Without involving financial intermediaries, direct lenders provide money to customers directly. That means that the person taking out a loan will deal with the loan’s issuer rather than a broker.
Direct loans allow borrowers to directly transact with the individual, organization, or company who will be lending the money to them. It creates a clearer and smoother process, which results in a more personal relationship between the borrower and the lender. Read on below to learn more about it.
Payday Loans From Direct Lenders
Sometimes, you need cash in a hurry, especially during emergencies. These are times when applying for a payday loan makes sense. Should you take out a traditional payday loan, or get one from a direct lender? It’s essential to note that direct lenders of payday loans, like iCASH, offer potential borrowers an easier, more secure, and faster process, ensuring funds get to your bank account as quickly as possible. You don’t have to deal with intermediaries or brokers, unlike most traditional payday loans. Most payday loans also allow borrowers to spread out their payments over six months (or more) to suit their own requirements instead of paying the full loan amount back on their payday.
How Do Payday Loans From Direct Lenders Work?
As already mentioned, the process becomes a smoother transaction when borrowing from payday loans direct lenders. There’s no need to spend so much time filling out forms. Most, if not all, they now operate online. That means in just a few minutes, you can complete your application through their websites. If you’re qualified for a payday loan, that means you can also be approved instantly. Also, forget about the hassle over how you’ll receive the loan amount since direct lenders deposit the funds directly into your checking account.
Who are eligible for payday loans? If you meet the following requirements, then you’re eligible:
- Has a valid checking account under your name
- Able to provide functional workplace and home phone numbers
- Can access an email address
- Has been employed for at least 90 days at your current job
- Must be 18 years or older and a permanent resident or citizen of the US (or other countries)
- Has an average income of around $1,000 each month
That’s all there is to it. The direct lender will then set up the transfer of the loan amount once approved. You can have the funds quickly and do whatever you wish with it.
Why Opt For Direct Lenders When Taking Out Payday Loans?
The following are the reasons why taking out a payday loan from direct lenders is a better choice:
More Straightforward Process
Since you can directly contact the lender if you want a specific part of the loan process explained in more detail, you’ll get clearer and smoother communication. That makes the process of dealing directly with your loan issuer much simpler. You can be sure who the right person to contact once you’ve taken out the loan and have any concerns or questions later on. That makes it easier for you to manage your debt. A more straightforward process also results in less waiting time for the approval of your payday loan application.
Fewer Fees Involved
Since you won’t have to pay for getting the help of intermediaries or any other third parties, you’ll find fewer fees with a direct lender payday loan. No one will have to introduce you to a loan provider; you can find a direct lender and deal with them yourself.
Increased Level Of Privacy
Getting a payday loan from a direct lender means your personal information is going to be shared with fewer people. Of course, that means more privacy. You know that to have your loan application approved, indirect lenders, like brokers, will share your details with multiple companies since they don’t provide the loan themselves. That means a potentially large number of loan companies will have access to your information at once.
Quicker Processing Timeframes
Since there’s no need to wait for third-party approvals or processing, getting a payday loan from a direct lender is much quicker. They can also send the funds to you right away once your application has been approved. It makes things a lot more comfortable for borrowers, especially for those who really need fast cash.
Brokers VS Direct Lenders
The number one difference between a broker is that with the latter, you can directly apply for a loan and receive the funds directly from the loan issuer, too. On the other hand, when you take out a payday loan through a broker or an intermediary, they’ll input your details into their system after providing your information to them, and they’ll wait for a response from different lenders before you can have the funds that you need.
Payday Loans From Direct Lenders: Do You Really Need It?
Sometimes, a payday loan from a direct lender can get an individual out of trouble if they find themselves stuck in one difficult financial situation. The very little effort that direct lender payday loans require and the zero stress they bring to borrowers are also an added bonus.
These particular loans are very accessible since they’re focused on smaller amounts. You could have the funds deposited into your account within minutes as long as you meet all the criteria required by the lender. That means getting your loan money fast minus lengthy applications and holdups.
When you’re looking for fast approval to get the funding that you need, apply for loans. Direct lenders make it easy for borrowers to get the money they need right away without the need to wait long. Most borrowers get approved within the same day they’ve sent their application through the website. They also typically transfer money the following day after the loan application approval. Indeed, payday loans can make everything quick and easy, which can be extremely advantageous if you need a paycheck advance because of being in a financial bind.
Remember, however, that before submitting your loan application, you have to understand a few things first. Note that payday loans aren’t for the long haul. Also, these loans must not be utilized to cover any existing debts. Finally, make sure you can make payments on time before applying.