New online service evaluates short-term lender quality. User-driven rating system lets borrowers compare payday loan services.

August 17, 2004 -- The evaluation service was created by the Florida-based Internet marketing firm of TBBI.net. According to TBBI CEO Thomas Becks, "Over the years my firm has consulted for a number of financial firms looking to gain a presence in the growing field of online lending. Somewhere along the line it occurred to us that consumers needed a real advocate in helping them choose reliable lenders."

Becks went on to say, "the beauty of the Internet is that it is so open and it has been such as consumer-driven phenomena. Creating this rating service was really a natural, to give consumers a voice in evaluating lenders and share their experiences with fellow borrowers. We simply provide the platform to give them that voice."

Instead of relying on abstract measurements of lender quality, BBPDL uses real-world data collected directly from consumers. Users of this free service are simply asked to come back and complete a short online survey, found on the site. The survey is anonymous and it provides real-time data that is combined with other responses to keep consumer ratings constantly updated.

TBBI.net also periodically "secret shops" various lenders to provide another source of rating data. Ratings on the site are presented in a simple table, including the lender name, a short description of the service, a link to the lender site, and an overall rating, expressed as $ symbols. Only lenders meeting minimum rating criteria are listed.

Payday loans are also known in the industry as cash advances, check loans, deferred presentment loans, and deferred deposit loans. These loans are short-term, higher interest rate loans ranging from $100-$1000. Usually, the worker writes a personal check payable to the lender for the amount he wishes to borrow plus a "nominal" fee. For example, a consumer who wishes to borrow $100 may write a $110 or $120 check to obtain the money. The check written for the payday loan is cashed in a period of a couple of weeks.

Borrowers find these loans to be a convenient stop-gap for paying unexpected bills, emergencies, vacations, car repairs, etc. Payday loans become an alternative to bouncing checks, pawning personal property, or borrowing money from family and friends. Consumers also use payday loans to avoid late-payment penalties and negative marks on credit ratings.

For more information, please visit http://www.best-bet-payday-loans.com




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