When it comes to looking for online payday loan providers, interested borrowers often come across websites that offer to act as middleman to help them look for lenders that will most likely grant an approval. While going through this channel provides convenience, in that you don’t have to do your research before applying for a loan, borrowing fast cash straight from the source cuts the waiting time and reduces the additional processing fees that you need to pay upfront.
Why Choose Direct Payday Loans?
When it comes to borrowing money and who you will be supplying you personal information to, you cannot just go with the first lender or any company that offers the service. Some third party payday loans channels promise to make it easier and faster for you to acquire a loan, but that will come with certain add-ons that might not want. These can include random calls from telemarketing agents, unwanted mails at your doorstep, junk emails, and other forms of advertisement that you probably didn’t know you signed up for.
By choosing to go with direct payday loans, you can be assured that your personal information stays where it should be and will not be shared with marketing agencies. In addition to the annoyance of receiving cold calls from salespeople, personal financial information should be kept confidential given the number of identity theft cases that have been reported online. Before you avail any direct payday loan service, be sure that they adhere to the best practices guidelines set by the Online Lenders Alliance to ensure your security.
Typical Payday Loan Requirements
The requirements to avail a payday loan are not as thorough as the ones traditional lending companies ask for. To qualify for a short-term loan, you must:
– be at least 18 years old
– have a proof of income that shows you regularly receive a salary at specific dates
– have a checking account where the loan amount will be deposit and from where your repayments will be deducted
– be a resident of a state where payday loans are allowed and regulated.
The rules for payday loans differ depending on where you are located and where the direct payday loan lender is based.
Things To Remember About Payday Loans
Are you ready to apply for easy payday loans direct lender? You must first understand that the interest rates that come with such relatively easy short-term loans are higher than the ones that banks and regular lending companies provide. This is because the company is only banking on your character to ensure that payments are made on time. With the higher risk on the part of the lending agency, the cost of acquiring a loan is consequently bigger.