Payday lending was started out as a direct lender industry. As time has progressed, however, many lenders have become involved in the business and these lenders no longer simply direct consumers to direct lenders.
Payday lending was started as a direct lender industry. A direct lender works directly with a borrower and his or her bank. This allows the borrower to choose from among a list of lenders who may be able to approve him or her for a loan. When we use the term “payday lender” today, we are really referring to an intermediary, who brings the loan application to the lender for review and approval.
There are some non-bank, non-direct lenders out there who will lend to consumers, but they are not referral service lenders. They will, however, offer credit to anyone who applies – and they will charge reasonable interest rates and reasonable fees to do so. Thoser are known as Payday Loan No Broker.
Many consumers are often unsure of the difference between online payday loans and traditional lenders.
There is a big difference between the fees that are charged by each type of lender. Brokers are not allowed to lend money directly. When you go to apply for a payday loan online you are not doing so via a broker; they are not involved in the loan application process.
Many online resources offer answers to the question, “Can you get a real payday loan without a broker?“.
As a consumer, you are probably wondering if your bank, credit union, or other financial institution can help you expedite your loan needs when you need them the most.
When you need fast cash, you want it quick, and when you need it fast, you don’t want to leave yourself some time to figure out how to obtain one. If you are browsing the net, you have likely come across ads from various companies offering an expedited loan or lending service. While they may seem like a good idea, the truth is these companies are not real payday loan brokers.
Brokers do not make nor provide, any financial advice.
They merely connect borrowers to lenders who offer direct payday loans. In other words, they are financial planners who advertise that they “will connect you with the right lender for your next payday.” What this means is that the Financial Planner will shop around for the best deal for his client, not the consumer.
Brokers connect borrowers to direct payday lenders (usually at higher fees than would be charged by a direct lender) in order to facilitate payday loan funding.
If a consumer is serious about getting a payday loan, it is advisable to contact us directly, instead of losing time (and money) checking in other intermediary sites that will charge fees much higher than would be charged by a direct payday lender. Remember, a broker charges fees for his or her services.
Instead, through Instant Installment Loan, getting an approval payday loans as a direct lender is as easy as filling out an online application. Although logically, no company can grant a loan without first verifying some minimum requirements, with us the requirements are really surprisingly flexible.
If you want payday loans from us, the first requirement is to be an adult residing in the United States, national or resident with a job, guarantor or proof of some kind of stable income.
Our quote request process is simple. Simply submit basic personal information and let our loan comparison software do all the work 100% online. .
After approving the quote, a loan agreement is automatically generated and sent to the email address you submitted in the application process. When you sign the agreement electronically, you could have your loan even in 15 minutes.
You will have to complete an application form which will usually take around 2 minutes or so. It asks basic questions about your personal and financial information. Once this information has been verified, you will be offered a cash payday loan as soon as possible.
You may think that finding a low-cost lender when you need emergency cash will be easy.
It does get harder once you start talking to lenders who charge expensively for their services. Each lender has its own set of rules and regulations. Often these rules vary from state to state. For this reason, it is important that you deal with a genuine payday lender as InstantInstallmentLoan.com.
In conclusion, real payday lenders do not typically require you to be a broker in order to take advantage of their services. If you are looking to apply for a payday loan online, you can use our reputable and reliable online lender service.
With today’s tough financial times, more people than ever before are relying on our payday loans and contacting us to get fast cash.