According to a representative from the payday loan lender, instant loans direct.com, many payday loan users are not doing enough research to find the best and lowest rate when applying for a payday loan
A customer survey was carried out by the lender, to discover most users who applied for a payday loan, admitted to using the first payday loan lender that would accept their application without taking into account the costs of the loan.
InstantLoansDirect.com is partnered with and powered by Harvey and Thompson PLC, a responsible lender that has been established for more than 100 years.
The instant loan site offers an interest rate that is around 90% lower than the likes of Wonga, and aims to change the face of expensive payday loans.
Giles Coutts, founder of InstantLoansDirect.com, commented on the findings:
“We’re always keen to see how a customer has managed to source our product, following our initial launch into the payday loan market last year, we wanted to ensure people got the best and lowest interest rate, compared to the likes of major lenders such as Wonga
“There’s a common misconception that all payday loan lenders are out to make a quick buck, or are legal loan sharks. Instant loans Direct.com offer the lowest rate online, and yet despite some critics such as MP Stella creasy talking about how high the APR is of major payday lenders, Instant Loans Direct launched a service which blew the expensive competitors away at a mere 448.3% Apr. compared to those who charge well over 1000% plus.
Market forces will drive interest rates down, not government interference, People need to become savvy when shopping around for a payday loan and not simply taking the easiest option. Unlike other payday loan lenders, we do supply our own comparison table, which is updated daily to ensure customers are given an informed choice.
Instant Loans Direct.com have always been so much cheaper than its major rivals, the difficultly has been getting the message across to people to shop around, with simply not having the large marketing budget compared to the likes of Wonga, quick quid, which they can clearly afford, from the interest they charge customers.
People simply need to be savvier and look around before taking out a payday loan to get the best deal.