Lending Stream

Lending Stream

April 29, 2010 01:00 ET

Payday Loan Customers Should Go By A Lender's Transparency, Says Lending Stream

EDGWARE, UNITED KINGDOM--(Marketwire - April 29, 2010) - With the market seeing a surge of online payday loans lenders, telling one from the other and choosing the best service may prove to be an onerous task. Most times, the benefits appear similar and in other cases, it would be hard to figure out if a particular feature can work for or against a customer. The most appropriate way to pick a lender is perhaps identifying the ones that promise to 'lend responsibly' and live up to it. This can be gauged by visiting online forums where customers review payday loan lenders.

Choosing the 'safest' lender is essential since there have been numerous reports of unscrupulous companies fleecing customers. It has been noticed that some lenders pose as 'good lenders', while the eventual reality would prove otherwise.

One can judge if an online lender is responsible by going through their policies of transparency. Most leading lenders offer customers a complete list of charges and fees. Information with regard to default fees and charges are also provided to ensure the customer is not in for a rude shock later.

A spokesperson from Lending Stream said, "Like many other lenders, we believe in establishing a see- through relationship with our valuable customers. Any doubts, queries and clarifications that can make our customers trust us more are always welcomed. The exercise of displaying all the possible charges, which include interest fees and penalties, gives us the satisfaction that our customers are well-informed before borrowing from us."

Most of the leading lenders subscribe to fair lending practices. Some of them go the extra mile in ensuring that no tall promises are made to acquire customers. Also, precursory checks are conducted to assess the ability of customers to pay back the loan without straining their finances. Such practices go a long way in ensuring that customers do not fall into debt traps either by falling prey to 'bad lenders' or through imprudent borrowing decisions.

The spokesperson added, "People might think that the only way to learn if a lender is responsible or not is by realisation. However, it is always safer and more sensible if customers go by certain guidelines while choosing lenders, primary of them being a clear assessment of the lender's 'transparency'."

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