Basic Payday Loan Reviews

Basic Payday Loan ReviewIf you are thinking about getting a payday loan from Basic payday loans the first thing you’ll probably notice is that they don’t do a credit check. You’re also able to apply online, and they say that you’re able to get cash out the same day that you apply.

Many payday lenders make the same promises, and have the same claims, so it can be hard to figure out which one to go with. If you are in need of cash quickly you might feel that your options are limited, but really you are the one with the advantage because there are so many competitors trying to get your business. That’s why you should be cautious about which companies you give your information to, because this information has value.

When trying to make an evaluation on whether or not to do business with a lender, there are few things you should consider and they can make or break the deal. The first thing you want to be sure of is that the website you are on is secure, so that the data you are transmitting is not able to be accessed by a third party.

Basic Payday Loan Reviews – First Thoughts

We notice immediately that the application page for Basic is not hosted on a secure server. This is a big red flag, and pretty much steers us away from being able to recommend them as a payday lender. It’s not expensive nor complicated to set up an encrypted page for such sensitive data, and a lack of an encrypted server shows that they really don’t have your security and privacy in mind. There are far too many lenders out there with secure pages to do business with a company that doesn’t bother to handle the basics.

Loan Fees
They are charging 30 quid per hundred that you borrow. This is in line with other payday lenders, but you might be able to find better rates by shopping around. Most people center around the fees and use that to determine whether a lender is good or not. But most lenders you’ll do business with are adhering to the rules and regulations set forth where they do business. It’s the unscrupulous lenders that lure you in with lower fees that you should watch out for.

Benefits?
Basic tries to tout the benefits of a payday loan, saying that you don’t have to submit yourself to a credit check, and you don’t have to be a homeowner. They also point out that once you take out your first loan, subsequent loans are easier to get. They also say their process is not automated, and that an actual loan officer will review your application to make a decision based on your personal circumstances.

Fast Processing
They say that within the hour a loan processor will make a decision, and they won’t base that decision on your credit report. So even if you have a court judgement against you and you’ve found it hard to get money from other lenders you should still be able to get a loan from them. Speed is only one factor to consider. If a lender is fast but not friendly, or not able to answer your questions, then it doesn’t matter how fast it is. It’s a service based industry, with everyone selling the same product. It’s the little things that make a big difference, and can sway you to go with a lender or not.

Our Recommendation
Even though Basic says the process is simple, we just can’t get past the fact that they expect you to submit your information over a regular web page. They are asking for not only your personal information but also your banking info and your work information. If someone intercepted this information they would be able to have a pretty good snapshot of your identity, and it’s not as if you would want anyone else to have this information but you.

With so many other choices available it only seems right to go elsewhere. The product is the same, you’re going to get the same cash no matter where you go, so why jeopardize your information by passing it along an insecure website?

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