Payday Loans Direct From A Lender

Sunday, March 3, 2013

There are advantages in applying for payday loans direct from a lender as opposed to approaching a broker or introducer.

You get an instant decision on your application

Most lenders online offer an instant decision on your payday loan application because they match your application with their lending criteria and not that of another lender or third party. However if you put an application with a broker or introducer, they pass your details to a panel of lenders who are third parties. This will cost you time as you wait for each of the lenders to get back to you with an offer or decision. This can be a matter of hours or even days which would not be ideal if you need cash urgently.

Your application information is not broadcasted

Payday loan brokers and introducers tend to pass your application information to a panel of lenders and sometimes worse still to other brokers. Some of them aim to match your application with a selection of lenders and then recommend to you the best matched lender. You might argue that your loan application gains exposure to a wide range of lenders. However multiple payday loan applications and enquiries can potentially reduce the chances of you getting an approval. All involved parties may do credit searches which will mean multiple enquiries on your credit file. Brokers and introducers pass applicants' personal information to third parties who are not known to you at the time and whom you have not consented to handle your information. This raises a serious security risk which is not worth taking.

The end results are often catastrophic. Your application details may be sold to third parties who have no commitment and obligation to safeguarding your personal information. You end up open to a huge amount of spasm emails, text messages, and telephone calls offering you all sorts of unsolicited loan products. Some brokers and introducers charge a fee for their services and this is usually paid up-front regardless of whether the payday loan application is approved or not. It has been known of some brokers to illegally collect a fee from payday loan applicants and sadly never secure them a loan. You can imagine the frustration and disappointment that often arises in these situations. Most payday loans lenders never charge a fee for your application: so why pay someone else to do the same.

You are always aware of the loan product you are applying for

Payday loans lenders always give full information on the loan products they offer. This is usually available on their website. Should you need clarification, there is often customer services at hand to contact. You are often made aware of the loan application process from start to funding. This information can be found in most cases on the "How it works" or "FAQs" sections of the websites. Above all, you would be informed of the loan interest charges, APR rate and repayment conditions. In other words, you always know what you are applying for. Without doubt it is best to apply for payday loans direct from the lenders.

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