Introduction to Pay Day Loans

Pay Day Loans are essentially cash advances that are offered to people in immediate need of cash. These loans have known to be more inclusive than long term loans, as they are reaching out to a much larger customer base, including people who cannot afford long term lines of credit. These cash advances are usually meant for people in times of crisis or in times of emergencies, where the need for fast and easy cash is needed. The advantage that these long term loans enjoy is their policy of approval irrespective of the credit history of an individual. This is the main reason for their popularity.

Need-to-knows about Pay Day Loans:

Although payday UK loans might tend to look attractive considering the wide product range they offer and the amount they are offering these loans for, one needs to be very careful while choosing these options. Let us discuss some of their features, to enable you to make an informed choice while doing so.

  • High Cost and Short Term: Access to these loans is relatively easy, as some people are using these services even on their mobiles, however these very features makes payday UK loans dangerous in the long run. Their easy access should be restricted, so that we realize that these loans are to be used only for emergency purposes and not as a substitute for your income.
  • The Role of APR’s: Many industry experts have argued that displaying APR’s can become quite meaningless, as the amount that you might end up paying as APR can be quite in contrast to what has been displayed. Displaying the APR is a legal requirement. Since these loans are borrowed on a short term basis, the rate of interest/fees can be quite high.
  • Ability to Repay: It is extremely important to know that if you are not in a position to repay a loan, you cannot afford the loan. This is not to be treated as an additional source of income and since these loans look appealing, it becomes all the more important to understand whether you will be in a position to repay them in the future.
  • Roll over Position: Although the roll over option might seem easy, more often than not, if you roll over a loan, the penalty charges and the fees these lenders charge, is much higher than conventional fees and tend to accumulate over a period of time which can sometimes land people into a huge financial crisis.
  • Credit Rating: It is a common notion that repaying a payday UK loan can improve your overall credit rating. This is not the case. Pay day loans have separate criteria when it comes to credit rating agencies, it has been found that although it may marginally improve your credit rating, while you’re applying for a mortgage loan, and it does not make a large difference.
  • No Credit Checks: Although pay day lenders advertise no credit checks, this may serve as more of a disadvantage rather than an advantage. This means that a lender does think it is important enough to check your capacity to repay a loan, which means that it is not in a position to guide you to manage your finances in a responsible manner. This also implies that if you are applying for another lender, he too is not in a position to judge your lending capacity.

It is a well- known fact that when credit checks are made, almost 60-70 % applicants are turned down in the process.

Future of payday UK loans:

Almost a decade after pay day loans have been introduced in the UK, there has been considerable debate over the future of these loans. They were a popular option post the 2008 crisis, as the cash-strapped economy found the offers to be far more attractive, since most of the financial institutions have restricted their lending capacities. There have been several people lobbying for stricter regulations on pay day loans UK, as surveys have indicated that about 2 million Brits were using these loans for meeting day to day expenses rather than emergency purposes. Following these not so positive developments, certain regulations have been put into place in early 2014.

  • The first and foremost step is completely transparency in advertising which includes all the risks mentioned.
  • Roll over limit reduced to 2.
  • A freeze on interest and other charges where the debt has been extended more than twice.
  • Continuous payment authorities have faced strict criticism as it enables these lending agencies to debit money from the borrower’s bank account without any warning.

What it means for the Lenders:

The proposal of these regulations and the following cap on the interest rates has seen many lenders leaving the market. Some highly profitable lenders like Wonga and payday UK have resorted to more transparency in their process, and have introduced rigorous checks in their application processes. There is a need for the lenders to be more customer-friendly and companies like Pay Day Uk have adopted measures which have led to responsible lending. Let us discuss some of the changes they have made in the process.

  • No lending to students or minors.
  • Doing a thorough check of the applicants to see if they are in a position to repay their loans.
  • People with debt problems are a strict NO.
  • No dealing with people whose identity is questionable.

Overall View:

Companies like payday UK have been responsible in their lending policies and have ensured that customers are fully aware of the limitations and risks involved with pay day loans. Their application procedures have also become more stringent ensuring that the applicants are in a position to repay the loans within the stipulated period of time, preventing any defaulting on their part and in turn maintaining a certain amount of credibility. This builds confidence in the minds of the customer, as he feels that the lending agency is more interested in guiding them rather than taking advantage of their poor financial conditions.

