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What Are Payday Loans With Direct Lenders?

A payday loan that uses a direct lenders means you will apply and get a loan with the same company you applied online with.

Some payday loan companies do it differently. When you apply for a loan, they will match you with companies that will review your information submitted and then decide to give you a loan or not based on your personal information you’ve submitted.

So the loan company you filled out the application with isn’t really the company that lends you your money. It’s more of just a matching service that finds you a lender that will loan you money.

With direct payday lenders, these people will evaluate your application and if they approve it, they will also be the ones to lend you money as well.

Payday loans direct lender no faxing

There are also lenders who do not require any faxing of documents for proof of income or anything like that. But the one thing they almost always need to verify is your bank account information.

Because you are filling out an application online, you will be sent your money electronically and you need a verified bank account in order to receive payment, as well as have that payment debited from your account plus interest once it is time to repay back your loan (usually by next pay period). You will need online banking to complete this part of the verification process usually.

Another benefit of direct lenders is that they can guarantee an approval for you because they will be the one approving the loan. It is in the control of the direct lender.

There is no 3rd party involved and there will be no brokerage or broker fees either, which is usually typical when there is a middle man in the picture (the broker). This should lower the overall cost of the loan process when you don’t need to pay a broker, and this savings can be passed to you. So it sometimes helps to choose a direct lender because it could make your loan cheaper, depending on how the direct lender structures their policy and procedures.

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Direct Lender Summary

A direct lender will manage all aspects of your loan and the process of obtaining a loan. These things including the application you fill out, the approval process and the criteria required for approval, funding the loan amount, and fulfilling the repayment process. They are your loan company the entire way from start to finish.

The main benefit of having a direct lender is that the company handles all aspects of the loan, so you know who you are borrowing from and dealing with all the way. No 3rd parties involved.

Other payday loan companies handles just the application process and then send the application to a network of lenders they work with and finds you a match for your loan. This isn’t bad necessarily, however it’s different.