What Is A Payday Loan Direct Lender?
A payday loan direct lender can help provide access to satisfy potential borrowers’ needs when they are in financial binds. This is a type of lender that offers payday loans, a type of short-term loan that can help tide you over between paydays. The loans are directly applied to and approved by the lender.
If a borrower qualifies for such a loan, he will need to pay the loan back within a short timeframe of about 15-30 days, which is typically the time when one receives the salary.
This is different from indirect approaches to obtaining a loan, such as lending networks, brokers, or loan connection services. Indirect lenders have no direct relationship with the borrower. For instance, an indirect lender may only make the approval decision of a loan for the borrower and allow an intermediary to complete other procedures.
That’s not to say that indirect lenders are disadvantageous. Potential borrowers may still find a short-term loan from indirect lenders like brokers or loan connection services. Here at US Installment Loans, we can connect you with one of several lenders from our wide network, where you just need to submit your information and see whether you can receive suitable loan offers.
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Get StartedWhat Is the Difference Between A Direct Lender And A Broker?
Mortgage brokers are sort of like middlemen who have lending sources and can deal with multiple wholesale lenders to help find suitable loans for their clients. Brokers do not lend money but can “shop around” for their clients, handling the interactions with lenders. Some brokers may also do the paperwork for you as long as you provide the required information.
On the other hand, direct lenders will communicate with borrowers directly. A direct lender will require borrowers to complete a loan application first, filling up necessary information about one’s personal and financial circumstances. Afterward, direct lenders will conduct an assessment to decide whether to approve or reject the application.
Although getting in touch with direct lenders may lessen the back-and-forth communication with a middleman, loan brokers, serving as the intermediaries, can guide borrowers to complete the application process step by step, making it easier for borrowers to apply for a loan.
How to Find the Right Direct Lender Online for A Loan?
When you are looking for an online direct lender, such as an online payday loan lender, title loan lender, or installment loan lender, there are a few tips for you to follow.
- A payday loan direct lender will clearly state they are lenders rather than brokers or aggregators.
- Review the lender’s website, particularly the fine print at the bottom. You may also try contacting the customer service department to verify that you are communicating with a direct lender.
- Some direct lenders may cooperate with loan platforms to reach more borrowers.
Here at US Installment Loans, we specialize in connecting borrowers with reputable direct lenders. Every borrower has access to get in touch with direct payday loan lenders and clarify the loan terms and conditions for a final agreement.
How to Get Online Payday Loans from Direct Lenders on US Installment Loans?
Search for direct lenders
You must first find a reputable lender who offers direct payday loans that meet your specific needs. This will require you to conduct research to find a reputable lender offering a payday loan and figure out whether you can apply online or in-store.
Fill out and submit your application
Payday loan direct lenders will require you to submit an application, which will be reviewed directly by them. You have to provide relevant personal and financial information, like your employment information, income verification documents, contact details, social security number, bank details, etc.
Provided you have all the information ready, it is convenient for you to submit an application form through US Installment Loans. We will send your application to reputable lenders in our wide network.
Assessment from direct lenders
After submitting your application, the payday loan direct lender will then review your application and decide whether to approve the loan, which would be based on your income. For those borrowers who have bad credit scores, some online direct lenders may carry out lenient requirements for them after negotiation.
Receive the funds
If online direct lenders send you approval, then you can receive the cash either via direct deposit or by picking it up from a physical location. Sometimes it takes a certain period of waiting on when borrowers can get approved for a loan or when they can get the funds, though there are many payday loan direct lenders who can fund the loan as soon as the next business day.
Repay the loan
Lastly, borrowers must pay on the due date, which is also their next payday. Usually, the payment would be automatically withdrawn from the bank account you submitted and received the funds from. Remember to ensure you have enough money available in your account to prevent incurring fees and penalties.
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The Benefits of Working with A Direct Lender
Contacting direct lenders for loan applications is relatively time-saving and secure. The benefits of working with a direct lender are listed clearly as follows.
Fast approval decisions
The approval process might be quicker with direct lenders. After you send an application to a direct lender, you can receive a decision in as fast as a few minutes, and some lenders can even provide the funds within the next business day.
Better communication
When you work with direct lenders, you can communicate with them freely, so you have direct access to them if you have questions or clarifications about the loan. Moreover, lenders will be able to deliver information clearly so nothing gets lost in communication.
Simple application process
If you plan to apply for online payday loans from direct lenders, the process is pretty straightforward. You can directly apply for a payday loan from an ideal direct lender on our platform, US Installment Loans. The process just takes a few minutes in the comfort of your home. Some lenders can send their decisions in as fast as an hour.
How Does US Installment Loans Compare?
 | Why Us | |
|---|---|---|
| How much do I qualify for? | Up to $35000 | Competitive rates |
| What's the max loan length? | Up to 36 months | Fast decisions |
| Do lenders check my credit? | Yes | Soft credit checks |
| All credit levels accepted? | Yes | Bad credit doesn't matter |
| Chances of approval | Good | High approval rates |
| When am I allowed to apply? | 24/7 online | Easy application |
Wrapping It Up
Direct lenders are creditors who provide loans to individuals or businesses without cooperating with intermediaries. The process of availing of loans from a direct lender is simple and straightforward. If you need to apply for a loan, submit your information now here at US Installment Loans, where we can connect you with a reliable direct lender from our vast network.