Payday Loans No Brokers

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Payday Loans No Brokers
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Brokers have carried their notorious reputation
in the financial world, wherever they have gone
and this doesnt stop with payday lending.
Brokers, in general are considered less
trustworthy and a more risky affair as compared
to dealing directly with financial institutions.
This is one of the main reasons why payday
loans no brokers are considered a lot more
legal and trust worthy. 
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The recent debate circling around credit brokers,
especially when it comes to payday loans and what
the ways should be to tackle this problem. It has
identified that there are a majority of people
who dont realize who they are working with, that
would mean that many of the brokers do not
provide sufficient credentials so as a result of
that, the borrowers dont know who these brokers
are working for and what kind of fees they would
charge. As a result of this, the Financial
Conduct Authority has made it mandatory that
brokers reveal all the required information about
who the borrowers are dealing with and the fees
payable before finalizing the loan. This law
basically is working towards making the
functioning more transparent rather than just
limiting the fees. 
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There are certain frameworks which the law has
made compulsory to abide by         It has
become mandatory to reveal their true name, as
mentioned in the Financial Services register (not
just their trading name) in all their
communication with the borrower. This would
include advertising through all forms of media
including on ground communication. 
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   There are certain brokers who act just as
brokers and not as lenders. If that is the case,
then the borrower has the right to know and this
should be communicated by the firm beforehand.
This would mean carrying a statement implying the
same in clear terms.          The Financial
Conduct Authority is still working on the exact
cap on the interest or the fees charged, but the
borrower should be communicated about the
expected amount he would have to pay at the end
of the loan including the fees and by when it
will be payable.         If they apply via
online or on the phone via a credit broker, they
are entitled to 14 calendar days to cancel their
loan and get a refund of their fees. 
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Why payday loans no brokers?There are several
reasons why you should be directly with dealing
with a lender rather than going through a broker,
especially in the case of payday loans because it
is always more advisable to be closer to the
source of the fund. Some of the reasons why this
is more popular are because         There
have been allegations made by the banks where
they claim that brokers in one month alone make
almost close to 1 million attempts to remove
money from peoples accounts and there are
borrowers who have received almost 650 calls per
day. 
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         There are many brokers who exist in the
market who are responsible for providing a
service to the customer and that is how they
position themselves but more often than not, they
take a borrowers credit card details and charge
their broker fees which are, on an average, 70
pounds and dont even bother securing a loan for
the customer. This is one of the most common
practices when it comes to payday loans
brokers         Due to the lack of education
on the part of the borrower, when he applies for
a loan online, he is under the impression that he
is directly engaging with the lender, but many a
time their information is being passed on to
third parties. This is because these are agents
who are hired to ensure that the lender gets
maximum customers and without much effort. As a
result of this, a customer is not in control of
his actions. 
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         As a result of this third party
affiliation, it has been noted that their credit
card details are passed on to not just one
broker, but could extend upto almost 200 brokers
who have access to their personal information and
can charge them their broker fee without even
applying for a loan or without them even securing
a loan.          The age group of these
borrowers facing this crisis is usually between
18-40 on relatively low incomes. There have been
cases where a broker fee has been charged by 10
brokers which have resulted in a total deduction
of almost 700 pounds. 
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Money being debited from their accounts without
any prior permission.          Borrowers not
receiving the loans they were after because they
found a better rate of interest somewhere else or
they found out that the lender who they are
speaking to was bogus or werent
regulated.         People using these websites
or in other words, applying for a payday loan
directly using the online services realized they
were not in touch with the lender directly but
the middlemen which most of these payday lenders
ad employed. 
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It has been observed that most of the borrowers
have received the money after complaining with
the Financial Ombudsman. The financial Ombudsman
needs to play a greater role than just solving
complaints by educating the consumer about his
rights and ensuring that these practices receive
due attention at the right time. Borrowers need
to be educated about these practices adopted by
these lenders and should realize that is not
advisable to reveal their bank account details
online, as this can lead to severe malpractices. 
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 It is important the borrower understands his
responsibility as a borrower and realizes the
need for education, so that he doesnt find
himself in a vulnerable position again. This
would mean keeping a check on the financial
expenses to start with and doing thorough
research when the needs for such loans arise.
Taking the help of reputed financial institutions
in deciding what the best option available is,
would also be a good idea. There are a number of
helplines that are dedicated to serve this
purpose. 
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For more information learn more
www.pacific-odyssey.co.uk
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Thank You