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Enjoying the Perks of Quick Payday Loans Lenders Only: No Brokers Needed
At first glance, you may just be unaware that the online site that you are looking into is actually a broker and not a lender. Truly, brokers have mastered the art of deception, hiding their true identity while taking advantage of the vulnerability of borrowers who are desperate for a quick loan. And once an applicant is hooked, they will use his information as a priced commodity. Selling it to the lender that will give them the best commission. This is how they make easy money and it’s not hard to understand why you want to avoid them.
Brokers and Quick Payday Loans Lenders Only
Broker sites are basically portals that will direct you to a network of direct lenders. Once your loan gets approved by a certain lender, the brokers will receive a commission from them. Other brokers may still charge you with upfront fees for their services even after receiving commissions, doubling up their income by charging both you and the lender. This is how brokers make their money by simply linking a potential borrower to a direct lender. But, if you really think about it, you can easily avail for a loan from a direct lender. Even without the services of a broker by simply going to the lender’s website and making the deal yourself.
All the broker does is forward you to a direct lender’s website and let you choose a loan term that you want. If you can’t find one that suits you, the broker will simply redirect you to another direct lender until you finally settle on a loan term and make a legal agreement. Once the deal is officially made, the broker has done his job, leaving all payments and future correspondence to you and the lender.
How to Get Payday Loans from a Direct Lender?
When a company says “we connect our borrowers to numerous payday loans direct lenders” or “we will provide you with a network of reliable direct lenders” or anything that gives the message “we don’t offer loans but we know some who does and we can point them to you” on their website, it’s a broker and you don’t want to stay long on that site. Also, if you get redirected to another website after you have submitted the application form, then you were dealing with a broker because only lenders have the power to evaluate your application, verify the details that you have submitted, and make the decision to enter into a credit agreement with you.
You will know if a company is a direct lender if you can directly avail the loan in its website. All the information on the loan is displayed on its main page including the amount that you want to borrow, the period of repayment, and the interest rates that they charge for it. Also, in the bottom section of their website, you will see the company’s details: that it is a registered lender, with a registered address, and authorised and regulated by the Financial Conduct Authority under a certain registration number.
Perks of Payday Loans Online
Once you find a legit direct lender, this is when you enjoy the perks of payday loans online. You will find that the entire application process is a breeze with approval decisions taking just a matter of minutes. And once you are approved, you could even see the money deposited in your account within a single business day. If you are 18 years of age, a citizen of the country in which you are applying for the loan, possess a reliable income stream, and have a personal bank account that can receive money transfers, chances are you will instantly be approved for a payday loan online.
Bad credit does not also mean automatic rejection as lenders have their own criteria when assessing an application and you will find that there are plenty who are ready to lend you the money that you need despite your poor credit score as long as they can see that you have a good source of income and getting into a repayment agreement with you is realistic.
Now you know how brokers operate and what you can do to avoid them. You also know how to separate the legit lenders from the brokers by simply navigating through their respective websites. Once you have found a direct lender that offers reliable services, this is the time where you will truly enjoy the perks of quick payday loans online.