The Benefits of Using Direct Payday Lenders No Brokers
Should you find this information and then go on to be accepted and funded then you would only have to deal with the loan provider there and then. When using any given broker, it is worth noting that specifically with payday loans you don’t tend to see fees being attached. They will typically earn a commission for a successful lead, but this won’t affect how much you end up paying to the lender. A major issue is that many brokers tend to use the same type of Pingtree system and so your application is being shown to a panel that is mostly composed of the same popular lenders.
There is a chance here that multiple credit checks may be triggered. The more refined brands such as Cash Lady encrypt applications, but many others don’t do this that is very important when you are entering private information such as your address and your banking details. A common concern often raised is that once you have filled in an application form you will later start to receive spam through email and text messages regardless of whether you have been approved or declined for a loan. Many companies do tend to pass on your details to third parties, but to be fair some of the less refined lenders do this themselves.
As noted, many of these companies tend to display the same matched product info such as the same available high cash sums, a sample 25% interest rate and the same attractive headlines such as high approval rates, no credit checks etc. This is done simply to raise the likelihood of an application/lead being collected with financial incentive being priority number one. Some are paid commissions for confirmed loans being paid out, but some are often paid a few quid at a time for any simple leads (such as those who are working with T3Leads). Using direct payday lenders no brokers throughout the process is always advisable.
Not everyone of course knows who they should be using for an online loan. Comparison/review websites do fill this void in allowing anyone to find out in one single place how much any lender would charge, when they are open, their past feedback, as well as background info on their history. This data is provided here that is also supported by top sector rates, information surrounding who is ranked the highest at Trustpilot, added articles surrounding specific weekend lenders, industry news and so on. We are still in our development stages here at Miyagi and there is lot of work ahead, but we are progressing on a daily basis.
There are various other comparison websites around, with www.money.co.uk being one of the most visible brands across Google search for major finance terms. Go Compare, Money Supermarket and the likes tend to stay away from the payday sector due to its bad reputation. The payday brokers discussed today have limitations, but not many of them attract fees on top. Some of course do such as Loan Options and Priority Money Club. These companies tend to promote a wider range of products, but with fees being added (often without the user being aware) it is best to avoid these and never pay any single upfront fee.
This post has essentially highlighted the limitations of using the majority of broker brands around. The benefits of heading to a direct provider are plain to see. Before this is done, using a comparison site as the middleman to compare and then apply is highly recommended. Heading straight to a lender and blindly applying isn’t advisable since you could likely find a better deal elsewhere through some basic research, they may have a bad reputation, or be very strict etc. Should you go ahead and do this then at least make sure that you check through the eligibility requirements before applying to avoid declines that could damage your credit score.
