Payday loans lenders have two primary groups that offer loans to borrowers. They are direct and indirect loan lenders. A borrower will see both of these money lenders and you should be aware of the difference if you want the best rate on your loan.
- Indirect payday lenders give loans as the broker between borrowers and lenders. Your application will be submitted to the lender who will then forward your application on to different lenders. In layman’s terms, they are the middleman on your loan, this means that you will have increased fees and higher charges. Indirect lenders have the benefit of shopping on your loan to many direct lenders so you have the benefit of a higher chance of approval as a borrower.
- Alternatively, no payday loan lenders work only with you, their borrower, so that you deal with a direct lender of your money that you are borrowing. Direct lenders use a website to make things easy for you, their customer. The entire process is quick and easy and very convenient for the borrower. Usually you get decreased interest rates and a better deal when you work with a direct lender and complete an application online; it will be reviewed and then processed more quickly. In a lot of cases, when you have your application under review and in the approval process, and then your cash will be transferred into your bank account in just 24 hours, sometimes it can be even quicker.
Think About Your Choices
Reflect on your individual need for a quick short term loan. If you have very bad credit or an unusual employment, you can benefit from these services of no teletrack payday loan lenders and they can boost your application and the chances of getting approved will increase.
You will also want to consider of your amount to borrow, generally no teletrack payday loan lenders can give the borrowers amount of $100 to $1500 in quick cash. Either offer will have its own benefits, the best program for you depends on your circumstances and money required, so make sure that you think about it carefully.