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If you want to find the best deal for an emergency cash loan, you need to be prepared to shop around. When time is of the essence this can become an issue, as you don’t necessarily have a lot of time to waste looking around. With this in mind it helps to have an understanding beforehand of the things you should be looking out for to ensure you are getting the best deal.
So here are the top five things you should look for to ensure you get the best deals, to give you a head start before you apply.
Read the small print, the cheapest isn’t always the best
This goes for most things in life. With payday loans, you may find that you are bombarded with cheap offers that look too good to be true. In some cases they are. You need to make sure you are aware of any additional fees and charges in the small print that are not displayed up front. Some of the cheapest offers have the harshest terms when it goes wrong too, so make sure you know exactly what is in the small print, and exactly what is on offer.
Make sure they are licenced
If the provider is not licenced then don’t touch them with a 10 foot barge pole. The industry is regulated and each legitimate provider by law is required to have a licence. If they do not, then they are operating outside the law and you have very little protection from this. If all goes wrong you could find yourself dealing with some nasty people so make sure your provider is licenced.
Do they allow for early repayment?
Early repayment by and large means cheaper loan. If the provider allows for early settlement, then usually this will result in lower interest, as you only pay for the length of time that the loan is active. While some loans carry an early settlement fee, this is rare in payday lending where early settlement is usually encouraged and often incentivised.
Do they have a responsible lending policy?
You really do want a lender that aims to be as responsible as possible, as well as borrowing responsibly yourself. Make sure the provider you are looking at has a responsible lending policy, and study their conditions well. If in the worst case, you become unable to repay your loan you don’t want to get stung with very harsh conditions, and a responsible lending policy will usually give you details of what to do and how the lender can help if it goes wrong.
Do they have a good reputation?
Customer feedback is often worth more than words. There will always be one or two glowing references, as well as one or two disgruntled people, even for the best of lenders. What you want to look for is the average response for the lender, how do they perform on most days for most people, not the exceptions.
If you pay attention to these five major points, you can make sure you look for the right things in finding the best emergency loan provider for you.
Save My Bacon provide fast and reliable short term loans that you can trust. You can apply for our loans on the calculator below.
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