Some Advice on How to Use a Payday Loans Direct Lender
There are some advantages to working with a payday loans direct lender, but it can be hard to find out which one is actually a direct lender and not a broker. The reason why it is a good idea to find a direct lender is because you’re dealing directly with the people who will decide whether or not to lend to you. Brokers apply for lots of different ones at the same time. This means you often have more chance of being accepted, but it will take longer to get a decision.
The Benefits of Using a Payday Loans Direct Lender
There are several benefits to not going through a broker:
- When you go to a payday loans direct lender, you will start to build a bond with them and this can be in your favor. The more often you use the same lender, the more you will be able to borrow under more favorable terms.
- Direct lenders are much more direct when it comes to supplying you with a loan. Much of their services are online and fully automated, which means you could literally have a decision in minutes. If you are looking at applying for a payday loan, it is highly likely that you need money almost straight away and not within the next few weeks. This is why finding a speedy provider is very important.
How to Speed up the Process
There are several ways to speed up the process besides going directly to a lender. This includes making sure that you complete every element of the online form in full and accurately. Before you start applying, have some key documents to hand, including your last pay slip, your social security number and your bank details. Information that is likely to be asked includes proof of address, bank account details, annual earnings, length of time with your employer and proof of identity.
How to Find a Good Lender
Of course, you do need to find a reputable lender to meet your needs. It can be quite hard to see which one is a direct lender and which one is a broker, unfortunately. It is also very difficult to find out which ones are and aren’t trustworthy. There are quite literally thousands of different payday lenders out there and some of these are truly unscrupulous. They will quickly add huge penalty charges to your loan if you have any kind of payment difficult. While you should never enter into a loan agreement if you are not 100% sure you can pay it back, these types of practices have actually landed people in unmanageable debt.
It will take some time to find the best lender out there for you. Make sure that, during your research, you find out what other customers have said about the lender. Social media is a strong tool for that, as are websites such as Yelp and the Better Business Bureau to name but a few.
