer and details of the lender will give you more ideas about whether they will be the best lender for you or not.
- Look at online finance sites– there are many online finance sites where people discuss things such as borrowing. You may find that some have message boards and forums where people discuss their experiences. These can be really useful as you will get personal accounts and you will be able to think about whether you feel you can trust a lender based on what others are saying about them. It can be a good idea to keep aware that these sites could be biased. It is very easy for rival lenders to write negative things about each other to try to get people to be put off them. They could also put positive things about themselves. Look at a selection of sites and this should help to reduce the chance of bias. Also try to use sites that you trust. You may find that people are more likely to say bad things about a lender than good. IF they have had a good experience they will not really have a reason for doing anything more, but if they have a bad experience they are more likely to make a fuss about it, perhaps to warn others or in the hope that the lender will compensate them. Therefore, it can look like all lenders are bad if you look at sites like this but it might just be the case of trying to find the one with the least amount of bad things said about it.
- Review sites – there are sites which review lenders. These can be useful in identifying which lenders you have to choose form but you have to be careful with the reviews. Sites like this tend to earn commission on the leads they generate as a result of their reviews. This means that they are much more likely to give a positive review to a lender which will generate them more commission compared with one that will give them less or none at all. Therefore, you need to be cautious with sites like this and try to figure out whether they will be completely honest with you or whether there is a reason to think that they might be biased.