Payday loans borrowers should be choosier

Payday loans company instantloansdirect say that most short term loan borrowers are simply not using their heads when applying for a loan. The comment comes after a survey the company carried out into borrower behaviour.

The survey apparently discovered that a majority of customers looking for an instant cash loan simply made an application to the very first instant cash loan provider that grabbed their attention. It didn’t seem to dawn on these people that the loan provider they had chosen wasn’t always the best value.

The company that conducted the survey is a partner with the long established firm of Harvey Thompson PLC and says that it offers the very best instant cash loans online, which are substantially less than those of Wonga and other better known payday providers.

The company’s director, Giles Coutts, said that the survey had been carried out to find out why their customers had chosen them rather than somebody else. He was critical of some of the opponents of short term loans companies because he thought that they were tarring the whole industry with the same brush.

Instantloansdirect, according to Coutts, offers an APR of 448%, which is much lower than many other short term loans companies which are charging well over 1000% for their loans.

Coutts says that rather than government regulation, costs will come down because of market forces. All it takes, he says, is for would be customers to be a lot more savvy and have a look around and compare providers before making a choice.

Instantloansdirect was launched last year amongst a background where many peiple were turning to the new quick loans providers as they were providing cash when the normal loans providers like banks and credit card companies were getting much choosier.

Instantloansdirect has a comparison table on its website which gives would be customers an idea of how each company rates when it comes to interest rates and terms and conditions.

The company says that it is harder to get its message across as it doesn’t have the huge marketing budget that the bigger companies like Wonga and QuickQuid have.

© 2018 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright rules.

What do you think?

Please note that email addresses are not visible on approved comments.