There comes a time when most of us have had financial difficulties, and have had to find money in an emergency. Despite the urgency of the situation, it’s more important than ever to find a lender who you can trust.  So, what should you be looking for?

When borrowing money, you should always check that your lender is registered and approved by the FCA.  This can easily be done online by consulting the regulator’s register of companies approved to offer financial services.  Not only will they follow the FCA’s Code of Practice but you will also be protected by the FSO (Financial Services Ombudsman) if you’re dissatisfied by your treatment after you make a complaint.

You should check whether they have their own Code of Practice about borrowers who default on their loan.  You never know what tomorrow may bring and circumstances may prevent you from paying back the loan on the date(s) that you’d agreed.  When you’re in a dire financial situation, you want a lender who will show forbearance and try to reach an affordable repayment plan with you.

After the abuses of the turn of the century by some payday loan companies, the whole idea of payday …