Payday loans from direct lenders are often far cheaper than from cash loan stores near me or big payday lenders, and they are very easy to apply for. If you need a pay advance loan, here’s how payday advance loans offered by direct lenders work.
The easiest way to obtain a payday loan from a direct lender is to apply for one online. It’s a very easy process and you will usually find that the charges and interest and on direct lender loans are a lot cheaper than you would get from a standard payday lender. Direct lenders will also accept applications from people who have low credit scores, so they are a lot more approachable than the big banks.
Payday loans are small loans that are designed to see you through the times when you are short of cash and you need an advance on your next pay check, but the heavily advertised payday lenders have been known to charge finance fees as high as $30 for every $100 dollars borrowed plus interest at APRs of as much as 400%.
When you apply for a payday advance from a direct lender, you will be asked to complete a very simple, secure online application form. They usually just need very basic information, such as how much your regular income is, your bank account details, and your address.
When you complete and submit the form, your details will be matched to a number of potential lenders in a database. When one or more lenders are found who may be able to help you, the full details of the lender and the terms and conditions of the loan will be presented on screen for you.
You can then review the terms and conditions and make sure that you are 100% happy, before you accept the loan. One of the beauties of dealing with direct lenders is that the whole process is completed online. You don’t need to visit a payday loans loacations near me and you don’t get the high pressure sales tactics that you get from the payday lenders.
Once you have reviewed the terms of a loan and you are happy with it, the funds can be made available to you very quickly. In some cases, you may be asked to provide further details, or proof income. Once you accept the loan, the funds can be transferred to your checking account, in many cases the very next working day.
Of course, if you don’t repay the loan and the interest on time, any lender will make attempts to collect the money that you owe. However, direct lenders are usually far more reasonable abut late payments and they don’t employ the unscrupulous, strong arm collection methods that many of the payday lenders do. In fact, all the good direct lender loan matching services do their best to ensure that they only have lenders in their lender databases that use fair and reasonable collection methods.
If you do need an advance in your next pay check, it is well-worth checking out a direct lender network before you turn to the payday lenders. Payday advance loans from direct lenders are easy to apply for, you can get your cash fast, and it will usually be a lot cheaper than obtaining a loan from a payday lender or loan store.
