Direct Payday Lenders

Financial insurgency is the right term to define money crisis swamp. When faced with such a quagmire, one must possess complete information regarding procurement of monetary help. It is not necessary that your relatives or friends would bail you out from an immediate financial crunch. Neither it is feasible to depend upon them on a regular or a frequent basis then an obvious question is where to go? Yet there are times when instant cash is required to avoid any adversities arising from it.

To seek a monetary help and guidance, one’s most dependable source is loans. To meet your instant need, reliable option is opt for quick cash loan. It is a loan type where money is instantly transferred to a borrower’s account by the lender. There is absolutely no delay and documentation work required for loan approval and it is referred as Short term Loans or unsecured loans. It is termed Short term loans as approval is restricted to maximum of 7 to 14 days and loan amount is also very small compared to long term loans. It is an unsecured loan as there is no mortgage or documents required. It is a faxless and no telecheck loan system. For loan approval, one can go to Direct Payday Lenders either online or to a brick and mortar financial store.

Here we would take up different perspective related with Direct Payday Lenders for in-depth comprehension of this term.

1. Direct Payday Lenders or Referral Payday Lenders

Crisis is a time when senses stop working and agitation along with restless takes over. But, money crisis calls for evaluation and examination of terminologies before signing on a dotted line either electronically or in paper or pen. One should have clear understanding of advantages and disadvantages of Direct and Referral Payday Lenders with their meaning before approaching them for loan sanction and transfer of immediate cash.

Direct Payday Lenders

When one gets in direct touch of a money lender, it is referred as direct. Negotiation and dealings are one to one basis and a borrower must fall into eligibility criteria for applying payday loans.

• Advantages

• There is no third party intervention. Negotiation is open and secured.

• Chances is one can expect relaxation in policies.

• Guarantee for loan approval is much higher as one can engage in talk and find out problem areas.

• There is no leakage of personal information.

• Loan processing is taken care by the direct payday lenders

• Disadvantages

• There is no comparison of rates

• There are several players who can address your concern and problem.

These are some of the points which make a direct payday lender.

Referral Payday Lenders

Referral is when a borrower contacts a representative of payday lenders, that person or association would present your case in front of the money lenders. Your application is picked up by any lender and amount is credited to your account. This system of loan is termed as referral payday lenders.

• Advantages

• One can easily compare rates and terms of policies

• To address your concern, there are quite a few number of lenders

• Ratio of lenders versus borrowers is 2:1, which proves to be in favor of borrowers.

• A single online form is enough to get in touch with many lenders

• Disadvantages

• Your personal data is not secured

• As a borrower, you would not even know the whereabouts of your lender

• Chances of being misguided are very high

• Your personal information can be used for breaking in your account as there is direct access to your account with details floating on the net

• There is no guarantee of security

This is an overview of both types of lenders. One can decide based on security policies followed by either and other features.

2. Brick and Mortar or Online Direct Payday Lenders

Overall loan approval and sanction procedure is same for both the types of lenders. Except that one is online and can be accessed from anywhere, whereas with other one has to go personally to submit form and take cash.

Brick and Mortar Direct Payday Lenders

It refers to those lenders who have established their offline financial retail store for loan disbursement. One has to personally visit their office and get loan approval. Once loan application is approved, cash is instantly handed over to the applicant.

• Advantages

• One is direct touch of the office of the lender

• There is no concern for security of personal information

• Cash is immediately handed over to an applicant

• Disadvantages

• Loan approval is subject to past credit record

• Papers have to be carried

• Postdated checks have to be deposited with the brick and mortar financial institution

• In case of delay, checks have to be cancelled personally

• There is a fine for cancellation of checks

Online Direct Payday Lenders

With the dominance of World Wide Web, ecommerce become a natural change and a new form of lifestyle. To stay up with the competition, many offline payday lenders have gone online; though there are few new players too. Online Direct Payday Lenders has brought ease and convenience in the life of payday borrowers.

• Advantages

• It can be accessed and applied at any time of the day

• There is no need to carry papers

• Personal details can be submitted through online forms

• It is secure and guaranteed against theft

• Money is transferred directly into the borrower’s account

• Disadvantages

• Lender has direct access to your account, as you have to submit bank details

• Loan is given on the condition that borrower shares account details

• If papers/personal details are sent for verification, there can be a delay

Which is a better option?

It entirely depends on the convenience and comfort of a borrower. Both are equally good or bad, the only added advantage with online system is one can apply online. If applying online, one can minimize risk by examining the details and market reputation of the financial institution. This is not possible if you are going via referral payday lenders system. Whatever is your modus operandi, you should ensure there is least risk involved and there is a complete guarantee of security of personal details.