Sunny Loans

Sunny Loans specialize in what we call today as payday loans. Payday Loans are essentially cash advances that are offered on a short term basis to a customer, usually to be repaid over a short period of time ranging from 2 weeks to 12 months, depending on the lending agency and the type of loan you opt for. These loans usually carry a higher interest rate and certain repayment options can carry an Annual Percentage Rate (APR) of close to 4000 %. Sunny Loans are known to provide a better alternative to the UK’s short term borrowers.

Sunny Loans have been in the business for some years and are known to be one of the most trusted names in the industry today. They have arrived at a time when the regulations are being put in place and there is much stricter cap on the interest rates being charged to the customers. Despite these limitations, they have excelled in their services, right from providing the best possible loan to the customer, to guiding the customer in the need for financial responsibility as well as being gentile and empathetic with the customers at the time of repayment. Sunny Loans is perhaps the only lending agency which allows you a 5-day grace period to return the loan amount without any extra charge.

Besides providing these services, they have also indulged in conducting regular surveys and reviews to gauge what the developments in the industry have been leading to and where the future of this industry lies. They have constantly felt that it is a need that the customer remains completely involved and informed of the various developments taking place in the lending world, so that we can become more informed citizens.

Let’s look at some of the practices that should be adopted by some of these lending agencies in order to create a positive impact:

  • It is essential that these lending agencies are completely transparent in their process and their transactions, keeping the customers clear from the hidden costs and other fees that could potentially damage the customer’s ability to pay.
  • They need to serve more as a guide rather than just a lending agency, so that the customer derives confidence from this institution and looks at it as a source of support rather than a burden at the end of the month.
  • An additional motive of these organizations should be constantly engage their customers with relevant information on various tools available to keep themselves financially stable so that they can become more responsible in their approach towards money.
  • They could do this by writing blogs, sending those links online to various informative websites, sending them regular updates on the developments taking place within the lending industry.
  • They could also educate them about the various risks involved with short term lending or payday lending, so that they make an informed choice while making this decision.
  • They should also recommend more sustainable sources of short term lending to those who they feel are not in a credible position to apply for a loan. This would create a feeling of confidence in the minds of the customer and also not see himself as unworthy.

Some of the things that a customer must keep in mind while making these choices is:

  • A lender is not the only one who is responsible for his money. He is also responsible for it, which implies that he needs to understand whether he is in a position to take the loan, and not just that but whether he is in a position to repay the loan within the specified time.
  • He should do a fortnightly check on his financial situation. This also creates a sense of self assurance and at the same time, helps him project his finances for the rest of the month.
  • Savings should become a practice, irrespective of how much you own. This can see you through your crisis and gives you the ability to not rely on external sources of funding.
  • It is also important for you to understand the importance of being educated about various sources of funding and the different types of lenders functioning in the market. This gives you an idea of who the best possible lender is, and why they are offering the products they are offering.
  • It is always advisable to be directly linked to the source of fund rather than relying on a broker, as this could be detrimental to your overall financial state. Brokers have a tendency of putting their own interest before your own and their exposure to many clients and borrowers puts additional pressure on them.

 

These are some of the practices which could bring lenders and borrowers closer to each other and bring in mutual respect for each other rather than unnecessary dependence. Lenders need to realize they are here to help customers and that’s what their practices should revolve around. IN the same way, borrowers need to understand the need for being informed and not be victims to some fraudulent practices.

There are some lenders who have identified this need and are working towards improving the overall situation. Lenders like Sunny Loans are ensuring they are exposing their customers to the right needs and are discriminating between their customers which could sound wrong but in practice is very much needed. Everyone and anyone is not eligible for a loan and as long as lenders understand that, it can help things.

Overall View:

The idea is to understand that we live in an economy where people are financially dependent on these institutions and there needs to be a paradigm change from this state of dependence to a more constructive role of guidance, which could uplift the customers in every sense and see them being more educated and sure about their financial casualties. This needs to be an overall change in perception and new laws and regulations will only help to a certain extent. Systems unfortunately have enough loopholes and the more laws we create, the more loopholes it will give rise to.

