Customer Benefits

Improve customer credit rating...

The number of payday loan providers continues to grow and, in the face of fierce competition, established payday loan companies are making major efforts to hold on to their existing customers as well as signing up new customers.

Borrowers who have previously taken out a payday loan with a provider and have repaid it will have their credit rating improved and almost certainly be offered another loan, should they decide to apply for one.

Customer Benefit Outline

The benefits for existing customers can be summarised as follows:

1. Payday loan providers make it easy for existing customers to obtain repeat payday loans. Applications are normally approved immediately and the money is transferred speedily into borrowers' bank accounts, sometimes even on the same day.

2. Existing customers are able to obtain higher value loans if they have proved their ability to repay their previous payday loans.

3. Existing customers who are having trouble repaying their payday loans on time are in a stronger position to negotiate an extension to their loan period if they have paid off their previous payday loans without problem.

4. Existing customers with poor credit history who are unable to gain access to credit from other sources are unlikely to be discriminated against by payday loan companies if they have repaid their previous payday loans.

5. Customer services departments of payday loan companies are used to dealing with existing customers who want to defer all or part of their payday loan repayments and are able to make the process as smooth as possible. They pride themselves on friendly personalised service unlike the impersonal call centres operated by some larger financial institutions.

6. Some payday loan websites are not lenders in their own right. Instead, they act as brokers that attempt to match borrowers to lenders in order to get an appropriate deal for both parties. Existing customers are in a strong position in these circumstances as they already have a track record of repaying payday loans.