Following are few benefits if you choose to apply with direct lenders and say no to the brokers.
1. Have full controls over the entire loan process: There are three stages in payday loan funding.
i) Application submission, you have two options either go through broker or go to direct lender.
ii) Risk underwriting and decision by the direct lender only.
iii)Cash disbursement to your bank account by the lender directly.
So applying with lender directly gives you an opportunity to complete loan cycle at one place.
2. Quick and easy Text loans: As we know loans are approved by the lenders only so applying with them directly save your waiting time for decision.
3. Save broker’s fee: Many brokers may charge upfront fees so you can save this by connecting lenders directly.
4. Save your data privacy: If you apply with broker he will sell this information to the biggest bidder of your loan lead, in this way many lenders may get your confidential information. Applying with direct lender will be a guarantee of your data privacy as per rule of the land.
5. Negotiate directly: Dealing with direct lender will give a chance to negotiate with lender for loan terms and conditions including interest rate.
6. No credit check loans direct lender: If you are returning borrower of the same lender, and he has trust on your financial status, he may approve loan without credit check.
7. Instant loan by text: You can avail this facility given by many direct lenders to their loyal customers.
8. Bad credit loans direct lender: If you have poor credit ratings, then you can convince lender by putting supporting evidence regarding your current fiscal. For example, you can show your regular electric or gas bill payment receipt, bank statement, long term saving instruments to prove loan suitability.
It is very difficult to manage and costly for direct lender to invest money in advertisements, so they tie up with brokers to procure business.
Not at all, once direct lender receive your application and complete their risk assessment called loan underwriting, only then they tell you their actual terms and conditions. This loan deed is a legal document and has bindings on you and the lender.
After new payday loan regulations brokers are also regularized and licensed by the FCA. One broker can work with any number of direct lenders. Brokers try to find loan leads with their good packaged websites filled with impossible promises like "payday loans direct lenders no credit check" which is impractical.
Normally broker did not charge from you and they get small commission from the lender they sell your loan lead.
For repeated and loyal borrowers £100 loan no credit check direct lender are available, as past record is already with the lender.
The UK payday loan regulator has made mandatory for all lenders to perform loan suitability check before loan approvals in order to save low income borrowers from spiral loan trap. In this way credit check is a security cover for poor credit borrowers not a hurdle in getting loan.
For payday loan direct lender has special deals, as these loans have unsecured risk so bears high charges.
For long term secured loans like personal loans always a surety or guarantor is required, so they are called guaranteed loans. But for payday loans no guarantor is needed hence guaranteed payday loan direct lender is not possible.
As name indicate payday loans are mean to fill cash gap between two pay dates so these short term loans are available without any guarantor. Present loan repaying capacity is the only condition for these loans.
Yes, mini text loans direct lenders is offered by many of them. Loan amount ranges from 100 to £1000 is available with almost lenders.
If your loan suitability is established then, you may think of 15 minute loans direct lenders.
Lender will get repayment amount from your bank with auto debit method, if you do not have sufficient balance on that day, the lender will try to contact you. If you agree with him for loan term rescheduling, then OK otherwise he may forward your details to credit score agency for adverse entry.
Lender also has option to take help of third party recovery agency or continuous payment authority or file a case in the court.