Using a direct lender for pay day loans has certain advantages, but it is sometimes not easy to tell which companies are direct lenders and which are brokers. The main reason for using a direct lender for pay day loans is that you are going straight to the people who make the decisions and issue the cash, so the process tends to be faster. With a broker, there is the argument that they will run your application past lots of different lenders at once, thereby increasing your acceptance rate, but the downside of this is that it is likely to be a longer process.
When you use a direct lender you can begin to establish a relationship, which can develop to your advantage over time. It is not unusual for direct lenders to allow you to borrow more money when you have used them before. Sometimes the amount you can borrow increases in increments over a period of time, until you reach the maximum limit when your track record establishes you as fully trustworthy and reliable.
Speed is often of the essence with pay day loans, and this is when direct lenders come into their own. Because they are a single operation with no third parties to consult with, they can streamline and automate their online services to provide incredibly fast services. The best direct lenders can have cash in your bank account just an hour or so after you fill in the online application form.
People who apply for pay day loans are often in need to money because of some unexpected emergency, and the time it takes to get the cash is a very important factor. Some pay day lenders are definitely quicker than others, so choosing the faster ones is an important starting point. However, there are also other things you can do to help ensure the process is as fast as possible.
With any online application system, you are dealing with automated processes, so not completing all parts of the form properly can cause errors and delays. The best approach is to have a few of your key documents to hand when you sit down to apply for a loan, which will help ensure you complete the process quickly and increase your chances of approval.
For US citizens this means having details of your checking account and a check, and for UK citizens it means a current account statement, cheque book and debit card if you have one. Wherever you live you will need details of your employment or income, how much you earn, etc. Do not miss out any fields on the online forms unless it says you can, and ensure that the information you enter is as accurate as possible.
Now all you need to do is find a good pay day loan direct lender to apply to. It is not always easy to tell which companies are direct lenders, and it is certainly not easy to tell which ones are reputable and trustworthy. This is important to know because there are quite a lot of pay day lenders who are pretty unscrupulous about adding massive penalty charges if you are not able to pay your loan back in full exactly on time. Some companies rely on this to keep people permanently in debt to them, with debts that are near impossible to get out of.
You can of course invest the time it takes to research lots of different pay day lenders and their track records, but the easiest way to avoid disreputable companies and ensure you find the best direct lenders is to follow recommendations for companies known to be well established and ethical. If you can find a list of a few good companies, you can then apply to as many of them as you need to in order to be accepted.