Financial emergencies come unalarmed. It can be anything like a broken car, boiler repair in the winters, temporary income loss, medical emergencies or unexpected bills. Financial institutions like your bank may not approve a personal short term loan immediately, due to lengthy approval process, but you can consider opting for direct lenders.
There are many different types of short term loans one can choose from, depending on their needs. However, Payday loan is one of the most opted for loans. Read on to learn more about payday loans and how you can get one.
Is payday loan direct lender option a safe one?
Payday loan has a very bad repute but this has been washed away with the introduction of FCA regulation. Financial Conduct Authority appointed by the government ensures that all financial services and firms operate and trade legally and fairly in the UK marketplace. Portals like LoanPig only approve FCA certified lenders, which ensures that borrowers from their platform are safe.
You can get more information from LoanPigÂ® | Short Term and Payday Loans Provider | Direct UK Lender.
Direct lender provides loan directly to the borrower. The brokerage platform is just a medium that holds a panel of lenders. You choose a lender, submit a loan application. The chosen lender evaluates it and if he approves the cash gets transferred directly in your personal account. There are many benefits besides quick services.
Benefits of choosing payday loans direct lender alternative from brokerage portal
- You get relief during sudden emergencies or unexpected expenses life throws at us sometimes, till your next pay check.
- User interface is simple, so online application process becomes easy.
- You can apply from home via desktop or on the go using your Smartphone.
- You get options to choose from a panel of lenders. It means your chances of getting necessary loan amount approved at a good rate increase.
- Payday loan calculator will give an idea of how much you spend in buying a loan instantly on the basis of amount and duration.
- Borrowers with low credit scores can also find a lender offering loans on bad credit.
- The brokerage platform matches applicants with suitable lenders on the basis of loan amount and the repayment date.
- Payday loan indicates the brokerage platform the urgency of the process, so they make sure that the whole process gets completed smoothly and speedily.
- You get to handle the emergency situation and twelve months’ time to repay the money back.
Who is eligible to apply for payday loan direct lenders alternative?
Just like any other applications, you will need to fulfil certain criteria to get approval from lenders panel.
- Minimum 18 years
- Local citizen
- Active bank card and account
- Employment of some form
What to consider before applying payday short term loans?
Before deciding to apply for payday loans, you need to ask yourself some questions like –
- Will you be able to repay the loan amount in specific time period?
- Is there no other alternative source for getting money?
- Is the brokerage portal you choose or the lender regulated?
These are the main three answers you need to consider. If you are satisfied with all the answers then you can freely move ahead with filling and submitting the application form.