In a recent study, search engine researchers performed internet searches for some popular loan related terms including; Payday Loans, Cash Advances, Payday Cash Advances and Best Online Loan. The subsequent search results showed that although several web sites consistently came in at the top of the search engine results, when their respective Better Business Bureau records were investigated many of them had multiple consumer complaints and very low reliability ratings. Further investigation showed a number of customer reviews complaining about the lack of service and miscommunication of loan terms by the lenders.
Over 60% of today's payday loans are
issued over the internet via direct deposit into the borrowers checking account
with no credit check, no faxing and no face-to-face interaction required in
order to get the loan. Many of these online payday loans offer instant
approvals over the internet and are issued in an hour or less by the online
loan provider.
A loan that is issued with this kind
of speed obviously has its advantages for the consumer, however a consumer
typically uses these lenders when they are in need of emergency cash and
consequently they don't do very much research on the source of the loan.
Instead relying upon the major search engines to do the work for them and
simply picking the online lender who comes up at the top of the search engine
and assuming that they are a reliable source of fast cash loans.
During the research, there were 6
web sites that repeatedly showed up in the top 10 search results under multiple
related search terms and of the 6, all received either a grade of D- or an F
from the Better Business Bureau. At least two of these companies had 40
registered complaints or more and in one case, of 14 total complaints filed
with the BBB the company has failed to respond at all to 13 of those consumer
complaints.
Reasons for consumers complaints
varied, but the research showed that many were of a similar nature in
categories such as; deceptive selling practices, failure to provide service,
Unable to contact and various other complaints.
Unfortunately, the major search
engines don't seem to have a method of filtering out results from companies with
multiple consumer complaints, instead relying on computer algorithms that can
be manipulated by search engine specialists who understand how these search
results are calculated. It's no surprise that all of the web sites listed above
employ entire departments of these web experts to make sure that they continue
to show up at the top of the search engines.
If a consumer wants to find the best
online payday loan that has no registered complaints with the Better Business
Bureau, State Attorney General or Federal Trade Commission, the first step that
we found to be the most effective is to do a search for "Payday Loans With
No Complaints" instead of just searching for "Payday Loans".
Look for consumer reviews about these loan providers and then do a check on the
BBB website to make sure that they don't have any complaints. Most of the time
if a site does not appear on the BBB website, that's a good thing because most
will only show up after a consumer has filed a complaint against that site. If
the site isn't there, that means that no complaints have been filed and it is
most likely reliable to do business with.
ไม่มีความคิดเห็น:
แสดงความคิดเห็น