We have the answers to some of the questions you may have about direct payday lenders. With this information you will be in a great position to decide if this suits your circumstances best.
Sometimes people say they prefer to deal directly with loan companies and cut out the Broker or “middle man”. You can of course choose to do this, but it may not be the best course of action and leave you at a disadvantage.
Want to learn more?
- How much can you borrow from direct payday lenders?
- Who will I be receiving the money from?
- How do I apply to payday lenders direct?
- Will my details be safe and secure?
- What is the application process for applying to direct payday lenders?
- What is the criteria for applying to payday lenders directly?
- Using a Financial Broker
How much can you borrow from direct payday lenders?
Loans can be for up to 1000 and once agreed can be paid directly into your agreed bank account.
Some lenders will even go to 2,000, but normally if you have been with them before or you have a good credit score.
Who will I be receiving the money from?
Direct payday loans are different to typical payday loans as when you apply for a loan, the money is funded directly from the direct payday lender and not through another lender or searched for by a broker.
How do I apply to payday lenders direct?
All applications for payday loans for direct lenders are through the lenders own website and is usually a quick and simple form to complete.
By applying for payday loans through direct lenders it makes the application process a lot quicker as it can be approved fast.
Will my details be safe and secure?
Direct payday lenders are the ones that are providing you with the funds, so your details are solely with them.
Unlike other payday loan applications that are filled in with a broker who then sends your details on to other payday lenders by using them you save on broker fees.
What is the application process for applying to direct payday lenders?
By applying for payday loans direct with lenders, the application process is usually very quick as it isn’t sent to a third party. The process only takes a few minutes to complete the application form. Then usually the direct payday lender do affordability and credit checks.
When this is reviewed, a decision will be sent to you on whether you have been accepted or not. If your application for a payday loan is accepted the lender will get in touch to ensure all details are correct before releasing the funds.
What is the criteria for applying to payday lenders directly?
To apply for payday loans through direct lenders, you need to be 18 years old and over, be a UK resident and be employed.
If you meet the above criteria, checks will then be carried out and you just need to wait and see if you are accepted.
Using a Financial Broker
When you approach a direct lender for a loan, you are only approaching one direct payday loan lender. That may seem an obvious thing to say, but read on.
If you apply using a Broker, they have the technology to be able to send your application to a number of direct lenders at once, which greatly increases your chances of not only getting a new loan, but getting it with the best rate available.
The typical arguments against using a Broker are that they charge extra fess, but not all do. Another one is that the broker can slow the whole process down, which no-one wants to happen.
However, a broker can send your details instantly to a number of direct lenders all at once and right away when you apply. Another one is that people like to deal directly with the loan lender instead of the broker.
Any other arguments? Thought not!