We often hear in the news, bad things about different lenders and it can us suspicious and want to be sure that we are picking a trusted one. It can be hard though, to know hwo is the most trusted and we may not even know where to start in order to find out. There are different things that you can do, which should help you to decide who you will trust the most. It is important to understand that you have different criteria in regards to how you decide if you trust a lender and therefore you will need to gather information so that you can put together a picture of what you think that lender is like. There are different places that you can get information form that will help you to build up an idea.
- Past experience – if you have already used a lender, whether for a payday loan or any other type of loan, you will have an impression of what they can be like. If you have used a payday lender then you will be able to decide whether you would be happy going with the one you used before or whether you would prefer to see which others are available. If you have used lenders but not payday lenders, then you will have some idea of what they can be like and what you like and dislike about the ones that you have used. This will help you to start building up an idea of what you would like to see in a lender that you feel you can trust.
- Asking people you know – asking others about their experiences can be very useful as well. People you know are unlikely to be biased and will therefore truthfully let you know how they have found the lenders that they have used. Try to find out why they like or dislike particular lenders so that you can decide whether that reason would be important for you or not. It can be hard telling people you are looking for a payday lender as there is a stigma associated with this sort of lending. However, if you just ask them generally about lenders saying you want to borrow some money and you do not know who from, they may offer information about them anyway and you may still gather useful information even if it is about non payday lenders.
- Looking on finance websites – some personal finance website will have information about payday lenders. You may also find it on message boards and forums associated with personal finance. The information on these sites is more likely to be biased and also people tend to only feel strongly enough to comment on a lender if they have had a poor experience. However, it might help you to identify some of the possible problems and also what to avoid in a bad lender and what to look out for in a good. You may also find that certain lenders seem to stand out as being better than others.
- Loan review sites – there are site which will review different lenders and compare them, possibly even ranking them. These can seem very useful but it is important to remember a few things. They can be very biased they may even be set up by the lender that is ranked at the top. Those who set up these sites gain form commission on recommendations they make which means they are more likely to recommend lenders which give them more commission. These sites also do not include all lenders. However, they can be handy to hep you see which lenders are available.
- Lenders own websites – the lenders websites should allow you to get a feel for what the company is like. There might be information about them as well as their products and based on how the site is written and set out you will be able to decide whether you feel happy dealing with them. Sometimes a site might be written in poor English, doesn’t give enough information or is difficult to navigate or worst of all is not secure and you may decide that you will not be using them.
- By contacting customer services – once you have whittled down your options then you may want to contact their customer service department. By asking some questions and seeing how long they take to reply, how polite they are and whether they are able to help you, you will be able to build up an impression of what they are like.
Like all lenders, payday lenders such as Emu differ a lot. This means that it is important for you to be able to find out what they are like and compare them so that you can decide which you trust and would like to borrow from.