When you are searching the Internet for short-term loans, whether a payday loan or an instalment loan, you’ll notice that there are so many different companies offering the services. In many cases what you won’t be told is that you are not dealing with payday loan direct lenders, but instead you are applying through short-term loan brokers. There are benefits and negatives to working with both, but in our opinion it is much better for all involved to work with direct lenders of any kind. It provides you with peace of mind that you are getting the information direct from the horses mouth, not paying any extra cost to cover the extra layer of ‘expertise’ and you can see in front of you exactly what you are expecting to receive in terms of loan, instantly.
Always check that you are applying for a short-term loan through a direct lender rather than through a broker. It could make a big difference in the amount of money you pay back, due to the, sometimes, large brokers fees attached to loans taken through broker services.
One of the biggest benefits of dealing with a direct payday loan lender, rather than a broker, is the speed in which you can apply and receive your loan should you be successful. In the vast majority of cases you can input your information and desired amounts and repayment terms online. From there, an online application can be sent through, and with a direct lender a decision made within a few minutes of you first clicking on the website. If you are successful with an application the funds are delivered directly in to your bank account, in most cases within day of the application being processed, but more likely in a few minutes.
When dealing with a short-term loan broker it could be the case that you have to wait for a few hours or even days to speak to them further and to see if they can find the right payday loan or instalment loan deal that is right for your circumstances. There is also likely to be a large brokers fee added to the cost of your loan. So you’ll have to be aware that when dealing with brokers you’ll be paying back the initial loan sum in full, any interest on the loan, any other fees, as well as the broker’s fee. With a direct lender, you’ll only be paying back the initial loan sum and any interest attached based on the amount of time you choose to pay back the loan within.
In terms of simplicity, efficiency, and security of your personal data, it is much better to deal with payday loan direct lenders. You’ll have access to a loan over a much quicker application process, with the answers right in front of you in seconds in terms of the different options open to you. You’ll also have direct contact details for the team behind your loan, should you wish to discuss any changes to your personal circumstances after you have taken out the short-term loan.