Amigo Loans

Amigo Loans is an alternative lender company and offers short-term guarantor loans with a cheaper interest rate than most other payday loans. Of course, there are still many options you may want to consider before borrowing from Amigo Loans. This includes using a credit card with no interest or seeing if your local credit union has better loans with lower interest. You should also see if you can ask a trusted family member or friend if they are willing to offer you the money to return at a later time.

 

The reason Amigo Loans is somewhat better than other high-interest loans is because they do take the last bit of advice. They make sure you have someone in your life who is willing to pay your loan if you are unable. This makes you responsible for the loan, and if something does change financially in your life, you have someone else who is willing to help you out. If you have a low credit score, this may be a good way for you to borrow. Of course, your guarantor will need to have a good credit score. They will also need to prove that they are a UK homeowner, whether this is through directly owning a home or through a mortgage.

 

Guarantor loans are still common for landlords and mortgage companies, and are how banks used to lend. However, now that computer credit scores have taken over, it has been harder to implement. Amigo Loans is one of the few companies that still offers such a thing. It means that if someone is willing to pay for your loan, then even if you have a low credit score, you will still be able to borrow from Amigo Loans. Many firms will have a strong rule that if your credit score is low you will not be able to borrow. Other companies may not have such stringent rules but will still take into account your credit score as a large part of the application. Amigo Loans hopes to change this so that even those who may feel they will not be able to get a loan will still have a chance to be able to borrow money.

 

Amigo Loans promises that they will only collect on cards or direct debits when you have a mutual agreement with them. They are a company that realizes that you do not want to be in the financial state you are in either, and they are willing to work with you to get you back on track. Amigo Loans also gives advanced warnings so that you will never have to pay for any unexpected fees.

 

Your guarantor will not be contacted until you have been contacted first for the payment. Amigo Loans promises that they will try as much as they can to collect from the borrower before they approach the guarantor for the payments. They will never repossess or force you to sell your home, and will only use courts to enforce your debt to them as the very last resort.

 

 

future of the Payday Lending Industry

Payday Express is one of the most popular lending agencies operating out of the US and has been responsible for contributing to short term credit in a massive way. In this atmosphere of financial instability, it is becoming extremely important to understand the need for short term lines of credit, as not many people have access to mainstream lines of credit, which has led to this industry’s growth. This has seen the rise of many players in the market, competing for the top spot, as battles erupt over regulation of this industry. It has been observed by industry experts that since this industry is not regulated, it has led to several fraudulent practices being adopted by many players, including independent lenders.

Let us discuss some of the reasons which concern our economy as we know it today:

  • 71% of Americans have reported being piled up on debt. Among those who are in debt, 53% of these are reported to be in debts more than 10000$ while 32% are in debts exceeding 20,000$.
  • Every American has been an unofficial lender or borrower, sometime in his life with almost 50-60% claiming they have borrowed or lent at least once in the last 5 years.
  • Americans have claimed that there are several reasons why they are in serious debt today and they attribute it to the cost of housing, healthcare and credit card debt.
  • This could be looked at one of the main reasons why this short term pay day lending industry is growing at an exponential rate, as many Americans have voted having a positive experience with these forms of credit.

 

Payday Express

Payday Express

About Payday Express:

Payday Express is the company trading name for Instant Cash Solutions Ltd. An interesting fact about this company is that they are the founder member of the Consumer Finance Association (CFA) which is the body responsible for lobbying for interest rate regulation and is itself regulated by the Financial Conduct Authority. Loans from Payday Express range from 100$ to 3000$ and are solely devoted to covering an individual’s emergency expenses. They have been in existence since 1999.

Some practices you should know before you apply for a pay day loan:

  • One practice that has attracted customers to this Los Angeles based lending organization is the company’s capacity to give loans without checking your previous credit history. This doesn’t necessarily mean a good thing, as it can also lead to default payment on the part of the customer which could lead to bad credibility on the lender’s part.
  • You can get a new loan the same day you repay your previous loan. This practice is good in its implementation, as applying for a new loan while not repaying the previous one can lead to serious malpractices.
  • There is a certain documentation that is needed before applying for this loan which includes a proof of local address, personalized check with your name from your bank account, an identification proof, and proof of income as well as your current bank statement.
  • Your information is kept confidential and is protected by a verified Company privacy policy.
  • Payday Express also offer loans to people who have filed for bankruptcy in the past or who have bad credit, the idea behind this to understand the current financial need of the individual and take an unbiased decision, which will ensure greater customer confidence. However, several experts have pointed the basic flaw in this system which clearly doesn’t define the repayment capacity of the individual.

