It seems that everybody is using payday loan lenders these days. Of course, it’s not really surprising, especially when you consider that the cost of living has soared to record levels during the last couple of years.
One of the main problems with payday loans is finding the right lender. Sure, a quick search in Google will supply you with hundreds of websites, but just how many of these payday loan lenders can be trusted?
In fact, it may shock you to discover that many of the payday loan companies you can find online are operating illegally, and do not comply with government rules and regulations.
While this might not seem like a big deal to you right now, especially if your only thought is about getting fast cash into your bank account, it could end up hurting you down the line.
The reason? These payday lenders will think nothing of adding unlawful charges onto your loan, or even scamming you out of your money altogether.
Because of this, you need guidance on how to choose the right payday loan lender, which is why we have compiled the tips below…
Look for reviews
One of the best aspects of the internet is that people are not afraid to have their say about companies they have used in the past.
If you are thinking about using a particular payday loan company, then it is a good idea to check for reviews before you submit your application.
Check the terms and conditions
Legitimate payday loan companies will always clearly state the terms and conditions of the loan on the application page, so you can gain a better understanding of the interest rates, fees and charges.
If a website doesn’t include any terms and conditions, then it is safe to say that they are illegal lenders and should be avoided.
Contact customer support
It’s highly unlikely that a rogue payday lender will have a team of customer support staff on hand to answer any questions you may have. In fact, you may be hard pressed to find any contact details at all.
Trustworthy payday loan companies realize the importance of great customer service, which is why they hire friendly staff and have multiple ways for you to contact them.
One of the biggest indicators that a payday lender is not legitimate is poor website design. If you land on a website and it looks like something from the 1990’s, then you should probably stay away.
Popular payday lenders spend a lot of time and energy making sure their websites are well designed and offer a great user experience.