For those instances when you need cash immediately and for any purpose that might arise, one good way of getting this money is to search for direct payday lenders who can help you out. These direct payday lenders are able to give you a fast approval on your payday loan application. In most situations, you can get the loan approval in less than one hour. After you have gotten approved for the loan, you should get the proceeds immediately.
As with traditional loans that you take out, you should first talk to direct payday lenders about their conditions on the loans that they offer since they mostly differ from one another. It is truly important to do since it ensures that you have a safe and official relationship with each other as lender and borrower. If you are able to satisfy the direct payday lenders’ requirements, you can trust that you will get an approved loan which could help you get a better credit score.
There are quite a few upsides to dealing with direct payday lenders. One is that you get your approval on the internet. You only have to wait several minutes after applying for the payday loan since the lender will only ask about your personal information. Usually when you apply for these loans online, you will be asked to submit a complete application form and wait for the direct payday lenders to evaluate it. The verification process can take ten minutes and sometimes less. After this, the lender will deposit the loan proceeds into your checking account or savings account.
Another good thing about direct payday lenders is that they do not require teletracks or faxing. You will not have to find a fax machine so that you can send the documents that the lender requires. Most of these payday loan requirements can be submitted online and this is a great way for you to save energy and time.
You will also not be asked to submit the usual documents required by traditional lenders because the whole process is done off the internet. You just need a personal computer and a connection to the internet.
Most direct payday lenders also do not use teletrack so they can verify the details that you have submitted to them. Understandably, the approval statistics are higher because of this.
Direct payday lenders do not conduct credit checks. This is good news for people who have poor or downright bad credit scores. The lender will not make this a criterion in whether you get approved or not. You cannot say this for traditional lenders since one major requirement for them is that you have a good credit score prior to getting approval on your loan. You will not undergo a credit check when you are dealing with direct payday lenders because they do not really care about your credit score since this does not determine your ability to pay off your payday loan.
To obtain a payday loan, you simply write the lender a post-dated check and sign it. The date on the check should be the same as the date when you have agreed to pay back the loan or when you get your paycheck next. Since direct payday lenders subject you to fewer requirements before they give you the loan proceeds, this is the only security that they have which guarantees them that you will pay them back when the time is due.
Usually you have to pay back the lender in person. But if for some reason you cannot do this, the post dated check will suffice. Most direct payday lenders choose to do the entire transaction online since it is easier for everyone involved.
There is a difference between direct payday lenders and indirect lenders. They work toward the same goal and that is to give you a loan before the next payday comes. But the big difference is how they deal with their customers.
Indirect lenders are considered brokers because they receive loan applications that they then forward to various direct lenders. A good and reliable indirect lender will have a big network of guaranteed legitimate loaning companies. If you want to score a good deal, this is one of the reasons to go with an indirect lender.
In the same way, when you are dealing with direct payday lenders, there is a need for you to do lots of research in order to find the best deal out there considering that you do not have a good credit rating. There are plenty of illegitimate lenders out there so you have to be vigilant when searching for one. It is hard to find a direct lender who can offer you the best deal but they are so much easier to afford than indirect lenders since there are no third parties involved. Once you submit your loan application to the direct payday lenders, they can review it and grant you approval right away because they have the final say. They can also send you the loan proceeds directly.
When dealing with indirect lenders, there is a compensation fee that has to be paid to them because they mediate between the lenders and the borrowers. This means higher service charges, among others.
It is faster and easier to go with a direct lender. Everything comes from them directly, without the need for a third party. The entire transaction will take you about an hour to finish.
The requirements set by direct payday lenders for approval of the loan are easy. You just need to be of legal age, a citizen of the USA, and have a working bank account. As you can see, the requirements are very minimal and this is why it is so easy to work with these direct lenders. There are truly plenty of benefits to not going for the indirect lenders since it makes the entire loaning process a lot faster and hassle-free for everyone. Consider this the next time you find yourself in a tough financial situation.