Short term loans are increasing and so it can be harder to decide which lender might be the most suitable for us. Most of these types of lenders are not well known either and so we may not have had past experience of using them or heard very much about them. This means that it can be hard to easily choose between them. However, there are things that we can look at for which might help us to make up our minds.
- personal recommendations – it can eb worth asking people you know whether they have had any short-term loans. It can be tricky to admit that you need a short-term loan and want help but you could always try to bring the conversation around to them without mentioning that it is you that needs the loan. This could help you to get the information you need without mentioning that you actually need a loan. You might also find that you will be able to ask some people quietly when it is just you and them and then they might be more likely to share the information that you need from them.
- online reviews – reading reviews online can help you to find out more about a lender. It is useful to be wary though as some reviews may not be genuine. You may find that some companies pay people to give good reviews and others will give bad reviews to their rivals to try to stamp out the competition. While there is no evidence to suggest this happens in the area of short-term loans, it is still wise to remain wary of this sort of thing happening and make sure that you are prepared just in case. It can be a good idea to only read reviews on websites that you trust or look at a big selection of reviews from different places so that you
- Website – it can be useful to take a look at the lender’s website. This should give you some information about what they are like as a company and what their loans are like. You might get a feel for what you think they might be like to deal with and you should be able to find information about them as well, such as how long they have been in business and how they were founded which could help you to decide what you think of them. You may want to do other research online to find out more about the lender as well. You might find out some company accounts, something about them on Wikipedia or things like this would could be helpful for you.
- Prices – it is always a good idea to compare prices between lenders. Although the cheapest will save you money, they may not be the best, but you may also want to avoid paying more than necessary. Therefore, take a look and think about how that sits with you. Do you feel happy paying that price to that lender or do you think they are worth a bit less or a bit more? Think about whether you feel that they will offer you good value for money.
- customer service – for some people how well they are treated by the lender is really important. If this is something that is important to you as well then it can be worth getting in touch with their customer service department. If you get in touch using the method that you feel that you would if you borrowed through them then you will be able to find out how quickly they will respond using this method. You will also be able to find out how good they are at answering your query and how polite they seem. This can all help you to build up an impression.
Although doing all of this research will take time, it will be worth it. You will be able to know that when you do pick the lender, you will have done lots of research and based your decision on the information that you have gathered. Hopefully that will mean that you will pick the best lender for you and will end up being able to get a loan that offers you really good value for money. It is worth noting that there are different types of short-term loans and some lenders may only offer one or a limited amount of types. Therefore, if you have a specific loan type in mind, then you will need to bear this in mind. You may find that it might be best to find out who offers this loan first and then compare those lenders as that will take less time. Even if you do have limited time it is always worth doing as much research as you can.Read More