It can be difficult trying to distinguish the lenders from the brokers, it is not always obvious if you are dealing directly with the lender. Going directly with the payday lenders not brokers means you can avoid the brokerage fees that a broker may be charging.
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One of the other benefits of dealing directly with the payday lender is that you cut down on the time it takes to actually get the money into your account. A broker may not instantly contact the lender to get you a deal as they often send out your details to several lenders and wait to see which ones approve you. This can increase the time it takes you to get your cash.
It is however important to point out that because of your current financial situation you may be turned down by the lender in which case you will have to apply again to another company. One advantage of going through a broker is that they will be able to find you a lender who is willing to loan you the money you need albeit not as quickly as you may have liked.
So depending on how quickly you need the money; if you need cash straight away and need it within an hour or too then dealing directly with the lender is going to be the fastest option. If you have a dodgy credit rating and you have had a history of refusals then a broker is probably going to be the most efficient way forward.
If you are worried about brokerage fees then not all brokers charge an up front fees for their services or add on the fee to your loan repayment. Many brokers get paid by the lender with a finders fee so it will not cost you any extra using a brokers service.
Some lenders do a credit check all the time, some just do a check when needed and others will get you a payday loan with no credit check. There are not any direct payday lenders who will provide cash without some sort of credit check. A credit check ensures that you are able to repay any money they do lend you.
All lenders will look at your credit score or check with a credit reference agency in order to be able to make a decision. Firstly they will decide whether or not they can lend you any money, if they can then they will decide what the maximum amount they can lend you under your current circumstances.
If you do see an advert claiming that they are a payday lender and not a broker and do no credit checks then be wary. You may be reading a sales ad that may be misleading in order to draw you in.
If you do have a low credit score do not assume that you will automatically be refused a loan. Lenders usually take into account many other circumstances that give them a better idea of your current situation rather than relying solely on a credit check that may only be representative of your past credit history.
In the past year there seems to have been many new payday lenders and not brokers as people are more wary and want to be dealing directly with the company that is actually lending them the money. There are many new lenders who allow you to apply via text or SMS message as well as the traditional online route or over the phone.
This is a list of payday loan lenders (no brokers) for the UK market. The payday companies listed does not constitute a recommendation or verification of a lender as a good company. The only lender we currently recommend is QuickQuid who has the lowest repayment cost that we know of and offers 1 hour funding with no extra charges.
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£80 - £750 Pay Day Loans - Click Here To Apply and use the code CJCASH to save 20% on your loan fee.
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