Tuesday, 18 June 2013

Finding a good short term lender

Although a simple internet search will reveal literally hundreds of lenders who offer short term payday loans, it is not so easy to find a good one.

There are still many tales online, and in the press, of people who have been taken in by dishonest lenders who loan money to desperate borrowers and then charge them with hidden fees, or harass them constantly.

Be on the lookout for lenders who are not reliable and who are actively seeking to make sales and sell you their loans. To protect yourself from these types of lenders, make sure you find out a bit about any lender you are considering doing business with. Find out about the company’s background, read customer comments or reviews elsewhere on the internet and really try to establish whether they are trustworthy or not.

You are looking for a lender who has a solid reputation amongst their borrowers and is known and respected in the industry. Trusted lenders will not harass you, take advantage of you or apply pressure on you in any way. The proper checks will be made, and their application process will be thorough, even if it is quick.

You’ll know you have found a good lender if you find one who provides loans which are suitable for individual customers’ needs. Good lenders provide excellent customer service which includes providing all the advice and information you need prior to applying for a loan. They will not force you into a decision before you are ready to commit. You are entitled to ask questions before you submit an application for a short term loan. Good lenders work to important ethical lending practices, so they should check what you are borrowing the money for, will always make sure your information is correct and always advise those already in debt to seek professional credit advise rather than borrowing further.

Finally, make sure your short term lender holds a current Consumer Credit License. These are issued by the OFT. Lenders who are operating without a license should be avoided.

By carefully finding out about a lender and making sure they meet these requirements you are more likely to find a trustworthy and reputable short term payday lender.


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