Direct Payday Loan Lenders

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Direct Payday Loan Lenders
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We all know where pay day loans come from, they
come from the bank, yet youve heard of the pay
day loan broker. What is exactly different when
you try to acquire your pay day loan direct from
the lender? Turns out, its huge. Knowing these
differences will save you thousands.
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A pay day loan broker do not lend any money. They
dont buy and sell pay day loans. A pay day
loan broker acts as a mediator from the borrower
to a pay day loan company. Its not necessarily
more expensive to use a pay day loan broker.
Brokers get their rates as brokerage fees, which
is way below than what the borrower can find at a
bank. You make a pay day loan application with a
broker who documents the file then sends the loan
to the direct pay day loan lender who ultimately
makes the pay day loan decision. When you work
through a direct pay day loan lender, you apply
directly to the company who documents, approves
and funds your pay day loan. Which has some major
advantages.
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A direct pay day loan lender is a direct lenders.
A direct lenders can be part of a larger
financial institution like a bank or offer
investment advice, checking and savings accounts,
stuff like that. A direct lenders can also be a
direct lender who does one thing
officially, approve and fund pay day loans.
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Banks may not always offer the lowest interest
rates, it may even be higher than most other
offers. Banks have your checking account so they
have your inherent trust. And if you already have
had loan transactions with them in past, the
trust can lead to slightly lower pay day loan
rates. Established direct lenders have built
their reputation slowly with unblemished
reputation. Direct lenders also know that they
dont ran as high as a national bank, that why
they could provide you more competitive pay day
loan rates at a lower cost than a bank would.
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Yet even though a direct lenders can have lower
pay day loan but that wont mean anything if the
loan doesnt get paid off. And the possibility of
not paying off is heightened when they lose
control over the approval process. Any third
party mediator in this business could be deemed
as friction which takes the control out of the
borrowers and lenders hand. If you take a pay
day loan application with a broker then there is
an automatic delay in the approval process
because here direct communication is taking a
hit. Missing out on small information details as
misspelled names are a common but critically
important discrepancy which needs to be addressed
before the deal goes off.
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With a pay day loan broker, the lender has to
contact the broker who in turn will ask the
borrower questions and this escapade goes back
and forth forever. With a direct pay day loan
lender, the lender can contact you directly and
ask, then they document the discrepancy and the
process moves on. Which results in a better
overall transaction and much less headache. But
this was only a small issue, imagine the plight
of going for a broker when a big Issue comes up.
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In terms of speed, reliability and competitive
interest rates when you are applying for a
conventional pay day loan, then a direct lender
should be your obvious choice. Getting a perfect
pay day loan always gets better when you know
that you got the best deal out of the situation.
It is comforting to know that you are still happy
after a month when the pay day comes up seeing
the interest rates because you knew from the get
go what you were signing for. To find the perfect
deal though, you have to begin with a decision as
whether to go with a direct lender or a pay day
loan broker. Here are some pointers for you as to
why a direct lender may be better than the loan
broker.
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While there are certainly a number of reasons
that make the pay day loan brokers appear like a
credible option, but there are also some things
to consider that may say differently. One thing
that could make the direct lender an obvious
better way to go would be if you already have a
pay day loan with that bank. It is possible due
to the reason that they already have your
paperwork so you will be able to save on a lot of
money while getting a second pay day loan in the
terms of interest. It may also be better because
many lenders give you a discount if you have more
than one pay day loan with that same bank.
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Another advantage is that a broker may contact
a direct lender in other parts of the country to
work out the best possible deal that both earns
him a brokerage fee and commission. This could
result in slowing down of the pay day loan
process, which could delay your pay day loan and
possibly set back the closing date. A local pay
day lending institution would be much faster in
getting you the loan you are looking for in a
small amount of time because the documents
required are really simple and the process does
not take much time to validate the credentials. 
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Many borrowers choose to go for a pay day loan
broker thinking their poor credit could affect
the loan applications approval, but most direct
pay day lenders lend to people even if they have
bad credit rating. So in a lot of ways by not
going through a direct lender will define how in
the next years your financial status will work
out.
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For more information go homepage
www.trueblueloan.co.uk
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Thank You