Benefits of Direct Lenders. When the time between paychecks seems to be a bit challenging, it may be worth considering offers from direct payday loan lenders. Having quick and immediate access to cash can help make the wait until the next paycheck easier on your family. When considering a payday loan, one of the first decisions you will have to make is whether to use a broker or loan matching service or use a direct lender. There are numerous benefits associated with these that are often overlooked.
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Benefits of Payday Loans
When you are struggling to make ends meet between paychecks, direct payday loans can help you make ends meet. These loans are often available with no collateral and no credit check. This means that nearly anyone with a regular, dependable source of income is eligible.
Faster Service Possible
One of the best reasons to consider the direct route is the speed at which loans may be approved. In most cases, these lenders are available around the clock and require far less time to approve a loan than shopping through a loan matching service. Oftentimes, payday lenders can approve a loan in less than four hours meaning you will have the necessary funds very quickly.
Lower Paperwork Requirements
While loan matching services may provide several options for these loans, when you are working with direct payday loan lenders, you may have to deal with less paperwork. Loan matching services often require that documents be faxed to them and this may cause a delay in processing your loan. In addition, once a decision is made, all a direct payday loan lenders office will require is your banking information to transfer funds to your account.
Income Requirements
When you are applying for a loan, you will be required to verify your income. Income from a regular job that is paid through a weekly or monthly paycheck or income from retirement or disability funds may be used. For those who are self-employed, it may be more challenging to gain approval, even from direct payday loan lenders. Minimum income requirements may range from $800 monthly to $1,000 monthly depending on the amount of the loan.
Repayment
When you accept a direct payday loan, repayment terms are explained when you take the loan out. In some cases, the full loan payment may be due on your next payday. In other cases, portions of the loan may be rolled over to a new loan. Payments are typically taken directly from your bank account on the due date.
While these types of loans are not right for everyone, accepting a loan from direct lenders is often the best option to use. Some of the clear benefits include lower paperwork requirements, speedier response times and personalized service. When you need a little help to make it to your next paycheck, or encounter an emergency situation, loans of this type may very well be the answer you are looking for. However, borrowers should always exercise caution and ensure they understand the terms, repayment options and overall process in detail.
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