How to Choose the Best Bank?

There are lots of banks to choose from and it is not always easy to know how to pick the best one. It is worth going through a few steps and then you will find it much easier to be able to pick the right one for you.

Consider What you Want and Need

The first step is to have a think about what you want and need from a bank. If you have used a bank before, perhaps you are moving from a bank, then you will have an idea of what a bank may and may not offer. If you have not, then it might be a good idea to speak to others about what they think a good bank should offer and use that as a guide. It can be a good idea to actually note down all of the things that you feel is important in a bank. It might be that the cost of the most important to you, but often there might be other things as well. For example, you might think that it is worth paying some extra money if you get a better customer service, a wider range of products or can use a local branch to bank in. So, consider whether these sorts of things might be important to you or whether it is really only the cost that is important.

Examine Main Features of Banks

Then you will need to look at the main features that banks have so that you can see which fit in with your requirements. This could include things like whether they have a local branch, if they offer telephone and online banking, if they have a big range of products, what their opening hours are, what their customer service is like, what their reviews are like and if they come recommended.  To do this you will have to take a look at their websites and find out more about them, perhaps by asking other people or by looking at online reviews etc. You should be able to find out some information pretty easily, but it might be worth speaking to their customer services department to check. It is also worth thinking about using more than one bank depending on the products you want. You may find one pays out more interest on savings but charges more on loans, on might have a good mortgage but does not offer a decent current account. It might be best to make sure that you are not fixated on just one bank but that you are open minded about the idea that you might need to open accounts up with more than one.

Match up

You will then be at the point of matching up your wants with what banks are offering and you will be able to choose the one that suits you the best. It is something that could take quite a time overall because you be doing quite a few stages and the research can take a while. However, it can be worth it when you find a bank and products that suit you really well. It can be a great idea to spend the time now and then you can benefit by paying less for loans and getting more savings interest as well as a good customer service as a result. It is worth remembering too, that it can be good to keep checking this as there will be changes from time to time in interest rates and this could mean that it will be better value to switch to another bank at some point. So do your research every six months to a year to see if you want to move.

Are Payday Loans Just for Emergencies?

There are lots of ideas and thoughts that people have about payday loans and one of them is that they are only for use in emergencies. This is probably because the loans were originally set up to help people out in emergencies as it was found that some people could not get help when they needed money quickly. However, it is a loan which is more flexible than this, as although it can be arranged quickly, there are other features which might appeal to people in other situations as well as it is worth being aware of these.

No Credit Check

A credit check is when a lender takes a look at your credit record to see whether they are happy to lend you money. Even if we’re only talking loans from £100. They will be looking to see whether you can be trusted to repay the loan and if they see that you have missed payments in the past or you do not have a history of taking out loans, they may decide that you are too much of a risk to lend to. All lenders have to look at your credit record by law, but Payday lenders will tend to lend to anyone regardless of whether they feel they can trust them to repay. This is because they were set up to help out those that could not borrow money elsewhere. Therefore, even if your credit record is not good, it is unlikely to be an influence in whether you will be taken on for a payday loan or not. So, if you have been turned down elsewhere, then this could be an opportunity to be able to borrow the money that you need.

Can Borrow Small Amounts

With a payday loan, you tend to only be offered small amounts of money, up to £1,000. This can be really handy because it means that you will be more easily able to manage the repayment. With some loans you can be offered large sums of money and you can be tempted to borrow more than you need to treat yourself. Although this might sound great, it does mean that you could end up having a huge amount of money to repay and finding it really difficult to be able to do so. With a limited amount on offer, it means that this will not be able to happen and hopefully you will stay in complete control of your repayments.

Repaid Quickly

You will find that a payday loan will have to be repaid really quickly. You will be expected to repay it, in full, on the next day that you get paid. This means that you will be able to get the loan paid back within a few weeks or maybe even a few days, depending on how far from the day that you are paid that you take it out. It can feel good to know that the loan will be paid back really quickly, especially for those people that find it difficult to cope with the idea of being in debt and do not like having a loan hanging around for a long time.

So, you can see that there might be other situations where a payday loan could be useful to you. It is a good idea to make sure that you consider all of the features of a loan when you are trying to decide whether it will suit you or not and that will allow you to be sure of whether you are making the right choice for you or whether there are any loans that are better suited to your needs. There ae lots to choose form so knowing a bit about each can be really helpful when you are trying to choose between them.