All big players within the short
term loan industry have had negative posts published about them on consumer
forums. However, when any payday company is searched in to Google this is
always the case. Does this devalue consumer posts on payday loan companies or
prove that these firms should not be used when borrowing an instant cash
advance?
Short term loan companies are based
purely online and offer a simple application process for customers to receive
£75 - £750 instantly in their bank accounts. All companies will offer similar
interest charges with APR reaching in excess of 3000%. This figure is
extraordinary high and needs some research to realise it is not as high as it
seems. One lender has differentiated itself from competition by promoting its
responsible lending policy; the company offers a transparent service and prides
itself on creating an excellent customer relationship and is committed to
lending responsibly to customers who can pay back the loan. As part of this,
the company urges customers not to take out a cash advance if they know they
will not be in a position to pay it back at the end of the month and asks them
to read the terms and conditions before the loan is deposited. However, like
all short term loan lenders bad press will be posted about this lender from
people who default on their loan.
The main source of negative press is
from customers who have used a payday loan company, do not pay the loan back
and consequently build up charges on their account. Customers share experiences
on consumer forums about company practices. The main topic of post is the late
charges along with customer service complaints. One short-term loan lender
warns customers of late charges and urge customers to contact the company
before their due date if they will not be able to pay the loan back on time.
The company will try to contact their clients in an attempt to get the money
back, however the customer service team are here to help. The loan provider
also offers a free rollover service and can set up a payment plan for
individual customer needs to ensure both parties are happy. Excellent customer
service is crucial in order to create a competitive advantage within the
industry; the company knows that by providing an exceptional service it is more
likely that they will receive the payments on time. However, when customers
make fraudulent applications in the knowledge that they are unable to pay back
the loan and do not answer phone calls then a debt recovery team is contacted
in order for the lender to receive the payment. A company operates as a
separate legal entity, just like a human being. When someone borrows money from
another person, it is expected that this loan is paid back. This is still the
case whether it is a person or a company lending the money. Within this
industry, the company-customer relationship is key to receive a loan payment,
Short-term loan provders build on this aspect to ensure customers receive an
excellent service.
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