Things to keep in mind when visiting loan comparison sites | Payday Loans
On this page we compare loans.of slightly different kinds and I therefore thought here tips about little things to consider when visiting different sites that compare loans.
The first thing to understand is that pages that compare loans make money in different ways by doing this. The most common thing is that visitors click on a lender and they choose to borrow money and then get the site they come from for a fee. This is how it works for us here at Good Finance.
Because it is possible to make money, there are a number of sites that compare loans of various kinds. This is anything from really big known comparison sites to smaller ones that only compare some stuff. As a result of there is money to be made, it is important for you who visit such a site to be a little cautious. Here I will give some tips on things to keep in mind.
Which lenders are compared?
If you go to a site that says to compare private loans and then only compares 4-5 different lenders then you should be a little cautious. There are many more, and the probable result is that they only compare those who give well paid if someone goes ahead and lends money.
However, if you find a page that compares all the major banks and a number of other, you can be a little more secure. I can say that, for example, here on the site we have a comparison of all the major banks in the country and then a number of other lenders. Then we probably do not have all but it is not that simple either. What I can say, though, is that we have lenders in our comparisons, even if we don’t make any money at all if someone then borrows from them. We think our site will be better overall and therefore have with them. If you find other sites that also have all the major banks, you can be a little more confident that it is a good site. If there is someone big that we have missed here on the site you are of course welcome to say so, we will post them.
Sorting / We recommend
If I take our site as an example again, we always sort our lenders by cheapest first. We think this is best, although it can sometimes be that you do not want to borrow from the one who is just the cheapest for some reason. Check out that the site you have found to also do this way. Something that is not at all certain as there may be other reasons to put someone else first.
In general, you should also be careful about trusting something when it says “We recommend”. Very often, the lender listed here is not at all the one that offers you as the customer the best terms, but it is probably the ones who pay the best to the site owner. Because there is a lot of difference in compensation that you get from different lenders.
If there are grades that way then you should also be quite critical of these. It is often only if there are quite a few people who have rated a certain lender that you can start calling them statistics guaranteed. Otherwise, there are many reasons why the grades are misleading. After all, it can be so simple that a lender himself goes in and puts the highest marks on himself and the worst on his competitors.
Then, not all ratings are such that visitors put them, but it can also be that those who run the site put them themselves. Then you should really watch out for it is not likely that they give the best rating to a lender who does not pay as well.
An example of strange ratings that I have seen on a page that compares micro loans is that they do not rate at all on the cost of the loan. They only take into account things such as whether the loan can be extended, what you can borrow, etc. When the most important thing in principle for micro loans is how much it costs. Therefore, create your own opinion about the rating for a lender.
Here I have listed some different things to keep in mind when visiting sites like this one. Then I probably forgot some things but then it will be. The important thing is that you are always critical when you visit a page. This will reduce the risk of borrowing from the wrong lender. Of course, this also applies when you visit us and our comparisons. Don’t just trust us but think for yourself too.