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What are direct lender payday loans?

Payday direct from lenders offers its customers short-term unsecured personal loans with high fees and interest rates. The assumption is that the cash deposited in your account is not from an intermediary and there is not third part as a middleman.

A lender with no third party means the brokers stand aside and let the actual lender make the loan.

Who are the direct lenders?

The lenders can be in any state, in any office or part of a  financial institution. In general they must have a licence and be regulated. Money lenders should follow the laws in the state where you are requesting the loan.

benefits

What are the Benefits?

These lenders come with a range of advantages

  • The loans need no collateral so you do not need to pledge any assets.
  • The request process id done in 5 minutes or under.
  • The cash is deposited straight into your bank account
  • If approved the cash can be deposited as soon as the next day
  • No credit checks that can reduce your credit score
  • Perfect small amounts to keep you afloat until payday.
  • Cash deposited in as soon as 24 hours

How Do I apply for a loan?

  1. Fill in the details completely on the application. If you omit information you may not get a loan.
  2. Be sure that you are at least 18 years old and have a regular income
  3. The lender then checks you out via their database to see if you qualify.
  4. Receive an email or phone call from the lender telling you that you have been approved.
  5. Use the money as you wish and prepare to repay the lender by the end of the month

Are the lenders regulated?

Currently, both state and federal regulators are focusing on the payday lending industry in order to protect consumers from possible illegal payday online cash loan. Payday lending practices are most commonly regulated at the state level.

How Do I find Legitimate Lenders?

Decent companies will display all their terms and conditions on their websites.  Transparency of all the fees is a condition by law and should be displayed in the footer of the website you are visiting.

Do they make credit checks?

They make superficial checks on your personal details. Nowhere near as rigorous as a banking institution. These soft credit checks should not affect your credit score. They will ask for personal information such as your age, bank account, address and income level.

Are the loans deposited fast?

Once you have applied online with us our software instantly gets in touch with lenders who may or may not lend to you.The process can from a few seconds up to 2 minutes. You can in certain circumstances receive money the same day.

The loans are not guaranteed. The lending process of short term loans is well developed and loan companies like to deposit cash in up to business days.

Is payday lending legal in all states?

Some states completely prohibit payday lending, while others have higher requirements towards lenders, such as they have to be licensed and comply with maximum fees, loan amounts and interest rate requirements, among other restrictions.

Are the lenders good when you have bad credit?

It really does not matter if it is a direct lender or intermediary. The main component for you to look when you have bad credit is the interest rate and fees. A intermediary can have just as good terms as a direct lender if not better.

know your customer

Are direct lenders online or in a store?

A growing number of payday lenders provide payday loans online. Consumers with good or bad credit scores can even go through a loan application and obtain a cash loan and authorize the repayment of its amount and fees during the same online session.

Cash advance loans are moving more online these days as everyone is connected to the internet and it reduces costs.

How Do The Lenders Operate?

A typical payday online loan scenario may go like this.

  1. The borrower obtains a loan.
  2. Then direct payday lenders provide the direct lender with authorization to send Automated Clearing House debits to the consumer’s account at a later date for repayment.
  3. The payday lender’s bank originates the debits using the ACH network.
  4. Other payment options include wire transfer and remotely created checks.
  5. The lender can distribute and deposit the loan the same day in certain situations. This is not guaranteed though.

Do the lenders gets any criticism ?

When you look at it, it is actually the banking financial institutions (BFI), which are the greatest critics of companies offering payday installment loans and cash advance.

Are consumers protected?

The governmental-level regulations include the Dodd-Frank Act that has given the Consumer Financial Protection Bureau the authority to work against deceptive and abusive practices by a payday lender.

When do payday loans have to be repaid?

The borrower usually has to repay the loan back on the next payday hence the loan is called a “payday loan”. This means that the application process and approval process usually includes a history of payroll and related employment records.

Banks should check if lenders are legitimate

Payday lenders’ banks should bear in mind all the risks involved when working with online payday direct lenders. And such banks should make sure to incorporate due diligence techniques and to use all the available tools.

Reputation is of utmost importance