There are lots of different lenders that offer payday loans and this means that you might wonder how you will be able to pick the best loan. It is good to think about this as there are big differences and choosing the right loan can make a significant difference in how much you will have to pay for the loan as well as the service that you might get. It is therefore wise to make sure that you do compare them and make sure that you get the best loan for your needs. It can be good to think about what you are looking for in a loan and make sure that you can get that form the lender that you choose. There are a few main features that it is worth thinking about but make sure that you also think about what you might personally be looking for as well as it could be something different.
Cost
The cost of a loan will vary between different lenders. Especially if you’re looking for one with no guarantor. You will find that they will each have a percentage interest rate but some will charge flat fees as well. This means that it can be tricky to compare the different loans this way. It can be a much better idea to find out how much you will have to repay in pounds and then you will be able to compare them on a like for like basis. You will often find that a lender will have a calculator on their website so that you can work this out, but if you cannot find it or are not sure how to use it, then it can be a good idea to contact their customer services department to find out.
Speed
Some lenders can arrange a loan much more quickly than others. Most payday lenders will be pretty quick, but sometimes you will need the money extremely quickly and so even a few hours difference can be vital. Some lenders can provide the money within a few hours but others may take a bit longer. Some will be able to provide funding overnight or during weekends which could be handy to those people that need money at these times and cannot wait for banks to open.
Repayment
Most payday loans require a lump sum repayment on the day that you are next paid. This can work out well for a lot of people which means that you repay the loan quickly and are soon free of debt. However, for some, the thought of paying it all back at once is daunting and they can feel that they want to repay in instalments instead. Some payday loans do offer repayment in instalments, so this could be something worth looking for if you need to do this.
There might be other factors that you want to consider as well. Think about whether the lender has a good reputation and if your friends and family would recommend them or if you can find good reviews that might help you make up your mind. You might also think about whether you could benefit from having a good look at the lender’s website as this will help you to see what they are like and to find out more details about the loan. You could even contact their customer services department and this will let you know what they are like to deal with as well. Consider what is important to you in a lender and this will help you to be able to see which payday lenders have the features that you are looking for and so you will end up choosing the best one for you.