All Payday lenders are bound by strict regulations and codes of conduct.

Unfortunately, not all online Payday lenders abide by these rules and guidelines. Every day, we come across stories of borrowers who have been mistreated or misled by unscrupulous online short term lenders. Although Payday loans as a form a credit are still increasing in popularity, the number of these financial horror stories posted on the internet, do not seem to be disappearing. Bad lenders cast a bad light over the whole payday loan industry, which is unhelpful for the people out there who genuinely want to use this form of credit. It's also unhealthy for the industry as a whole.

In this article we look at some of the things you should consider before you apply for a payday loan in the hope that you can avoid the bad lenders and end up with a much more positive experience.

The biggest issue is that the less than honest lenders are not so easy to detect. Many of them have seemingly good reputations and flashy websites promising the best and quickest loans. When you are looking for a good short term lender, first of all, choose a reputable company, that's a good start. Secondly, make sure they clearly show their lending licence and registration details on the website.

Reviews and feedback from other customers are also an excellent way to establish whether a lender is good. The best lenders offer free customer advice so you can ask questions and make enquiries without having to apply for a loan. You should be able to access all the information you need without any obligation to borrow money, until you are ready to do so.

According to our research, internet searches are how the majority of people find a payday lender. This is a good way to start, but once you have found a few lenders, it is best to spend a little time doing some research into them.

Some lenders will go to amazing lengths to convince you to borrow from them. While we understand you may be feeling stressed and under pressure to borrow money as quickly as you can, don't let a bad lender harass you into making a rash or hurried decision. Even if it is just for a few hours, take some time to consider all your options before you apply for a short term payday loan.

Another way to establish whether your chosen lender is trustworthy is the application process. The reputable lenders all have a formal and thorough application process, which will include establishing proof of your identity, verification that your bank account is active, and confirmation of your employment and regular income. You should always be asked for this information, it is standard practice amongst good lenders, so if you are not asked these simple questions, be cautious.

Bad lenders will try to sell their loans to whoever enquires about them. Financial services and credit are not something that should be sold. Reputable lenders, who practice responsible lending, will never try to sell you a loan. Instead, they will give you the information about their services, make the costs and interest rates clear from the outset, and leave the ultimate decision to borrow entirely up to your own discretion. If you experience any form of high pressure sales tactics or harassment from a prospective payday lender, you have a right to report them to the OFT.

While a financial emergency can crop up at any time and cause a great deal of stress, try not to panic and instead, spend some time considering all your borrowing options. Calculate what you can afford to repay, then you will be able to calculate more accurately what you can afford to borrow.

The main thing to remember is that you are in control, these are your finances and the decision has to be one which is best for you, and your family. The best lenders will give you the help, advice and support you need and when you find the lender you need in an emergency, you will be able to access the short term cash advance you need.