Payday Loans from direct lenders are approved much faster as there is no need to wait for the intermediary’s response and pay for their services. Also, working with a direct lender is safer since he does not transfer your data to third parties.
Direct Lender Payday Loans
Every person from time to time encounters difficulties before the payday, such as emergency medical treatment, urgent purchase, payment of bills, and so on. However, with a bad credit history, funding options are limited as banks and credit unions do not approve applications for bad credit. However, which option can you use to get quick funding?
A Payday Loan from a direct lender is your way out even if you previously had problems with paying off the debt. Applications are approved almost instantly! What’s more, you don’t even have to pay third parties for their services.
What Are Direct Payday Loans?
A Payday Loan is a type of financing where the borrower can get money despite his previous mistakes. Most often people apply for a Payday Loan in order to get a loan with bad credit. It is also important to note that the loan is unsecured so no collateral is required.
Payday Loans are renowned for their instant approvals and fast financing because with a direct lender you don’t have to wait for third-party approval. If your application is approved, you will be able to receive money into your bank account within one business day.
How Much Can I Get With Online Payday Loan From Direct Lender?
Payday direct lenders offer borrowers with any type of credit small loans ranging from $ 100 to $ 1000 for any need. Often, you will not be able to get more than $ 1000 as this loan is unsecured and therefore very risky for the lender.
Do Direct Lenders Perform Credit Checks?
As a rule, these are people with bad or poor credit who apply for a Payday Loan. Thus, more often than not, direct lenders do not request a credit check at all.
However, it is important to understand that in order to receive funding, you must meet other eligibility criteria, the main of which is a regular monthly source of income.
How Do Online Payday Loan Direct Lenders Work?
In order to apply for a Direct Lender Loan, you need to follow a few simple steps. Learn the main ones to get your Payday Loan online as quickly as possible.
- Filing an application. Visit the site of your chosen lender and fill out a simple online form. This usually shouldn’t take you more than 5 minutes. You will be asked to provide basic information about yourself, such as name, residential address, income information, and more.
- Wait for approval. Direct lenders, unlike lending companies with intermediaries, respond to applications almost instantly, so you will get a guaranteed response on the same day you apply. The lender will contact you to discuss the details of the loan and its repayment.
- Get paid. After you study the contract, you can sign it and receive the money into your bank account. Thus, working with the direct lender will speed up the time for obtaining a loan.
Why Should I Choose Payday Loan From A Direct Lender?
Now loans from a direct lender are becoming more and more popular as they have a huge number of benefits. Explore the main ones:
- Application approval speed. When working with intermediaries and lending companies, loans take much longer to approve as you have to wait for all parties to approve. However, when working with a lender directly, you will not need to contact third parties and wait for their approval, so you will get an almost instant response to your application.
- When working with intermediaries, your personal data is transferred to several lenders in order to find the most suitable one for you. However, you should be aware that this can be unsafe. Working with the lender directly, no one will receive your data, since all information is encrypted and not transferred to third parties.
- Loan cost. You will be surprised to know that working with a direct lender will reduce the cost of your loan. The intermediary charges interest for his services, and working with a direct lender, you only need to pay the debt and interest on the loan.
What Are The Requirements For Getting A Payday Loan From Direct Lender?
Direct lenders have minimum eligibility criteria which is why a loan is so easy to obtain. While they may vary from state to state, the main ones remain the same:
- Be a US citizen or official resident
- Have an active bank account
- Have a regular monthly source of income of at least $ 1,000 after taxes
- Provide government issued ID
- Provide contact details
- Provide Social Security Number
If you meet these requirements then your application will be approved even for bad credit.
Is It Dangerous To Apply For A Payday Loan?
In fact, Payday Loan is a rather risky type of financing. Despite the fact that it has minimum eligibility criteria, the loan has extremely high interest rates. Moreover, some lenders also charge fees and commissions. Thus, you should not apply for a Payday Loan if you are not sure that you can pay off the debt.
Can I Get a Guaranteed Approval Payday Loan From A Direct Lender?
Unfortunately, there are no guaranteed loans. Neither the direct lender nor any other lender will be able to provide you with a Guaranteed Approval Payday Loan as it is too risky. Thus, any lender has some sort of eligibility criteria that must be met in order to get a loan.
However, Payday Loan is a fairly simple type of financing, so more than 80% of applications are approved. So even if you can’t get a guaranteed loan, the chance of getting approved is still high.