Payday loans have helped many borrowers deal with all kinds of financial issues and emergencies. People choose payday loans over secured loans because of easier application process and simple requirements. Plus, the application period for a regular payday loan process can take only 30 minutes or less. Despite these many advantages, it’s undeniable that payday loans are still being used by financial predators. They prey upon borrowers’ weaknesses, introducing huge interests and excessive fees.
How can you these kinds of payday lenders? What are the telltale signs that you have to know?
Browse Online Reviews Thoroughly
Online reviews are great ways of knowing if the payday lender is trustworthy or not. Through these reviews, you’ll know what people think about the lender that you’re looking for. Online reviews are great determiners because they are unbiased and can explore the emotional stance of the reviewer. You probably know how frustrating it is to receive a bad service, right? Still, you need to have a broad perspective because reviews can also be manipulated.
Visit Social Media and Lending Forums
If there are no reviews about the lender, social media is a great source of alternative information. Facebook, particularly, speeds up the relay of useful data by more than 100% daily. Comments are often thrown in a lender’s Facebook page. From there, you can make your decision. How many negative comments the lender has? How about positive feedbacks?
Another useful alternative is a financial lending forum. Not all financial forums are active, so you need to pick one that’s worth your time. In a financial forum, payday lenders are usually put in the spotlight due to their varying reputation. This can help you filter good and bad data about payday lenders.
Analyze the Lender’s Business Process
Searching for the best licensed money lender singapore can be a trick process. What if you jumped straight to the inquiry process and there’s no other informational sources to help you out? In this case, you have to rely on yourself and the power of the search engine. Do your best to observe the lender’s process. If the lender is asking for too much information and the rates are a bit off, then you have to rethink. As a borrower, you have full rights to examine your choices as often as you want.
You should keep in mind that not all payday lenders are crooks. However, it pays to be smart and vigilant over any financial transaction. After all, a payday loan can put you in a terrible financial compromise. If you really need payday loans and there are no other alternatives, make sure that you follow all of the strategies mentioned. On top of that, you should keep a list of the trusted lenders so you’d know which ones to approach during challenging times.