Payday loans can be risky because of untrustworthy companies, but finding a good business could help you get a better interest rate and make you feel more comfortable with your advance. These are some ways you can find a good, trustworthy company.
Ask Your Friends and Family
Asking your friends and family is one of the best ways to know which payday advance groups to choose and which to avoid. It isn’t unusual for people to take out payday loans to make it from paycheck to paycheck, so people you know could give you some suggestions from advances they’ve previously taken out.
Consider Independent Companies
Larger companies may be the first choice for many people, but small businesses could have better interest rates when compared to major corporations. Local payday loan groups can be found on Google or YellowPages. Not only could you get better customer service, but you may also get a lower, more competitive interest rate.
Use Consumer Affairs
Consumer Affairs is a website that allows customers to rate the service of various companies so you can see which is the best. Reviewers give the company a star rating out of five and are given the opportunity to say what they liked or disliked most. Another great feature of ConsumerAffairs is that if someone has an issue, you can see if the company is willing to fix the issue (which will be marked by a “Resolved Outside ConsumerAffairs” seal if repaired). Using this site is a good way to start a list of potential payday loan companies that may fit your needs.
Check the Better Business Bureau
The Better Business Bureau is the best site for anyone looking to get a loan of any kind. This non-profit organization focuses on showing consumers which companies they can trust most using a grade rating of “A” through “F.” Using the names you obtained from ConsumerAffairs, you can look up the business to see the rating through the Better Business Bureau. You can also search any payday advance groups around you.
Read the Fine Print
Payday loan company will tell you that they have competitive interest rates, but you should always read the fine print and terms of service for each offer. Compare the rates and terms of several companies after you’ve chosen ones that have quality customer service. Some of the highest interest rates may be with online payday loan companies, so shop around locally and online for the best deals.
Call the Company
The best way to tell whether a company has good customer service is to call and see if the representatives are responsive to your needs. Ask questions and affirm what you read on the website. The representative should be more than happy to answer your questions and should also confirm what you read on the site.
Featured Image: depositphoto/RawpixelPosted on May 22, 2023