ANNUAL PERCENTAGE RATE (APR):

There has been serious concern and controversy attached to this subject, as many have felt that the rate of APR, which in some cases has gone up to as high as 6000% needs to be regulated so that the customers are not at the mercy of these lending agencies.

Before that, let us discuss what APR is and what it means for the customer.

  • APR is the annual percentage rate and is the interest charged on the amount borrowed including other charges.
  • The representative APR is the highest rate that is advertised which is common for almost 51% of cases.
  • The representative examples includes
    • The interest you pay
    • How the loan is repaid
    • The duration of the loan agreement
    • The frequency and the timing of the payments
    • The amount of each payment and the fees associated with each payment.
  • This term is basically calculated on the basis of an annual charge, which means it is applicable for an entire year and expresses other interest and fees you would otherwise be charged on an annual basis. There are different types of financial products available and different loan opportunities which define different APR’s.

 

That is why Payday Express feels it is extremely important to be completely transparent with the customer. All these charges are mentioned to you before you sign up for the loan, which essentially means you are aware of all the other charges and the interest fees before you sign up for the loan.

The amount of interest charged per loan starts from .80 % for every 100 pounds borrowed, which means 80 p per day for every 100 pounds. This is not a variable figure and remains fixed till the duration of the loan agreement. The representative APR works out to be roughly 1297%.

The future of the Payday Lending Industry:

After several expert opinions on the need to cap interest rates and regulate the industry, there have been several lenders that are exiting the industry, as there are not many lenders which are considered to be profitable. It will be a tough struggle for the rest of the major players, as it means facing a strict cap on the interest rate they charge which could see huge losses. The roll over limits are also noted to reduced drastically, which could serve as an advantage to the customer, as it reduces his capacity to accumulate debt, but also places a greater responsibility on the lender to ensure clear communication and correct guidance methods to educate their customers with the right information.

An Insight into the Payday Lending Industry

Owing its origins to the US, the industry has subsequently expanded to the UK in the late 1990’s, with 5 of the top 7 companies still being owned or controlled by American companies and it is estimated by the Office of Fair Trading that this industry is currently making 900 million pounds of loans in the UK per year. This number isn’t likely to go down in the coming years.

the Payday Lending Industry

the Payday Lending Industry

It has been observed that payday customers are generally single with an income of over 1000 pounds per month. The average size of an initial loan is usually between 230 pounds and 300 pounds but regular customers are usually offered loans up to 1000 pounds. This suggests that payday lenders are catering to a higher income demographic than customers who are indulging in other forms of credit, like home credit or door to door moneylenders.

Despite this positive information, it is being said by industry experts that many customers could be trapped into this cycle of repeated borrowing:

  • The credit cost becomes high, especially when the loan is rolled over.
  • Some borrowers do have low incomes, as low as 750 pounds and there are lenders who are supplying these people with credit which can lead to discrepancy in their repayment.
  • Payday Lenders are advertising products by comparing their charges to other forms of credit, indicating that some borrowers are likely to have used up their line of credit and that they could already be in some kind of financial trouble.

There are 2 questions that need to be tackled in order to understand these payday loans slightly better:

  • Whether these payday loans are turning to be more expensive for the customer than other forms of borrowing.
  • Whether there is evidence of consumers being trapped in a repeated cycle of borrowing.

Let us discuss this in relation to a very well reputed lender serving the industry today by the name of Lending Stream. Whether a loan is turning out to be more expensive than overdraft fees is a relative concept and it depends on 3 main things:

  • The charging policies of the bank concerned
  • The amount of loan
  • The level of the specific payday lender’s charges

 

Lending Stream is one of the most popular companies in the industry and has been providing these short term loans since 2008. They are members of BCCA and CCTA and run an affordability analysis on all applications to evaluate whether the customer should be able to repay the loan in a sustainable manner. The team comprises of data scientists, engineers and business analysts in the world. They are perhaps one of the most first few companies which are using advanced analytics to determine the credibility of the borrower. They are also the same people who devised a system to detect frauds protecting transactions on over 2.5 billion credit cards. They are known to create innovative financial products in the world of payday lending.

