Do You Need a Payday Advance Online?
What Is a Payday Loan Direct Lender?
Payday loans direct lenders come with different job titles — direct-payday loan providers, payday advances direct creditors — but they all do the same work. They provide borrowers with short-term loans that they repay once they receive their next paycheck. These loans have few requirements, meaning even if you have a not-so-perfect credit score or history, you still have an opportunity to get approval.
Direct Payday Loan Lenders Vs. Payday Loan Brokers: What’s the Difference?
A direct payday loan lender is precisely what the name implies — direct. They provide payday loans directly to borrowers without go-betweens such as brokers, private equity firms, or banks. They handle everything from credit assessment, underwriting to handing over the final check.
Payday loan brokers, on the other hand, are technically matchmakers. They gather the borrower’s paperwork, determine the right loan amount, and then submit the information to a payday loan provider for underwriting and potential approval.
Why choose a direct payday loan lender?
There are numerous benefits of working with a direct payday loan lender. Here are some of them:
- No bureaucracies, meaning they have fast and easy processes, which ensures the money reaches your account as quickly as possible.
- There are no hidden expenses worked into the payday loan.
- You can expect a personalized solution for your needs. This also means you’ll get personalized answers to all the questions you may have.
- As the credit originator, they tend to have lower interest rates, which, in turn, translates to more spending money in your pocket.
- With brokers, you can never be sure who you are entrusting your personal information with. When dealing with direct lenders, you know exactly who you’re dealing with and are sure your information will be dealt with safely.
Working with a direct lender also means you’ll be able to build a long-standing relationship with them. A great lender-borrower relationship will help you secure bigger credit amounts, not to mention a better interest rate.
How Do Payday Loans From Direct Lenders Work?
Zooming in a bit more, payday loans differ significantly from other consumer loans. They don’t require a full credit check or collateral and are typically due on the next payday. Basic requirements for a payday credit include an active bank account in relatively good standing, an ID, and proof of income.
You can typically apply for a payday loan online or at a payday loan lender’s physical branch. Once your application is approved, you may receive a check, cash, or have the money deposited into your account.
How Much Can I Borrow From a Direct Payday Lender?
Depending on the lender and where you live, you can borrow as little as $50 and as high as $1,000. The exact amount you should get will depend on your salary and the lender you choose.
What can I use a payday loan for? Payday credits are open-end or general-purpose credits, meaning they can be used for many purposes, from funding a home improvement project to paying medical bills.
There you have it: everything you need to know about payday loans direct lenders. Remember: when looking for a payday lender, be sure to pick a lender that fits your needs and has friendly interest rates and terms.