Payday loans have helped many people deal with their financial issues. They prefer payday loan singapore over bank-issued secured loans because they are easier to secure and there’s no need for harsh requirements. Plus, a regular payday loan process can take only few minutes or an hour. Even though there are many advantages, it’s undeniable that payday loans are used by crooks and shylocks. They prey upon borrowers’ weaknesses, slapping huge interests onto their loans.
How can you avoid untrustworthy payday lenders? What are the signs that you have to watch out for?
Check Online Reviews
Online reviews are quick ways of knowing if the payday lender can be trusted or not. Through these reviews, you’ll know what people think about the specific lender you’re looking for. Online reviews are great neutralizers because they are unbiased and can relay the emotional stance of the reviewer. You probably know the feeling of receiving a bad service, right?
Ask in Social Media or Financial Forums
If there are no reviews about the lender, you should turn to social media. Social media, especially Facebook, speeds up the relay of information by more than 100%. Comments will often be thrown in a lender’s Facebook page. From there, you can make your decision. How many negative comments the lender has?
Another alternative is a financial forum. Not all financial forums are active, so you need to pick one that’s worth your time. In a financial forum, payday lenders are usually put in the spotlight due to their reputation. This can help you in filtering good and bad data about payday lenders.
Review the Lender’s Process
What if you jumped straight to the inquiry process and there’s no ‘outside opinion’ that can help you? This time, you have to rely on yourself. Try observing the lender’s process. If the lender is asking for too much information and the rates are askew, then you have to rethink. Some people may think that you’re paranoid, but it’s better to be safe than sorry.
Not all payday lenders are crooks, but it pays to be smart and careful. After all, a payday loan can pull you down in a debt quicksand. If you really need to transact with a payday moneylender, make sure that you can apply the strategies discussed!