This is one company that is striving towards making the market place a more responsible one. They are working with various customers, offering them competitive interest rates and at the same time, have a dedicated team that is devoted to ensuring that the customers come out of their crisis being more financially responsible.

Lending Stream has always believed in the fact that the customer’s interests are far more superior to their own and this could be explained by them not making enough profits in their years of functioning. They believe in contributing to the financial acumen of the average UK citizen and have made sure that their practices are in line with their vision.

It has been noted that there needs to be a certain amount of transparency that needs to be evolved at this level and this can be explained in the following ways:

  • Do an accurate study of the income distribution of payday borrowers in the UK.
  • Track the users of payday loans and measure the impact of these payday loans on the borrowers and see whether it has improved their condition or otherwise in relation to non-borrowers.
  • Scrutinize the use of credit card and authorized overdraft borrowing prior to the use of payday loans.
  • There is a further need to dwell into the relationship between payday lending, credit defaults and insolvencies.

 

There need to be some best practices that need to be followed in order to fully use the benefits of short term lending and at the same time, ensure that the customer is not cheated.

  • Restrictions on the number of roll over loans they can opt for
  • Limit on the number of times a borrower can apply for a loan relative to his income.
  • Limited default charges and implements strict policies to freeze interest at an early stage.

 

Unfortunately, these are not practices which are followed by the industry as a whole and this can be done only when the initiative is taken by a few lending agencies who understand the need for such reforms. Lending Stream has been one of the noted names in this endeavor and has strived towards achieving this objective. They have set an example for other lending agencies to be far more transparent in their practices and not indulge in practices which could hurt the customer’s interests. The association with the customer has been of prime importance when it comes to this particular lender and all their practices have been towards achieving this objective.

 

Overall View:

It is extremely important to understand the complexities of this industry and know that these short term sources of credit cannot be treated as alternatives to other forms of credit. The borrowing capacity of the borrowers in this segment should be identified and it is the responsibility of the lending agencies to ensure that the customer is aware of these complexities and the benefit passes on eventually to the customer. This can only be done if the customer is educated on his own and at the same time, the lender is not indulging in any kind of fraudulent practices. This is where regulation of this industry will play an important role.

 

 

 

 

 

Bad Credit Payday Loans

What are Payday Loans?

Payday loans can be described as short term loans which anyone with a stable source of income is eligible to apply for. What makes these loans popular is the fact that it is extremely easy for the loan to be approved and it caters to a wide range of people, who cannot afford long term loans. These loans are usually meant to be paid back within 2 weeks to a month with an APR (Annual Percentage Rate) that can go up as high as 1000 %.

Bad Credit Payday Loans

Bad Credit Payday Loans

The History of Pay Day Loans:

Before we dwell into what bad credit pay day loans really are, it is important to understand how this movement started. This was a phenomenon that owes its origins to the land of the US and has been a practice that was adopted as early as the 1800’s, mainly for the blue collar workers who were finding it difficult to make ends meet. This was an unregulated practice which led to dubious means of collecting money by collection agents, which called for a regulation of the industry. After several legal battles, the decision was made to not have a standard interest rate but a situation where the home state could decide the interest rate. Naturally, lenders saw more opportunity in states where the rules were more relaxed.

This practice was replicated in UK in the 1990’s and since then, has grown into a billion dollar industry.

 

What are Bad Credit Pay Day Loans?

The next obvious question one would have is who is eligible for these short term loans? Anyone who is above 18 years of age with a source of income is applicable for these loans, irrespective of the credit history of the individual. This means that even if you have a bad credit, your credit worth on the day that you apply for the pay day loan is taken into consideration and on the basis of an affordability analysis to test whether you are capable of paying the loan within the stipulated time period; your loan amount is approved.

Advantages of Bad Credit Pay Day Loans:

For those of you who don’t have a talk-worthy credit history, short term loans are the most viable option for the following reasons:

  • These financial institutions make a more unbiased assessment of your credit worth, as compared to conventional banks.
  • The application process is fairly simple and easy to understand, which makes the experience more satisfactory with the customer.
  • These institutions are also responsible for improve your credit worthiness by guiding you through the entire process and showing you proven methods of improving your financial acumen.
  • Since these institutions are linked to many banks, if you have been a bad creditor in the past and have repaid your pay day loans on time, that information is passed on to the credit agencies and in turn the banks you have been previously associated with.

