Payday Loans

Should I Pick the Payday Lender my Friend Used?

If you are looking for a payday loan then it would not be surprising if you were daunted by the choice. There are a lot of lenders to pick between and if you have not used this sort of loan before, it will be quite possible that you will not have experience of any of them. You could just be tempted to use one that your friend used because you have heard of them. However, is this a good idea?

What was the friends experience like?

If you just know that your friend used a certain lender but do not know how they found them, then it would be unwise to use them just based on this. It would be far more useful to make sure that you talk to your friend about their experience. Find out whether they would recommend the lender and what their experience was like. Ask them if there were things they did not like about the lender and loan and think about whether those would be important to you. Ask them what they liked about the experience as well and also note whether that is something which is also important to you. It is important to remember that even if someone else has a poor experience it will not mean we will. However, if you only have this one person to base your opinions on, then it could be important to take notice of what they are saying. Hopefully they will be happy to answer your questions so that you can get all of the information that you need.

Will that loan suit my needs?

Even if they highly recommend the loan that they took, you still need to be careful. It can be tempting to just assume that it will be good and take one out. However, it is important to make sure that the loan that you are choosing will really suit your needs. Think about what you need from a loan and then decide whether that particular loan will work for you. It is good to start with noting down how much you want to borrow and then think about how you would like to repay it. It might be that you would rather pay it off as quickly as possible or you may prefer to take a bit longer and spread out the repayments so that it is easier to manage. Also think about whether there are any features of specific lenders that you might like to look out for such as a good customer services department or some flexibility with their customers. Consider whether the reputation of the lender is important to you, how long they have been in business, how easy their website is to use and how friendly their customer service department is. Use your experience of personal finance to consider what might be important to you and then you can do your research based on this. Only you know what your needs are and so only you will be able to think about whether your needs will be met by the lenders that you are looking at.

Are there other better loans?

There are lots of loans and lots of lenders available and it is really important to make sure that your choice is the right one. You will find that it can be rather confusing, but it is worth spending some time contemplating. Lenders will vary a lot with regards to how much you can borrow and how long for, how much it will cost and how flexible the lenders are as well as how good their customer service is. Even within the payday loan field you will find that there will be differences with regards to cost and the lenders themselves. It is good to think hard about what you want and then you will be able to find something that really suits you well. Cost an be something that many of us might focus down on, but we should be looking at value for money. It is important to make sure that you think about not whether you are getting the cheapest loan but whether you are getting a loan that suits your needs for the lowest possible price.

It can take time to find the right loan for you. It is worth spending this time carefully thinking about what you need form a loan and matching that with the best lender. It is worth remembering that there are many loans and lenders because people have different needs. If we all wanted the same thing then we could all use the same lender, but this is not the case. Matching up carefully is so important as it will have a big effect on your borrowing experience. If you find a really good match it will mean that you will have the best possible experience that you can.

Payday Loans

Is a Payday Loan the Fastest Way to Borrow?

There are many different options for borrowing money but if you need money in a hurry then you may be looking around for a loan that is fast to arrange. You may feel that a payday loan is the only option for you as they are well known for being fast. However, there may be other options that are also pretty speedy too. It is worth looking into the different options that you have so that you will be able to choose the option that will suit your needs the most.

Arranging a new loan

If you have to arrange a loan it can often be a very long process. You could find that you will need to go through lots of paperwork and send in lots of documents and then wait a long time to find out if the loan has been approved. Then you might have to wait a while before you get the money. This can be extremely tedious and stressful. If you get turned down, then you will have to go through the whole process all over again. You will also find that this loan refusal will be noted on your credit record and will count against you when you try to apply for another loan.

Using an existing loan

It might be that you have an existing loan that you can use which will be a lot quicker. This could be a credit or charge card or an overdraft. If you have a card and you still have credit on it then you may be able to use this to get the money that you need. It might be possible for you to draw cash on it, although this will be expensive as there are extra charges associated with this. With an overdraft you will be able to draw money on your checking account as long as you have not maxed it out. If you have an authorised overdraft then this could be at a reasonable price, but if you do not then you could be charged more and this could be very expensive. Both of these loans will not need to be repaid quickly. Although this could seem like a good thing, as you will not have the stress of finding the money, it means that you will be charged a lot of interest and they could work out to be very expensive. It can be easy to leave them and not repay them and then you will end up having to pay interest for a long time.

Using a payday loan

A payday loan may feel like a similar option to the first as you have to arrange a new loan. However, it is very different because you will not take very long. Most payday loans are extremely quickly to arrange, although you may want to check with the lender to be completely sure. You will find that not only is it very easy and therefore quick to apply, that you will find out quickly whether you have been approved for the loan. Many payday lenders will be able to get you the money within a few hours of you first applying. This means if you have an emergency and need money really quickly, you will be able to get it with this sort of loan. This is an extremely fast turn around compared with many other types of loans. There are some payday lenders that will also work all hours. This means that even if you need the money overnight or at the evenings, there will be someone available to help you and to organise the loan for you. This means that they really can help you out in an emergency.

So, in some circumstances you might be able to get a loan ore quickly than a payday loan. This could be if you already have an overdraft or credit card. However, if you need to arrange a loan form scratch you will usually find that it will be much quicker to organise a payday loan than any other type of loan. The speed is partly due to how easy it is to apply, to the fact that they have staff there all of the time and that they just try hard to make sure you get your money as quickly as possible. They do not do a credit check either which can also help to speed up the process.

It is worth making sure that you also look at other features of the loan as well as the speed. It is so easy, when you need money in an emergency, to just pick the fastest lender and not think about anything else. It is important though to make sure that you are getting good value for money. Make sure that you compare the price, service and reputation of the lender so that you are sure that they will suit your needs.