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There are many different types of lenders and places to find them and it can sometimes mean that it is really confusing knowing what the best approach is. It is always a good idea to make sure that you know exactly what different loans can offer you, the differences between lenders and what all the jargon means before you need to get a loan. Then you will be able to know what is available and it will help you to be able to choose the right loan when you need it. We often find that when we are in a desperate need for money we will panic and then sign up for the first loan we can find. However, if we know a bit more about what loans are available and what it is sensible to choose then this can help you to make the right decision when the time comes.
We tend to know a lot about the more standard loans and it is the less traditional ones that we might not know quite so much about, things like payday loans and other short-term loans. Payday loans are the main types of this sort of loan and it will be likely to be the one that you see most about. If you understand how these work, then it will help you to understand how the other types are likely to work as well anyway.
Payday loans are short-term loans where small amounts of money are available to borrow and the lenders, such as Adherents, tend to be less well known than tradition ones. They can allow people to borrow a few hundred dollars, sometimes up to a thousand. They are able to lend to those with a low credit score, which means that if you cannot borrow elsewhere then these can be useful. They will also be able to arrange the loans quickly. It can be possible to get the money that you need within a few hours at the quickest, although some lenders will take a bit longer.
The loans are normally available to apply for online although some can be arranged over the phone. As part of arranging the loan you will need to let the lender know when your next pay check is due. This is because they will set up a direct debit to repay the loan and the interest on the day that you are paid. This is the day when you will have the most money available to pay the loan and so that is why they want it set up that way. The loan will therefore only last a short amount of time, probably a few weeks on average.
Loan use is not restricted to those with a poor credit record though. Anyone is able to apply and most people will be accepted. This can be useful, not only for those that know they will be turned down elsewhere but for those that feel there is a risk that they might be. If you apply for a loan and get turned down it will show up on your credit report. This might put off other lenders before they even properly examine your credit report. Therefore, using a company where you are much more likely to be accepted will help you to protect against this.
The little loans are designed to be a really quick way to get a fairly small amount of money. The time taken will vary between lender but can also be sped up if you make sure that when you apply you send all of the necessary information. The amount you can borrow will also vary depending on the lender. You will find that if it is the first time that you have used a lender then they may only lend you a small amount. If you then pay that back on time, they may be more willing to lend you more. This is because they like to build up a trust with you before they take a greater risk.
This term can be rather confusing as you may feel that any payday lender that you go to will deal with you directly and you will be right. However, there are some lenders which will appear on comparison websites and review sites and deal with customers through those. These types of sites will then take a commission on the lead and therefore will tend to only recommend lenders that they get paid from or perhaps even just the ones that pay them well. However, there are some payday lenders that are classed as direct payday lenders only because they only deal directly to customers and not through sites like this.
You will therefore have to find them by looking on search engines as they will not appear on comparison sites, review sites or things like this. This could make them more difficult to find. However, it can be useful to ask people you know about whether they have used them as they might be able to recommend a lender. Also looking on personal finance sites that you trust, which have impartial advice about borrowing could help you. You may also want to look at lenders that you see advertised, as you will know their names from the adverts. Do bear in mind though that those that advertise might be more expensive as they will need to cover the costs of their adverts.
You may wonder what the advantages are of dealing with lenders like this. The main advantage though is actually the cost. If lenders are paying commission to be recommended then that will put up their costs and those costs could be passed on to their customers. This will mean that it could mean that if you choose a payday lender that only deals direct, you will be able to pay less.
Comparing costs between payday lenders is important to do carefully though. It can be a little confusing so it is wise to be careful with what you are doing. Many people will compare by just looking at the interest rates. If you see a lender with a lower rate, you will be tempted to assume that this will mean that they will be cheaper for you, but it is worth investigating further. You may find that there will be a flat rate charge as well, that you have to pay on top and this could vary between lenders. Therefore, you will need to calculate exactly how much you will be charged. You should find that many lenders will have a calculator on their website where you will be able to work this out. You can put in details of how much you wish to borrow and how long for and t will calculate how much you will have to repay in total. By noting this figure, you will be able to compare it to other lenders and you will be able to work out which will be the cheapest for you.
It is important to also check out the fees they will charge if you are late with the repayment. This is something else which will differ between lenders and you want to make sure that if you are picking between two lenders then this is taken into consideration as well. As much as we would love to think that we will repay the loan no matter what, it is always good to check this. For one, it will motivate you to repay it as you will want to avoid that cost but you will also be able to use this as criteria when picking the lender.
It is obviously up to you what you decide to do, but it is worth considering choosing from direct payday lenders only. You will find that you could save money and this can be very important with a loan like this. As you have to repay it in one lump sum, if you do not have to repay so much, it will make a big difference. It could be the difference between you managing the repayment or not. It may have an impact on what you can buy afterwards as well. Once you have paid the loan back, you will need to make sure that you have enough money to cover the cost of everything else that you need to buy. This will include things like your rent, utilities, cell phone, car etc and it is important to make sure that you are aware of the cost of everything so that you are able to ensure that you will have enough money left to cover all of these.
So, although it is worth carefully looking at all of your options, you could find that using a direct payday lender could have some advantages for you. So, make sure that when you are assessing your financial situation and considering borrowing that you include all options, so that you are sure that you are doing the best possible thing for you.