If you’re in need of additional help when in a financial emergency, then you may be considering aid from a payday loan lender. Nevertheless, it is important that you choose a reputable payday loan lender to ensure that you are always getting the very best rates on your loan. Not only will this allow you to rest easy knowing that you’re not going to be dealing with hidden fees, but you will also be able to get a much better deal on the loan that you are applying for. In order to provide you with a helping hand, we’ve put together a list of top tips to help you to know what to look for in a reliable payday loan lender.
Regulated & Reputable
One of the most important things to remember when applying for a loan online is to ensure that you are only applying through a regulated lender. The Financial Conduct Authority (FCA) regulates financial firms within the UK, to ensure that they remain fair. In addition to this, they have introduced numerous new financial regulations in order to protect payday loan customers with implementations such as the price cap. The price cap is as follows:
- Maximum daily interest rate sits at 0.8% per day
- Maximum default fee is capped at £15
- Maximum total cost of a payday loan is capped at 100%
If you choose a payday loan lender that is not regulated by the FCA then you could face numerous additional fees and charges as a result. All FCA regulated payday lenders will have their FCA registration number on their site.
Looking at legitimate user reviews can help to provide you with a basic overview of the trustworthiness of a payday loan lender. As long as these are based on real-life experiences from real customers, you can get a good idea of the speediness and reliability of a lender. However, it is important to remember that many online reviews can be false, so do not take any of the reviews as completely factual. While research into user reviews can help to provide you with a basic overview of a payday loan lender, this should not form the only basis of your judgement.
Read Loan Agreement Carefully
Before applying for the loan, it is important that you read the loan agreement and any terms and conditions carefully. Understand what you’re actually signing up to, and speak to an expert via live chat, telephone or email if you’re unsure of any of the terminology used in the agreement. Also, make sure to check for any hidden charges that are concealed under pages of terms & conditions.
Here at Wizzcash, we are regulated and authorised by the FCA. As a responsible lender, we will ensure that there are no hidden charges, and we will also ensure that you are not subject to any early payback fees. We are transparent and offer a direct lending process in the result of a successful application.
Generic advice is not a service regulated by the Financial Conduct Authority.