Payday loans can be extremely helpful during times of need. Many loan application processes take five to seven business days to even get a response, and that doesn’t guarantee the money will be in hand by then. Payday loans is a solution to this problem. Unplanned expenses can wreak havoc on a monthly budget, especially when money is tight or assets are unable to be liquefied. When applying for payday loans, it is important to know that one company may handle the application process and then handed off to a third party who handles the payment and repayment aspects. These types of loans carry inherent risks, such as getting money from unlicensed lenders or “loan sharks” as well as higher APR and riskier terms.
The solution to this problem is only to choose the best direct lenders for payday loans. All aspects of payday loans are handled in-house by direct lenders who not only decreases the risk involved but increases the reliability of the funds. There are no shady investments or questionable funding. Direct lenders are in charge of the application process and credit check so the approval or denial of the request may come more quickly than a traditional payday lender. This process also increases the speed in the transfer of funds – approvals made before an evening deadline often results in cash in hand the very next day.
Direct lenders are often more flexible than traditional payday lenders as well. A traditional bank will only accept good to excellent credit scores to secure their investment. They would not be comfortable sending hundreds of dollars to somebody with a low credit score who could potentially be unable to pay the money back. The traditional lenders have a select pool of third parties to choose from which will influence who they are comfortable lending money to. Direct lenders, with improved flexibility due to in-house operations, can approve individuals with less-than-perfect credit scores even if they have been turned down by other lenders in the past. The process can occur almost instantly with applicants receiving a response within twenty-four hours and sometimes even less.
This grounds on top of this, direct lenders are regarded as more reputable service providers and often act in compliance with financial service watchdogs. They are legitimate and licensed companies with low-risk payday loan direct lenders. Most direct lenders value their image and reputation and as such will not sell personal information including email to third parties. This method will keep spam out of your mailbox and away from your inbox. For the best and safest companies and payday loans, choose a direct lender that operates under the Online Lenders Alliance (OLA) best practices. This agency is a consumer rights organization that help businesses in the industry treat customers fairly and with respect and encourage good foundations in business. OLA members are the most trusted payday loan direct lenders so customers can shop with confidence.