Direct Payday Lenders No Third Parties
A direct payday loan means exactly the same as it sounds. It is a special type of loan, which applicants receive directly from a lender. The procedure hardly differs from applying to other types of loans. At the same time, there are some crucial differences and issues to consider.
How to choose a trusted lender? Are there any possible downsides? How about applicants with a poor credit? What are the general requirements? We will try to answer all those questions in the given article. But first, we need to figure out what pros and cons a direct loan has. Why more and more people are searching for direct lenders online.
Reasons to Opt for Direct Payday Lenders
As well as any other types of loans, this one is a good opportunity to cope with budget troubles and quickly receive necessary cash. The procedure is very fast and less daunting if compared with traditional types of loans. Direct lenders have proved to be a good way out of the financial crisis at least for a short period. Some people are sure that direct lenders are much safer if compared with financial institutions, brokers and third parties providing financial services. It is true in some way. However, choosing a proper lender can be a tough challenge. Before we dive deep into the selection process, let’s find out the core benefits a direct loan may bring:
– Fast Processing – as a rule, direct lenders are much faster when it comes to processing submitted information. They do not need to send requests. They are in charge of their funds and they are to decide if you get the money;
– Direct Depositing – you never deal with third parties when it comes to transferring your cash directly to your account. The money will be deposited directly by the lender;
– 100% Approval – almost 100% of all applicants can count on guaranteed approval. You might only need to meet some baseline requirements despite the credit score;
– Any Credit Rating – the person is very likely to get approval from the direct lender despite his or her credit score.
Looks pretty great, doesn’t it? However, you need to steer clear of brokers and here is why.
Crucial Reasons to Avoid Brokers
Brokers and third parties have always been the main problem of direct loans. Most applicants come across them when looking for direct lenders both online and live. The drawback of opting for any third party is the fact that they charge extra fees and costs for their services. Moreover, the majority of intermediaries are far from being reliable lenders.
You need to take responsible decisions when borrowing money from a company whether it is a broker or direct lender. And you should expect the same from them. For this reason, choosing a direct lender looks much safer. But, how to pick the right one with so many companies on the web? What are the most trusted services to opt for? We are going to figure it out.
Tips to Choose A Trusted Direct Lender
The process of choosing the direct lender is the same as selecting a car repair service. You need to find out as much as you can about the company. Keep an eye on testimonials and reviews from previous customers. Compare and contrast conditions, requires and other basic features. If a lender promises a minimum interest rate that is lower than a market average, it is probably a cheater. Do not be misled by low rates and promises. They are mainly aimed at spoiling customers. Benefit from other aspects that will let you choose a proper lender:
– Check if the company is licensed and authorized in the country of your residence;
– Check if the company has an existing postal address, phone number, and other contact information. It will prevent you from applying to a fake establishment;
A growing number of lending organizations results in numerous frauds. Try to be very careful when choosing a direct lender to avoid the slightest risk of being misled.
Basic requirements for Direct Lenders
All potential applicants should understand they are going to borrow money directly from the lender. It means no third parties or intermediaries. In other words. A lender can establish any requirements to evaluate the potential customer. At the same time, some basic standards include the following points:
1. Applicants’ personal info.
2. Details of your employment.
3. The total sum of your monthly expenses.
4. The exact sum you want to borrow.
5. Credit Score/Report (not obligatory, but recommended).
Your mission is to provide as much info as possible in order to identify yourself as a trustworthy lender. In this case, you are very likely to receive up to $1,000 or more depending on the lender’s conditions.
Do Online Lenders Check Your Credit?
As a rule, most direct lenders do not care about applicants’ credit score and rate. However, they will certainly check your credit rate before approving or rejecting your application. Moreover, some lenders may ask you to submit all available information on your credit score to check if there were some hard inquiries. Any lender is eager to evaluate his or her customer’s creditworthiness.
A good news is that the information submitted will mainly affect the term of your future loan. The better credit you have, the longer your term is and vice versa. On the other hand, applicants with bad credit are very likely to get money with the obligation to pay off the debt within 12-14 days.
Summing up, direct lenders might certainly appear to be a good way out whenever you find yourself in a crisis. These types of loans are fast to get. They do not require too many efforts and are available online. All you need is to be 100% sure, the company is licensed and authorized. Also, avoid dealing with brokers and third parties.