Last updated in September 2020
It’s hard to decide which of the loan companies offer you the best and most financially secure option. So what do you do? Who do you turn to? Who do you trust? We’re going to give you all the info you need to make the right decision.
This is a collaborative post.
Spotting the direct loan lenders who care
When looking for the best direct-loans lenders, there are a number of things that you should take into account before you make any choices. Some of the major lenders are not known for their fantastic customer service.
In fact, many major lenders use automatic systems which means that you’re going to lose the human element and the potential relationship that goes with that. For example, what if you end up being unable to pay your loan back on time?
You’ve not had the chance to deal with the person who is giving you their money – instead, you’re going to deal with a corporate customer service representative who works from a script. And, for many people, that’s not a pleasant experience. So you want to find a lender who offers a far more personal service.
This allows you to build up a relationship. Should you be struggling with your payments, you’ve got a direct line to the people who lent you the money. It’s far more likely that someone you’ve dealt with, as opposed to someone you’ve not, is going to treat you with the dignity and respect you deserve.
So you’ll definitely want to find a finance brokerage firm who give you a personal service and can show care and compassion in case you find yourself in changeable circumstances after taking on the loan.
What about a payday loan?
When it comes to a direct payday loan, there are a number of options within the loans market. When people think of a loan like this, they think of a loan that is to be paid back in a couple of weeks when their paycheque or monthly wage arrives – plus interest.
While this method of lending is quite easily understood, it can become quite complicated when something goes wrong on payday and you’re left unable to pay back the loan and the interest. Many people can end up in a loan cycle. So how do you avoid such a situation? Well, you’ll be glad to hear that there are other options.
Some direct payday lenders offer monthly instalment alternatives to loans. They offer short term loans to be repaid in monthly installments. But what if you don’t want to be in debt for that long? What if you don’t want the interest to build up? Good news – you can pay back the outstanding amount as soon as you like!
You’ll only pay interest up to the day you repay. This means it is almost identical to a loan – except without the pressure of having to pay your loan, and its interest, back within a couple of weeks. Can’t pay it back in that time period? No problem, because you can still pay via the smaller, monthly installments. No hassle and no need to take out a second loan!