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Thursday 21 March 2013

It’s important to do your research if you’re looking for a loan

I am often approached by people who made the mistake of taking out a loan without doing their research first. Many of them are paying the price for not having looked at all the offers available to them and identifying the reputable lenders who offer reasonable pay day loans with no hidden costs. Good and trustworthy lenders are out there! But you should always do the research to find out who they are, for yourself.

The biggest trap for people seems to be hidden costs. Some disreputable lenders apply hidden fees and costs to their loans which are not mentioned or included in the APR calculations. Sometimes they are referred to as administration charges or cash advance charges. It doesn’t matter what they call them, they’re still hidden charges.

What you want is a lender who offers clear and transparent details of your loan. The amount you wish to borrow, plus the interest and the total amount you will pay back on your next wage day. It really is as simple as that.

Good lenders will always provide you with the full details of your loan and they offer customer advisers who will help answer your questions if you are uncertain about anything.

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