Direct lender payday loans represent only one choice out of many different kinds of payday advance style quick loans that are available today. These loans are designed to get people cash as fast as possible which gives them an advantage in certain situations. The question of whether these loans are better than going with a broker-based payday loan really comes down to an individual’s personal situation, and what sorts of fees they are willing to pay.
Before you can answer this question, you have to understand what direct lender payday loans are. This will give you instant access to the cash you need. The window to get confirmation is quite narrow, so this kind of cash advance loan should only be used for emergency situations. Generally, your cash is there quickly.
When quick cash is essential, some sources can offer faster assistance. Depending upon what state you live in the, the conditions of this loan might be different. In many states, these loans offer especially solid provisions and low rates for those in the military. Others make sure that payday loan moneylenders keep their rates reasonable for everyone who comes through their doors.
You should research the advantages and disadvantages of direct lender payday loans, before you make any decisions. If cash is needed in an absolute hurry, then this is one of your only options. Traditional loans take weeks and even some payday loans through brokers can take a long time to process. What good is the money in four days if you are stranded without a car? One con to consider, however, is the cost of costs for this type of loan. Although it depends on how fast you are in need of cash, this is a give and take situation. When that need is weighed against price, it becomes apparent whether or not direct lender payday loans are a lower cost plan than loans through a broker.
Direct from the lender payday loans offer several advantages over standard or brokered payday loans. These include: reduced fees since the direct lender company doesn’t have to pay fees or commissions to a broker or affiliate, less red tape since you are applying with the payday lender straightaway, and better consumer protection since direct payday loan lenders are independently accredited and regulated.
While you are making a conclusion about which direct payday loan lender to borrow from, make sure to do your homework. Compare fees and charges and read the payday loan fine print so you find any special charges that you may be liable for, like missed payment fees or payday loan extension charges.