If you have decided that you would like to have a payday loan then you might wonder where the best ones are. It would be great if there was some sort of list, best to worst and we could all just use the best one. Unfortunately, it is not as simple as that. This is because we all have different ideas on what we think will make a good loan for us and therefore there are lots of choose from and each of us might pick a different one as being the most suitable for us.
Decide what you need
Therefore the first step is to decide what you need by way of a loan. You need to think about things like how much money you need to borrow, how much you are prepared to pay for the loan and what you are looking for in a lender. Think about what is important to you, whether it is finding a lender that is well-known, has good reviews, has a good reputation or has been recommended. It is important to think about which of these is the most important to you as well. This is because you may not be able to get everything that you want so you want to make sure that you are getting the things that you want the most.
Look at what is on offer
It is good to make sure that you know where to look to find out the information that you need. If you want to compare prices, for example, to find the cheapest lender, you may be tempted to look at a comparison website. These might seem really useful but you need to be careful when using them for a couple of reasons. Firstly, they will not include all lenders and so you could be missing out on finding out about lenders that might be better suited to you. They may not include lenders which only sell directly to customer, for example. They also might not include lenders that do not pay very high levels of commission. Lenders tend to pay commission on leads which is why many websites might have reviews, rating and price comparisons. They hope that people will use their sites and then click through the affiliate link and then borrow money and they will get commission. Although there is nothing wrong with them doing this, it could lead to them being biased and more highly rating those that give them more money or just missing out those that do not give them so much. Therefore, make sure that you are using trusted sites when you are doing your research.
Another reason to be careful of comparison websites is the way that they compare prices. They will tend to compare the interest rates. Although this can be useful it may not include all of the costs. Payday loans tend to have an interest rate at an APR value and also fees such as admin fees. Sometimes the interest rate includes the fees and is called that AER. It is confusing as you may not be sure whether the ones that you are comparing are equivalent and even on a comparison website it is hard to tell. Therefore, it can be better to work out the costs for yourself or ask the lender how much it will be and then you will be able to work out which is actually the cheapest. It can also be good to investigate how much it will cost if you miss the repayment. You might confident that you will be able to pay it, but you could find that the cost differs quite significantly between lenders, Therefore, you will be able to compare them. This can be worthwhile because you might end up not being able to pay but also it could motivate you to make sure that you can pay because it is so expensive.
So you will need to compare the lenders yourself if you want to be sure that you are getting the best possible loan to suit your needs. Make sure that you are aware of what you are looking for and then see which are the closest match to what you are looking for. It is a good idea to make some time for doing this as it could take a while. You may think that it is not worth it, but it could make a big difference. Not only could you save money but you may also find that you get a better service and therefore better value for money. It could make the difference between having a good and bad borrowing experience so it is really worthwhile to do this. You do not want to be left in a situation where you regret not spending a bit more time on this research.