Are You Dealing With an Honest Lender?

If you’re thinking about taking out a quick personal loan but hesitating for fear that you may encounter shady lending entities, you should definitely decide against it. The last thing anyone with a financial problem wants is to be taken advantage of by loan sharks.

It is unfortunate that this is the reality that most loan customers face these days. All they want is to get immediate financial help but here are unscrupulous businesses ready to bleed them dry the first chance they get.

It’s sick. It’s revolting. It has to stop.

The good news is that you don’t have to fall prey to the charms and empty promises of some of these small loan lenders pretending they have the answer to your financial mishaps. You have the power to stop these businesses dead in their tracks.

The key is to carefully choose a lending institution that you can do with business with sans the dishonesty.

Sure, it is easier said than done. After all, spotting an honest small amount lender is no walk in the park. You’d probably end up spotting more shady ones than good.

Don’t lose hope, though. There are still honest and reputable small loan lenders out there and they are just waiting to be discovered. They will be more than happy to serve you in your time of need.

So, before you give up the fight, here are a few tips to aid you when on the lookout for small loan lenders that you can trust and do business with.

1. Be wary of false promises

If a small amount lender is claiming to offer instant cash loans without any hassle, be alerted right away. There’s no such thing as “instant”. Everything goes through a process, even the quick personal loans being offered by reputable lending firms.

Simply put, you can’t trust anyone who offers the cash you need instantly without having to go through the standard process of assessing your eligibility. If you encounter a lending institution that offers this kind of arrangement, do yourself a favour and walk away immediately.

Honest and reputable lending institutions will never claim to give you fuss-free instant loans. All they will offer are quick cash loans that you may avail of and get approved for upon completing all eligibility requirements.

If this sounds tedious to you, just think about how this will protect you as a consumer. By allowing yourself to go through a standard assessment, you will know exactly how the lending institution conducts its business.

2. Be even more cautious about interest rates

The thing about unscrupulous small amount lending institutions is that, more often than not, their offers come with unbelievable interest rates. The “instant” cash loan may not come with rigid approval procedures, but it most probably comes with hidden fees or additional charges.

You will only know about it once repayment period comes. The unfortunate thing is, what if you will never know about it?

So, be on guard and exercise your math skills. Do a computation of the interest rates to see how they stack up against the principal itself.

Responsible lending institutions are honest and transparent with their dealings and will tell you straight up that their rates are capped as regulated by the government. This ensures your protection as a consumer.

3. Do a background check

These days, it is easier to know more about lending institutions through their online channels. This allows for a quick background check to know the company in detail.

Take advantage of your stalking skills and dig a little deeper about the lending institution you plan to get a small loan from. Go beyond their website and check their social media channels, too, as there you can check for comments or reviews from previous customers.

4. Explore your options

Don’t just pick out one lending institution. Select as many as you can possibly gather before choosing the right one that can cater to your need.

If possible, set up an appointment with each of them, so you will be able to talk to them face to face. This way, you will be able to read their body language and know if they are being true to their word or not.

By reviewing the credentials of more than one direct lender, you will be able to compare the pros and cons of each lender, and from there, decide which one is best to go for.

5. Get advice from people you know

Consult with family and friends and ask for good recommendations on lending institutions. They may have done business with an institution that has a good track record.

This way, you speed up your screening process and apply a loan with a lending institution that has a history of doing honest business.

Keep these tips in mind when seeking a reputable lending institution to apply for a small loan from. It’s easy to be tempted when you are being offered with instant cash loans that won’t need any strict screening process.

However, don’t give in and exercise caution. Remember when repayment period comes, you can be rob off of your hard-earned money that you may or may not know you are freely offering as payment for incredible interest rates.

If quick application process is high on your list, you can still be able to do business with a reputable lending institution that allows for the fast yet transparent loan application process.

Perfect Payday, for example, offers a quick and painless loan application process for customers who need fast financial assistance.

To avail yourself of a Perfect Payday short-term loan, all you have to do is:

1. Visit the Perfect Payday website and file your loan application online.
2. Once you met all the eligibility requirements, your application will be processed within an hour of filing. It may take a little longer if other requirements are needed from your end.
3. If your application is successful, you will receive an email with the attached loan contract for your signing.
4. Once signed and submitted to Perfect Payday, you will receive your funds in your bank account the following business day or depending on your bank’s remittance policies.

The quick and hassle-free loan process is a definite must for anyone with immediate financial needs. However, keep in mind that it is also very important that you know what you’re getting into before sealing any deal.

This is why using Perfect Payday to get your payday loan makes sense. You will benefit from this consultation to help you gauge your financial capability to pay off your loan.

In addition, you will also get expert insights on how you can manage your finances more responsibly. This way, you can plan your actions more diligently when it comes to money matters, with the aim to ultimately gain financial freedom.

Be an advocate for responsible lending

By exercising caution when borrowing, you set a good example on others to be more cautious as well when dealing with small loan lending institutions. Not only are you helping yourself be more responsible, but you are helping others as well.

When everyone takes necessary precautions when borrowing, dishonest lending institutions will be out of business in no time.