What To Look For in 6 Month Loans

Date Added: Jan 4, 2013

With the rise in popularity of 6 month loans there has also been a decrease in the quality of these loan providers with many of them just out to make some quick money from others unfortunate situations. Many depend on their customers not being able to pay back the loans on time and end up making thousands and thousands of pounds on the interest the small loans generate. Some of these 6 month payday loans providers charge up to and over 2000% APR which means if you don’t pay back the loan within about a month of so you will see some crippling charges coming your way, and if you can’t pay the money back the interest just increases and you will end in a lot of trouble with many cases resulting in bailiffs getting involved and taking your belongings straight out of your house.

Having said this though there are a lot of lenders out there that work ethically and do there best to act as a service that will help you instead of put you in a worse of situation, the key to using these services is to make sure you pay them back quickly! When it comes to actually choosing an instant payday loan provider here are a few key pointers to follow to help you make the decision:

  1. Do your research – use forums and even talk to other people in person to find out which lenders are the best to deal with
  2. Check the rates – make sure you are aware of the rates of interest and the time you have to pay back the loan, most companies charge around 1700% but be sure not to go with any that go over the 2000% mark.
  3. Read testimonials – if they have good, legitimate testimonials this generally means that their customers are happy and they are a good lender to use.
  4. Check their history – do a bit of background research about the lender, how long have they been established? have you heard of them before?

That really brings this post to an end and we hope this will give you enough to get started with your search in finding an instant payday loan!