How much is offered
Look out for how much they offer. Companies usually state the minimum and maximum loan amounts they offer. Look out for the maximum amount offered to first-time borrowers. If you cannot find this information, look at the frequently asked questions (FAQ) section.
Payday loans charges
There has to be transparency over the charges and interest for borrowing a payday loan. Most websites would have fees and charges page displaying this information. Also, check out late payment fees or default charges should you miss a payment – this information is sometimes on the FAQ.
Most lenders prefer to collect payment from a debit card. Some set a direct debit from your account. Check and establish what means the company will use to collect payment from you.
Lending criteria should be readily available for you to review and see if you qualify to apply.
Next is the loan application process. This should be clearly stated or illustrated. You should know what to expect at every stage of the application. Check out whether the application is done completely online and how long it takes to receive notification of approval. Check to see if you need to submit documents by fax or email. Some lenders may want you to ring and complete the application process over the phone.
Finally, check on how long it will take to have the loan in your account once it has been approved. There is usually the ideal option of fast transfers and a BACS transfer which typically takes up to 3 working days and this is usually free of charge.
Tip: There may be a fee or charge for the fast transfer of the loan to your bank account. This information is not made clear in some cases. Customers sometimes only get to know about this when they are finalizing the application. Do check – the FAQ will sometimes display this.
This is extremely important. The website should be secure and safe for users to submit personal details. Check out the following 3 things that show the security of any website.
No doubt, Payday loan is the best solution for getting emergency funds. But it can be so risky in some situation. If you have caught in payday trap you can seek help for your payday loan consolidation