Today, the internet is littered with online payday loan providers that it’s almost overwhelming to choose the best. The internet is also filled with quakes that will prey on your hard-earned cash in your bank account and disappear without a trace. This is why you must do meticulous research to find a credible payday loan lenders to link your account. Cashfloat is one of the most trusted direct lenders when it comes to payday loans. Below is a comprehensive view of the top 5 factors to keep in mind when searching out for the best payday loan lender:
1. Check out payday loans rates they offer
Different online payday loan lenders have different payment rates and terms. Some charge a reasonable interest rate of 15%, while others go as high as 50%. Stay away from payday loan providers that don’t disclose their interest rates. If you come across a payday loan provider that doesn’t disclose their interest rates, this should be a red flag already. Also, always have your calculator on hand to compute the interest rate on your payday loan to know the exact amount you’ll pay.
2. Get to know the payday loan terms lenders offer
Go on a research spree to determine the different terms different lenders offer. Some lenders required that you pay the full amount at the end of the month without fail. Others, offer flexibility by allowing you to extend your payday loan repayment automatically from one date to the next, unless you state that you wish to pay the amount in full. If you decide to choose lenders that offer automatic payment extensions, factor in the fees that will be charged on the extensions to make a prudent decision. You may realize that extending your payments may be much expensive than paying in full.
3. The payday loan provider must comply with the law
This is the benchmark on how to separate a legit payday loan lender from a fake. Legit lenders always offer APRs that comply with the standard rates stipulated by the local laws. You can ascertain this by searching out the maximum APR on payday loans in your locality on Google. The company that will yield the rate that complies with the law should be legit enough to work with.
Beware of lenders who entice you to take out the maximum amount of loan. Take a loan you know you can comfortably repay. Such companies just want you to default so that they can profit from the default charges and additional interest rate charges.
4. A legitimate online payday loan provider must have a customer service portal
It’s easy to come across lender websites that lack customer relation service feature. Well, if you stumble across such a company, do not attempt to do business with them. A genuine payday loan provider can’t go with a customer service portal. Examples of customer relation services include phone number; email address or live chat. These customer relation services enable interactive feedback with support. A customer service portal allows you to determine if they are real people and if they are friendly and trustworthy enough. Additionally, you’ll get the opportunity to ask questions that bother you.
5. Ensure that the payday loan lender website has all the features that define them
When picking out the best payday loan provider, always take your time to dig deep into the company. To be able to select the most affordable, legitimate, and the most outstanding payday loan lender, you must exercise caution and choose one that you would turn up to when problems manifest.