Payday loans direct are also called payroll loans. These kind of loans like the name suggests are the ones wherein you will have to pay back the loan amount with your next paycheck. Payday loans direct are in fact short-term loans that can meet your urgent credit needs. Payday loan through direct lender is a good alternative to the commonly used interest loans, even though you may require a loan urgently.
Payday loans direct are offered by several payday lenders and are also available for individuals having even a very bad credit history. These loans are basically unsecured thus, you would not have to provide any collateral.
Most people apply for payday loans direct online, as they are easily available online. As a matter of fact, most payday loans direct lenders offer their products and services online only. When you apply for a direct payday loan, there are a few requirements that you would need to meet. For example, most payday loan direct lenders would require you to be at least 18 years of age and have a steady source of income that pays you at least $1000 monthly. Besides, you would also need to have a checking bank account that allows for the direct deposit and online transactions.
The payday loan direct loan amount would be credited to your bank account, once your loan is approved. Besides, the direct lender would also withdraw or take the loan amount back on a particular date. Usually, this date is the day when you receive your salary or your paycheck.
Therefore, all the payments for the direct payday loans are made through your bank account. You can always extend the deadline when you want to pay off the loan amount, should you not be able to pay back on time. However, in case you extend the repayment date, you would need to pay an extra fee for the extension period.
Since direct payday loans are taken for a short term, the cost of such loans is relatively lower. However, in case you need cash for a longer period of time, it is recommended that you choose against a payday loan, as it will evidently turn out to be more expensive.
Applying For A Payday Loan Through Direct Lender
Although most of the time you are required to fax to the direct payday loan lender certain documents regarding your bank account, there are definitely several direct online payday lenders who do not actually expect you to fax any paperwork.
No matter what is the direct payday loan amount that you need it is usually better to go with a few lenders and compare their interest rates before you decide to apply with any of them.
Besides, there are several websites that can match your requirements with various direct payday loan lenders. If this is case, it is also recommended that you research the company before supplying your personal bank account details.