Many companies claim themselves payday loan lenders providing different sums of money on different terms, rates, and fees. However, it is often very difficult to be certain whether the company is a real payday lender or some shady operator and whether the payday loan will be a helping hand or a trap leading you to huge debts. Here we have gathered some useful information to make your payday lender search more convenient, successful, and safe.
What Are the Types of Payday Lenders?
Most people take no notice of the differences between companies providing loans and that is why they become an easy target for indecent lenders. There are two main distinctive features of lenders – they can be direct lenders or brokers.
Brokers are institutions, which instead of payday loans provide services such as a search for the best payday loans available on the market. Licensed brokers charge additional fees for the services provided. Before using a broking service, make sure that it is authorized in the FCA consumer register. If it is not mentioned in the register, you can make a complaint to special bodies dealing with Internet crime. Mind the fact, that the complaint made after you have been trapped will not help you to get a refund, and be careful when sharing any information with brokers or lenders.
However, some companies do not mention the fact that they are not direct payday loan lenders and charge their clients with enormous unauthorized fees. This happens when clients send their personal data such as bank details, employer information, address, and all personal details to brokers thinking that they apply for a direct loan and being unaware that they are signing for broking services. Brokers send the information received to the highest bidding payday lender or to another broker doubling the fees paid for broker services.
Payday Loans with no Brokers or Fees
Payday loans can be received with no brokers and no fees for their services; you just need to search for the lender yourself and make sure that the company you are going to choose is a real direct payday loan lender.
Working with a direct payday loan lender means having no broker or other intermediary, your private information is kept confidential and is not sent to the third parties, you get the money directly from the company you applied for. Nevertheless, not all the companies providing loans directly to their customers are reputable lenders.
What Are Tribal and Offshore Payday Loan Companies?
Tribal and offshore payday loan lenders give the money needed directly to their customers. They use no intermediaries or broker, but still, they are not real lenders. Let’s find out what are these companies like and how they trap their customers.
How to Find Top Direct Payday Lenders?
Payday loans are first of all alluring for people with bad credit who need cash urgently. There are loans from brokers who act on your behalf, but here we are going to convince you why you should prefer to apply for top online payday loans to direct lenders, not to intermediaries.
Actually, it is not so easy to find a direct payday lender on the Internet as there are many shady brokers that take borrowers’ details, look at their own list of payday loan companies and make an application for a loan on the borrower’s behalf. Sure, they charge a percent of the commission.
Using a top payday loan lender from the ranking of best loan companies means that you know what company you are dealing with, what its reputation is, what regulations the company follows, and how these regulations are complied with.
Moreover, with a direct lender, you know the cost of your loan. This is the main distinguishing feature of direct loan companies from brokers. Brokers receive a commission from sending your application to other companies and it makes your loan more expensive for you.
According to different sources, the top 10 payday loan lenders lists vary but usually include the following companies: CashNetUSA, Check City, Metro Cash Loan, Check ‘n Go, Advance America, LendUp, Check Into Cash and other online payday loan services.
If you have ever searched for payday loans, you must have noticed that it is extremely difficult to find real payday lenders among all aggregators and online tricksters. And if you are tired of looking for real payday loan companies, that’s for the good. With our www.betterpaydayloansonline.com you can forget about searching for real payday lenders online forever. We offer payday loans with no brokers.
There are quite obvious characteristics that help to tell real direct payday lenders from brokers. Many payday loan sites promise that all applications are accepted, but this is the first indication that you are dealing with an aggregator, not a real payday lender. Although many real lending companies do not perform a traditional credit check, no one of them accepts 100 percent of applications.
Moreover, people who are in need of money must prove that they are not bankrupt and have a steady income. Additionally, not all the categories of citizens are approved by lenders, as a rule, members of the military and their families are excluded. If you meet such kind of treating, you can be sure that you are dealing with real payday lenders, not brokers.