Taking out a loan should not be done on a whim, and should be thought through. Luckily, there are plenty of loan comparison sites to help you, but it is beneficial to know what you should be paying attention to.
Key Points To Compare Payday Loans
- Consider interest rates since this is the cost of borrowing – but payday loans are high, look at representative examples too
- How much you can borrow ($100 to $35,000)
- How long you can borrow for (1 to 60 months)
- Whether the lender will charge you, or receive commission from the lender
- How fast you can receive your money
Consider how much your loan will cost, how long you could borrow for, and how much money you could secure.
How Can I Compare Payday Loans?
When you want to apply for a payday loan, there are a couple of easy ways to compare loans.
- Use a Broker – As a broker, Capital Bean works with a panel of regulated lenders and will find the best one for you. When you submit a loan application to a lender, your application is being assessed side-by-side with tens of lenders. The broker will determine which lender will be able to provide you with the best terms, in line with your financial situation. This means that someone else is doing much of the heavy lifting for you, saving you time, and assuming they connect you with a suitable lender, perhaps saving you money in the form of the best available rates.
- Use a Comparison Site – Simply google ‘loan comparison site’ and local options will be displayed to you. Such sites will often present you with a side-by-side comparison of how long you can borrow for, the average interest on a lender’s loans, and how much you can borrow.
- Know The Factors Yourself – For those of us that like to do our own research, this is the best option. You will need to consider how much you can borrow, how long for, and what the interest is. Of course, this will differ from state to state. Some states limit how much you can borrow, such as payday loans in California which are capped at $300. Some states limit interest, and some limit how long you can borrow for. Before judging a loan based on these facets, make sure you know what is legal within your state. See NCSL for more information on payday loans by state.
- Look At Reviews – By looking at Trustpilot reviews or on social media of that specific lender or provider, you can get a good feel if the company is legitimate and helps customers rather than puts them into financial difficulty. This can be a good way to check and see if a lender is safe to use and if there are any terms that could be worth looking out for.
Whichever avenue you chose to go down when selecting a loan, ensure that the lender you decide to go with is regulated.
Why Should I Use a Payday Loan At All?
Payday loans are famous for their ease, speed and convenience. With Capital Bean, you can complete an online application in as little as five minutes, and be approved immediately. You could even have your money in your account the very same working day that you apply.
While payday loans are convenient, they are also expensive, and should only be used if truly needed. If you’re not desperate for cash, try and find another means of financing. This is because payday loans land you with hefty borrowing costs, that 14% of borrowers struggle to repay. If you do fail to repay, you will be landed with added fees and a worsened credit score.
We are pleased to offer some different types of products such as installment loans which are repaid over 3,6 or 12 months which are used to help spread repayment and can be more affordable.
Comparison sites can help you compare loans, while a broker like Capital Bean will conduct a personalized comparison for you!
Does Capital Bean Compare Loans For Me?
Yes, we do. As a broker, we do not provide you with a loan ourselves. Rather, we work with a panel of trusted and regulated US lenders who are dedicated to providing loans quickly to those who need them.
When you submit your application, we look at your details and circumstances. We then look at all of our lenders, and match you with the most suitable creditor for you. For instance, if you have a rocky credit score, we would match you with a lender who is committed to helping borrowers with credit issues. We may even match you with a lender who offers no-credit-check loans.