Bad Credit Pay Day Loans are becoming increasingly popular in the UK and has faced staunch criticism against the practices adopted by these lending agencies. It becomes all the more important to understand both aspects to this, especially for bad credit borrowers so that they are in an informed position. There are some points one should remember in the case of Bad credit pay day Loans.

  • Before applying for any pay day loan, one needs to know the cash repayment practices adopted by the lending agencies.
  • One needs to do a thorough research on the lending agency they are opting for and this should be done through sufficient number of back ground checks, comparing reputations in the market, speaking to customers who have used these services in the past and so on.
  • It is also imperative to understand why exactly you need the loan and it is always advisable to do it only in the case of an emergency, as this should not be treated as an alternative for fast and easy cash.
  • You should do a thorough analysis of your own to ensure that you will be in a position to repay the amount fully, with the interest within the time mentioned.

 

Reason for Regulating Pay Day Loans:

It has been understood that there is a need to bring these pay day loans under strict regulation since there have been a certain degree of fraudulent practices that have been adopted by these lending agencies. It has been observed by many agencies that this, rather than becoming an emergency cash mechanism, has become a means to substitute for no cash. A recent survey showed that only 16% people used these services for emergencies. A majority of the people were using it to supplement their income.

There was another interesting fact that came out during these findings. A majority of the people borrowing from these lending agencies were requesting for an extension of their loans or rolling over their loans, giving rise to huge interest rates as well as loan fees.

Another thing that was observed was the fact that there were numerous lending agencies in the market which were not adopting fair practices when it came to educating the customer about their repayment options, their hidden costs and how they should go about building their financial credibility, which furthered the need to be well informed about these agencies that were ruling the short term loan market.

Final Words:

It is important to consider all your options before you go in for a pay day loan such as this. Although pay day loans do have their benefits when it comes to serving your needs in times of crisis, there needs to be a clear distinction that needs to be made between crisis money and replacement money. This method should not be used to supplement the cash or replace the cash that you have, and we should be completely aware about the consequences of bad financial management. Loan money has a way of piling up and it is better to clear your debt before you incur more.

Toothfairy Finance

Toothfairy microloans are meant to provide small, quick loans to people in the UK when you need money fast. They are designed to help people who are frequently denied loans by banks. There are many problems with Toothfairy loans, and you should highly consider other options before going with Toothfairy microloans.

Toothfairy Finance

Below are a few reasons why Toothfairy Finance should be avoided:

The Payday Loan Cycle

Toothfairy microloans make it seem as if they are a helpful company who give money to those who are unable to. However, this is a marketing tactic to invite people to get into more debt. Most people who need payday loans are those who are desperate and needy for money. When people get payday loans, it is used to cover bills and unexpected expenses. Unfortunately, if you do not have a way to pay this money back, the high interest makes it so the payday loan is quite unaffordable.

Toothfairy Finance advertisements are extremely deceiving, and like many payday loan advertising, are dangerous. The ads are designed to make it look as if it is a short little amount that will help you get out of your financial situation. In reality, it is a dangerous form of debt that will be even more devastating to your financial life.

long-term financial goals

Money Direct to Account

Toothfairy Finance boasts that you can have the money direct in your account in as little as 60 seconds. This is meant to make it look like they are a fast resource for clients in need. However, financial experts have said that being able to have such quick access to money will not help you to your long-term financial goals. Most people will end up getting multiple loans due to this. When people have time to reflect on their choices and think about how to get the money through other resources, they are less likely to take the negative payday loan.

Ideally, there should be a longer delay between applying for the loan and receiving the money in your account. Even with a 14-day cooling-off period, it is sometimes useless as the borrower still needs to repay the capital and any other interest and fees for that period. Even a one-day delay in the money can give people the chance to think about their decisions.

Short Term to Pay Back

When you borrow a short-term loan from Toothfairy Finance, you are expected to pay it back 14 to 28 days later. You should be serious with yourself in understanding if you will be able to make the money back in this short time frame. If you cannot, then it is better to look at other alternatives than to be put into the situation of not being able to pay back the loan. If you are unable to pay back the loan, Toothfairy Finance will go to every mean to have you pay the money back. It will also ruin your credit score and will force you into deeper financial troubles.

Payday loans should only be used in extremely rare circumstances, and even then there are plenty of companies that may be a better option.