If you decide that a short term loan is the right thing for you, then you might not then know where to look for them. There are different places that you can look but it is nice to know exactly where might be a good place so that you can find as many as possible. This is because it is a good idea to compare them so that you can be sure that you are getting the very best value for money from the loan. There are different places that you can look for the loans.
There are some websites which will compare the different short-term loans. They will look at different lenders and they will normally compare them on price. This is something which is useful to some extent but you need to be careful with how you use the information. The reason for this is that these sites will often compare the lenders on interest rates. This might seem great because you might be keen to choose the lender with the lowest interest rate. However, this might not be as good as it seems.
Firstly, you might find that interest rates are not calculate din the same way. It might be that some lenders quote the APR and some the AER. This might seem like it will not make a difference but it can actually be very significant. This is because the APR is just the annual percentage rate which means the rate you would be charged if you owed the money for a year. The AER is the annual equivalent rate and includes any fees that you would be charged as well. It is often the case with a short-term loans for bad credit that there are extra fees as well as interest charged – perhaps there are administration fees, setup fees or things like this. This means that you have to be sure that if you are comparing costs that you are comparing them like for like.
It is also often the case that a comparison website will only include some lenders and not all of them. This could be because they want to keep the information brief or that they feel that the ones they include are the best. There may also be some lenders that do not appear on comparison websites and always deal directly with customers. There may also be some companies that pay more commission on leads than others so will be favoured on these sites.
Review websites has a few problems too. This is because they may also be influenced by commission. Some short term loans will pay commission on leads. This means that if someone links to them, using an affiliate link, they will pay some commission. A lot of people therefore use these links on their review sites. This means that they might tend to only pick the lenders that pay them high commission or be tempted to review those lenders in a more positive light.
Although this is a problem and will mean that you should not take that much notice of the ratings, it can be a good idea to have a look at them anyway. This might sound odd, but it can be an easy way to see which lenders are available. If you have never used this sort of loan before, you will not know what lenders are available and it will help you to have a better idea of who to choose from.
Personal finance websites
These sites may still have come bias and they may not even have much mention of payday loans. However, if there is a personal finance website that you trust then it could be a good place to look. It might have some useful information about payday loans and lenders that you might be able to use as part of your research.
These can be the trickiest to use in some ways. This is because when you search you will get loads of results that you will have to sift through. It could be that you get single pages which are payday lenders but you might also get pages which have reviews of different lenders, comparison sites and things like this and you will have to visit each page to find the right ones. Then you will have to look at each lender in detail to decide which will be the best.
It can be a lot of work, but it will be worth it as you are likely to be able to find the lender that will offer you the best value for money. Unfortunately, there is no one place to go to find out about payday loans and to find the best lender so it can take quite a bit of work to be able to work it all out.