Now consumers have a voice and an advocate in an otherwise predatory industry
Pleasant Grove, UT -- (ReleaseWire) -- 09/21/2016 --For years, the payday loan industry has maintained unethical business practices that have trapped American consumers in an endless cycle of debt—robbing them of their hard-earned money.
The problem became so widespread and systemic in fact, that the industry has a whole eventually forced search engine giant Google to take action: in May 2015, Google made the landmark announcement that it would ban ads for products with high APRs (36% or higher) and short repayment terms (60 days or less).
According to Google, "research has shown that these loans can result in unaffordable payments and high default rates for users, so we will be updating our policies globally to reflect that."
Even though this AdWords policy change will result in the loss of advertising revenue for Google, the company's executives felt it was a moral issue that needed to be addressed. Nevertheless, payday loan companies have found an another way to reach prospective customers by marketing their services through traditional mail advertising.
The influx of mail fillers making their way to the American consumer has resulted in a surge of online searches. Consumers want more information on these payday loan companies and the services they offer. More specifically, consumers are interested in the reputation of specific payday loan companies and what former customers had to say about their experience. But until recently, no such online resource existed; there was no outlet for borrowers to share their experiences and help others steer clear of untrustworthy businesses.
Enter BestCompany.com, a review site that independently and objectively ranks and reviews companies spanning hundreds of industries. In an effort to help consumers, BestCompany.com strives to provide the best solutions for all consumers—including potential payday loan customers.
Understanding that the payday loan market has been notoriously flooded with companies known to take advantage of customers, BestCompany.com faces the unique and difficult challenge of creating value and presenting clarity to everyday people in a place where those two qualities have never before existed. The site holds all companies accountable by championing ethical and transparent industry standards, and rating companies in relation to those standards.
"We are excited for the opportunity to help people navigate their way through the payday loan industry," says Chase Sagum, Chief Marketing Officer for BestCompany.com. "Through expert analysis, data-driven research, and feedback from real customers, we have developed a crucial source of information that we're sure will help close the knowledge gap for those considering obtaining a loan through a payday provider."
Thousands of consumers flock to BestCompany.com daily just to read up on information regarding these payday loan companies. It's a platform where consumers can read unbiased expert reviews, and share their opinions and experiences, creating a voice that was previously silenced by a predatory industry. These customer reviews and testimonials shed light on which payday loan companies are doing business the right way, and which are not.
After conducting thorough research and gathering responses from actual clients, the BestCompany.com team has concluded with overwhelming confidence that LendUp is one of the few payday loan companies that is doing things the right way. LendUp's APRs are by far the lowest among the reviewed companies. And LendUp's APR rates range from 300 to 500 percent—significantly less than the industry average of 700 to 1,200 percent.
"I've never had an issues with them [LendUp]," Jonathan Sandi, a customer from Chicago IL, stated in his review on BestCompany.com. "I have done about five loans with them . . . they're flexible with your situation. I'd totally recommend it."
While the payday loan market has created the ultimate challenge for the BestCompany.com review platform, data suggests that the product is helping thousands of people make wise purchasing decisions each and every day.
BestCompany.com is an unbiased consumer resource that has reviewed and ranked thousands of companies spanning over one hundred industries. The review site's mission is to empower everyday consumers to make better decisions, and raise standards among the companies it reviews.