Payday loans direct lenders
The advantage of direct lender payday loans
Quite simply put: payday loans from direct lenders are far quicker than credit brokers when it comes to securing money and receiving it. This is because direct lenders literally make the decision directly(hence the name they are given), they are actually making the judgement themselves and that means that they can expedite the process of getting you a loan. So when you’re looking for extremely quick payday loans they are going to have an advantage over any credit broker when it comes to speed but not necessarily price…read on.
If you’re looking to get a great interest rate however, it’s well worth considering that you need to go to multiple direct lenders in order that you find the right deal that’s acceptable for you. You might not always wind up with the best possible interest rate when you go to a direct lender because there’s just not as many options. If you go to a credit broker your application will end up in front of a panel of lenders that will be considering the best rate they can give you to secure the loan with you. That will be rather useful if your after a £100 loan and you have bad credit, the rate will be significant otherwise! That puts you in the power position and results in getting a payday loan at the best possible rate given your respective financial situation, even if it’s just a £50 payday loan you want a good deal!
How do I go about getting a direct lender payday loan?
One of the best ways to get a direct lender payday loan is to simply go on to the search engines and find yourself websites that clearly state the website is a direct lender. You can normally get online loans the same day if you’re profile fits the lenders requirement through a direct lender. You’ll see that absolutely every single website which sell finance have to clearly disclose whether or not they’re a direct lender. If you can see that they are a direct lender clearly on their website and on their terms and conditions page then you are good to go but brokers can help you with borrowing money, even with poor credit. A direct lender is far more likely to be able to offer a same day loan if you have bad credit as a result. Most people that are credit brokers for example, will very clearly state the fact that they are only credit brokers and not direct lenders and so cannot make financial decisions in terms of approving a payday loan.
Direct lenders decide the outcome of your loan ‘directly’
Direct lenders have a different authorisation level to that of credit brokers and they’ll be able to handle your application far more quickly. They are not waiting on a panel of lenders to make a decision based on the application they receive, instead they go right ahead and decide internally, so for example, £100 loans can be nearly instant in some cases. This is a good time to mention that you will be credit checked, payday loans with no credit check are a myth. This will take time when there’s the different layers of admin involved. But like we’ve already mentioned if you want to find yourself a good deal, speaking to credit broker is actually a pretty handy thing to do because they will give you a wider scope and better understanding of the market. If you’re looking for a short term loan online it makes sense to check more providers and compare as much as you can.
You can spend a direct lender loan on anything
Direct lender payday loans can be used on anything you want. You don’t have to let the direct lenders know what you’re spending the money on. It’s completely down to you what you do with the money. It’s unlike a high street bank who would be very interested in what you’re planning to do with the money. This is mainly because high street banks might be offering a far larger amount of money and it’s considered more of an investment as opposed to a short term loan until payday.
The main principles and guidelines for a direct lender to give you a cash loan today is the simple ability to repay it without being put into a financial position that would be a struggle. You’ll be able to get a payday loan if your credit is good enough as the approval rates are quite high approval for quick cash loans.