A payday loan is a short-term loan that is borrowing from a lender. It will have high-interest credit based on the credit profile and borrower’s income. These loans charge high-interest rates and are also referred to as cash advance loans.
Why direct lenders only?
Payday loans online direct lenders only means the loan is provided directly to the customer. There is no use of the third-party partner to lend money. Thus, the cost is kept low and the level of trust between the borrower and the lender is high.
There is great experience in working with direct lenders. The flexibility allows repayments of the loan over 3 months. Dealing with online direct lenders means you get to make informed decisions based on the credit ratings. Besides, as you are dealing directly, your card details are not passed to other organizations.
Straight Benefits of using a direct lender:
- Easy and quick application
- No application fees
- No hidden charges or fees
- Great trust between the lender and borrower
- Applications approval is in a few minutes
- Single contact point for inquiries
- Funds payment is done directly into the bank account
Lending Act Truth
‘Payday loans online direct lenders only’ initiated in American households as the internet access became easy. The federal government and many other states stepped in to enforce the payday loans such that it protects people taking payday loans.
The lending Act truth was to assure the payday loans, online lenders, to provide consumers with information, terms, and conditions. It means lenders should provide in writing the details before extending any credit to the borrower.
Benefits of Payday Loans Online Direct Lenders Only
- Dealing with a direct lender for payday loans has several advantages. Dealing with a lender directly allows your application to reach the company directly.
- No involvement of a typical broker and your information is secure. It does not pass around other lenders. There is no upfront fee charged nor are your card details transferred.
- Direct dealing with lenders removes the middleman. You get the best rates possible. The funds are released into your account, offering immediate access.
Essentially, lenders providing the payday loan do not refuse loans based on religion, gender, race, or other reasons that are not financial in nature. Any failure of loan or loan disapproval implies the guidelines are not met. There is no other discrimination taken into consideration.
The Fair Lending laws is another important development in payday loan history. These laws protect consumers from discrimination while obtaining credit.