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Find a Legit Direct Lender Payday Loans in UK

Currently, finding a legitimate direct lender payday loans is easier because of the numerous online websites offering this service. These companies provide the monetary solution to your financial crisis or it could also work in your disadvantage and put you in deeper debt. The best method to avoid falling into a debt trap is to pay your loans back.

In the UK, direct lender payday loans do not need collateral and would often assure a quick approval online. The downside is that they charge higher interest rates and stricter penalty fees. These loans were designed to be repaid the moment you have the cash.

You have to consider a lot of factors when selecting a payday loan lender. There are several websites that were approved by the FCA like "Payday Loans Now" where you can do a price comparison. It is a free, independent and impartial website that does price comparisons for short term loans with direct lenders.

payday loans

If you make a search on Google using keywords like payday loans or short term loans, you will end up with a long list of direct lenders which includes brokers. It could be hard to tell which ones you must deal with.

Direct lenders are those that instantly transfer your funds into your bank account. You just have to provide your details on the website of the lender, correspond with them directly and have your payments directly collected by the lender. The entire process is different when you are dealing with a payday broker like Payday Loans Now.

Payday brokers on the other hand, will ask you to fill in your details in their website. They will forward your information to several payday lenders and other brokers. These companies will then get in touch with you offering their services until you find one that is suitable for your needs. All this is done by a payday broker for a fee that will be paid by the lender or the borrower.

Direct Lender vs Broker

When you do business directly with a payday loan lender, you are not asked to pay for broker fees and you avoid the risk of your information being shared all over the internet. Your information is kept in confidence with the payday loan lender you are directly dealing with. Lenders have the funds to provide you the loan.

Dealing With Direct Lender?

Here is how to know if you are dealing with a broker:

Paying for unsolicited fees charged by a broker is the last thing that you need.
In order to know if you are dealing with a direct lender or a broker, you should
pay attention to the following:
  1. Direct lenders do not charge an upfront fee when you apply for the loan.
    Brokers receive a commission for processing your application with other lenders.
  2. Responsible direct lenders do not give a 100% guarantee that they will accept your application. They still are required by law to perform credit and affordability checks to ensure your capacity to pay back the loan. Brokers could guarantee your application's acceptance by giving out your details to various lenders until one of them will accept it.
  3. A website that offers a panel of payday lenders is actually a broker.
  4. There is usually that small print on the website that states it is a broker. It may be hidden in such a way that it would not be noticed.

Latest news

October 03, 2017

All payday loan lenders should be listed in the comparison sites as required by Competition Markets Authority. If the website you are looking at is not listed in the comparison site but offers a list of lenders, most likely that website belongs to a broker.

October 06, 2017

Installment loan is a kind of loan paid back in periodic installments, typically on a monthly basis, that includes the principal amount and interest.
A good example of how installment loans work is the following:
John borrowed £1,000 as emergency funds for his home repairs. The installment loan requires him to pay in 24 months with 25% interest. With installment loans, John's receives the£ 1,000 check, then pays it back monthly for the next 24 months with the fixed monthly payment in the amount of £53.37.

October 9, 2017

What is the difference of Installment Loans from Other Loans?
By definition, an installment loan is a type of monetary obligation which has a specific number of payments scheduled to be paid over time. There are several types of loans which are classified as installment loans like auto loans and mortgages. Credit cards require monthly payments but it is not a form of installment loan. woman with money