Customer Benefits

Better rates, less checks and higher limit...

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 almost certainly be offered another loan, should they decide to apply for one. Normally, a further payday loan will be granted without any additional checks being carried out. In addition, the borrower will probably be eligible for a larger loan than the initial payday loan that they received.

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. Payday loan providers that require customers to fax proof of identity and other documentation to them the first time that a loan is taken out generally do not require this process to be carried out by customers for subsequent payday loan transactions.

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

4. 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.

5. 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.

6. 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.

7. 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.

Customer Negotiation

It's up to you to get the best deal...

In the end, it is up to the customer to negotiate the best deal that they can between the myriad of payday loan providers operating in the sector, currently.