Which is the Best Payday Loan?

There are many payday loans out there to choose form and it can be really hard to now which one to go for. There are various ways that they can be compared and it is worse thinking about some of them so that you can decide what features are important to you and therefore what you should look out for when you are choosing a payday loan.

Cost

The cost is often the most important factor to people when they are considering whether to take out a payday loan. It is worth remembering that there are other things that could be important as well as the cost. However, it is not something that anyone should overlook. A payday lender will have a calculator on their website which will allow potential customers to work out how much they will have to repay if they take out a payday loan. This is a very easy tool to use to calculate how much the loan will cost. If you just take away the amount that you are borrowing form the amount that you will have to repay, you will be left with the cost of the loan. If you are not sure about doing this, then a quick question to the lenders customer service department should help as they will be able to let you know the figure. It is important to think about this cost and whether you feel that the loan is worth it.  Consider whether you would have bought the item you are using the loan to purchase even if it was that much more expensive. This will then help you to decide whether you think that the loan is worth it.  

Repayment amount

It is important to also note how much the repayment amount is and whether that will be an amount that you can afford to repay With most payday loans you will repay the whole loan in one go, meaning that you will pay off the amount you borrowed and the fees all at once. This is great because it means that you will clear your debt really quickly but it does mean that you will need to be really sure that you have the money that you need available to you. It is therefore worth checking to make sure that you will have this money. Think about how much you are paid and what you have to pay for. Consider whether this will leave you enough money to pay for the loan and whether it will be possible for you to repay it and cover the costs of everything else that you need as well. It is important to take a look at your statements so that you can work this out. Try not to just guess and assume that it will all be okay as this could mean that you will end up struggling, but if you work it out and borrow what you can afford then you will be able to repay it. It might be that you will need to adjust your spending elsewhere or find a way to earn a bit more, but as long as you have a plan, then you should be able to feel confident that taking the loan is the right thing for you.

Customer service

For some people the way that they are treated as customers is really important. This means that they will want to check what the customer service is like for the lender before they use them. It may be rare for someone to need to contact customer services when they take out a payday loan as it is paid automatically by direct debit and very quickly, but there is still a chance that you may have a question, query or problem that you need sorting out. Therefore, it can be a good idea to communicate with customer services using the method that you think you would normally use. Then you will be able to find out how quickly they will respond and how polite and helpful they are and that should help you to decide whether you feel that they are going to be suitable for you. Obviously, you will not speak to the same person each time, but just speaking to one should give you an idea of what they might be like to deal with.

Reputation

For some people the reputation of the lender is really important. They want to make sure that the lender will be some one that they can trust. To find out more about them it can be sensible to talk to people you know, read online reviews and to look at their websites. You will find that there is some biased information out there which can make it difficult to judge. However, if you look at lots of information it is more likely to balanced and talking to people that you know is probably the very best way to get an unbiased viewpoint.