A payday loan company offers quick and easy loans for almost every customer. The companies do not require extensive paperwork, background history or even your credit history. Almost 99% of all loan applications are approved and even customer has a very good chance of getting their loan sanctioned. The payday loan industry is now estimated to be more than 2.5 billion in the US alone and it is a very carefully regulated industry. However, every industry is plagued with crooks and scam websites are present online may try to collect extra fees, hidden charges or your personal information to cheat you.
So how do you find a reliable payday lending website to get a quick cash loan?
Licensing — All UK payday loans websites are licensed by the Consumer Finance Association, which regulates their working. UK-based loan companies should have the logo of the association on their home page. This logo ensures that the site is trustworthy and you can apply to it for a loan. The logo and the association also ensures that the customers rights to legal recourse are protected in case of future problems.
APR rates — Authentic-finance companies will always display their APR rates on the first page or the home page of the website. This is mandatory according to UK financial laws. Along with displaying the rates, the law also requires lending associations to have a calculator on the website which will help the customer calculate the interest rate and the payable amount. Please do not take cash from websites that hide the interest rate.
Eligibility criteria — UK lending websites have three major criteria for their customers. Customers have to be over the age of 18, they should be gainfully employed and they should have a permanent job with a company for the last three months. UK-based financing companies will also lend only to customers that are physically based inside UK borders. We urge you not to take money from companies that are international and which do not have a verifiable address. These websites may be fraud websites or loan sharking companies and they can be very dangerous to deal with.
Customer services — As a UK financial institution, a payday lending company has to follow UK rules and regulations for customer service. As a result, make sure that the lending company has a distinct section that provides back-up service. The company should have a toll-free number, direct email services and even a direct chat section where you can talk with customer service representatives when required. The Bottom LineNot every lending organization is the same. Interest rates, eligibility requirements and even loan fees tend to vary considerably. As a consumer, it’s your job to be informed about the loan process and the company.To prevent getting cheated, you should sign up with a reputable quick loan company like us. We offer quick, reliable and secured loans that are just what you need. Our customer representatives will explain the entire loan process, the interest rates and even the contract to every customer. We ensure that you get the best services possible. All you have to do is try us out