When you take out payday loans from a direct lender, you get a decision on whether you are approved for the loan or not right away. This is especially true if you are dealing with a direct lender online. They can give instant approval because they look at your needs versus what they can provide. Indirect lenders, on the other hand, will wait for the responses of the actual lenders themselves before they can give you any feedback. Going through an indirect lender costs more time and you will also end up paying more for their commission. Sometimes you would have to wait hours or a few days before you can get feedback and this is not what you need if the cash is required right away.
Another good thing about dealing with direct lenders is that you are sure that your information will not be shared with anybody else. This is not the case when dealing with indirect lenders because your information will be shared with their pool of lenders. In fact, the real risk there is that they might even pass of your information to other brokers as well and who knows how legitimate these are? Of course you would not want your details being looked into by a broker or a lender that you do not know or trust. This is a very dangerous risk that you should not put yourself into.
You might think that sending out your application to various lenders increases your chances of getting approval but the fact is that having multiple applications on your file actually decreases your chances of getting a loan.
Plus, sending out your application to just anyone can result to your information ending up in the hands of the wrong people. You cannot help but have them sent to people who could not care less how safe your details are. You might open up yourself to harassment from spam emails and messages.
You will sometimes encounter brokers who will ask you to pay their fee even before you get approval for the loan and sometimes even if you do not get the approval that you need. They can do this in less than legal ways because they have to make sure that they do what they can to turn a profit. You might find yourself more frustrated and more in need than you were at the start.
Why would you pay a fee for somebody else’s unrequited services when you can just go to payday loans direct lenders? Another plus side is that you are sure of who you are talking to and you can study everything you need to know about the loan arrangement. In case there are items that you are unsure of, you can always contact the direct lender’s customer service representative.