When was the last time you bought something or hired a service without first looking for recommendations? If you’re like most people, you never make these decisions blind. Data shows 93% of customers read online reviews.
Reading what past borrowers have to say about online direct lenders can help you find the best possible installment loan for your finances. To make sure you’re using these reviews to their full potential, check out this guide below.
Look for Local Information
If you use Google to find reviews on online direct lenders, the search engine spits out millions of results in micro-seconds. Its quick-as-lightning algorithm does its best to find relevant results under a time crunch, but it doesn’t always work perfectly.
Sometimes, it includes online direct lenders that don’t service your state. You can access their website, but you can’t apply for their installment loans due to your location.
Clicking on these sites only wastes your time, which is why it’s important you get as specific as possible when you search for reviews.
If you live in Mississippi, for example, tweak your search to include Mississippi installment loans. You may even want to narrow down to your city by searching for installment loans in Hattiesburg. You might get more relevant results when you search for the following terms: installment loans Hattiesburg MS.
Swap out this example for any city and state combination to find your nearest lender.
Use Reputable Rating Services
Where you source your reviews is also another important step to finding the best loan.
More importantly, you’ll want to ensure these are third-party websites that have no affiliation with lenders. That way, you can trust these reviews give an unbiased look at online direct lenders’ services.
Some of those websites include:
- Better Business Bureau
- Financer.com
- Trustpilot
Know the Value in Numbers
The more reviews you can read, the better. It means more people have given the lender a shot, and the lender’s services were good (or bad) enough to warrant they leave a review.
A higher number may also reduce the risk of trusting fake reviews. It’s hard for a financial institution to falsify hundreds of reviews that date back several years.
Compare Extremes to Averages
Besides reading individual reviews, you’ll want to look at the overall average rating a lender has. An average summarizes all the reviews available into one grade that represents the most common experience borrowers had.
This helps you offset rare ratings, like 1-star or 5-star reviews. Infrequent extremes on either end of the spectrum may not show you the full picture.
When it comes to your money, you should accept an average of no less than 4-stars. Taking a chance on a 3-star lender could spell trouble down the line.
Bottom Line
Good reviews don’t replace the need to research rates, terms, and conditions. You’ll still have to see how these details compare to your budget.
But what they can do is give you insights into how a lender treats its borrowers. This extra information helps you make a decision when you’re stuck between two seemingly identical online direct lenders.
