Payday Lenders Not Brokers

Wednesday, 27/08/2014

Reasons for Dealing Directly With Payday Lenders Not Brokers

It is a very good idea for all individuals to have an effective strategy in place so that if they ever get into financial difficulty in an emergency they have somewhere to turn. 

Payday loans are the best option when it comes to borrowing small amounts of money for a short duration. The application process is simpler and you don’t need to have an exceptionally good credit score to get such loans. The best way to get payday loans is by getting in touch with payday lenders not brokers. Read on to find out about the advantages of doing business directly with payday lenders, instead of going through brokers.

Advantages of Doing Business with a Payday Lender

For people who are trying to attain a payday loan for the first time, the application process may be a bit confusing. If you deal with payday lenders directly, they can help you through the application process so that your loan gets approved faster.
Secondly, there are many nuances that come with getting a payday loan. These include interest rates, additional fees, extra charges, pay back terms and conditions and consequences if you default on the payment. Payday lenders can explain these terms better to you so that you have a clearer picture of what you’re getting into and are informed about the additional payments you have to make.

Redwallet is a payday lenders that doesn’t have any hidden fees and everything you’ll have to pay is informed to you upfront. It is always advised before you select a lender to do your research, you can gather a lot of information about them if they are listed on the Internet. The World Wide Web is a great place to locate payday lenders if you’re looking for one. They may have websites that list all relevant information pertaining to them and how they conduct business.

Dealing with payday lenders directly also helps you build a relationship of trust with them. Most lenders prefer doing business and lending money to borrowers they are familiar with and who they know have the ability to pay back the borrowed money. Thus, after you’ve built a professional relationship with these lenders, it becomes easier for you to get payday loans in the future.

Why Payday Lenders Are Better Than Brokers

There are many reasons why borrowers should deal directly with payday lenders not brokers while trying to arrange a payday loan.

Firstly, if you deal directly with payday lenders you are fully aware of how your application process is progressing and the chances you have of your loan being sanctioned. Brokers sometime take you for a long ride, trying everything possible so that they can earn their commission. However, most often, it doesn’t work out and you’re left with nothing, despite spending so much time running around for the loan.
Secondly, you don’t have to pay any additional commission to the broker. You only pay the amount of money you borrow and the additional charges the payday lender asks for.

Another advantage of dealing directly with payday lenders is that you get to compare a few of them before making your decision. Brokers usually do business with one or two regular payday lenders and so you don’t have the liberty to choose a lender who is offering you a loan at a lower interest.

Many people opt for brokers over payday lenders because it’s less time consuming and they don’t have to do their homework to find a lender. However, if you’re looking to take a small loan without having to pay an additional commission for it, consider approaching payday lenders not brokers.

Payday loans are not suitable for, and would be expensive as, a means of longer term borrowing and are not appropriate if you are in financial difficulty.

Representative 1269.7% APR

Back to resources

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk