Payday Loans Direct Lenders

Saviors of money crisis- Payday Loans Direct Lenders

Everyone wants to lead a comfortable life. A life without stress is an ideal life. We all work towards it and some of us even achieve it. For the rest of the people it is a fight every month to sustain themselves within the given monthly salary. Our wishes and desires are endless and sometimes takes us to a level where we find ourselves stuck up in a vicious cycle. For eg. If we have a look at an average income household, we realize that the monthly income of the earning member is distributed according to the grocery bill, telephone bill, credit cards bill, gas bill, kids’ school fees and a few miscellaneous expenses. If there are some long term loans that have to be repaid, their installments also need to be deducted from this very salary. After all the fixed expenses, there is very less money left that could be used for any sudden money requirement. It sometimes happens that you have exhausted all your money and suddenly you receive another bill that needs to be cleared before the month ends.

Banks Vs Payday Loans Direct Lenders

In order to fix up the money crisis, you need to borrow money from somewhere. The first place where you could go is a bank. The lending procedure of a bank could be very lengthy and stressful for you. If you need instant loan, that is again an issue as banks take time to sanction a particular loan. There are a list of eligibility criteria that you need to fulfill to apply for the loan and there is a lot of paper work too which needs to be taken care of before you get your loan approved. Therefore, a bank loan is not found to be the right choice if you are looking at an instant loan.

Payday Loans Direct Lenders are the only option left for you in such a scenario. There are many direct lenders in the financial market that offer payday loans to the people in need. They have simplified the loan procedure and fast tracked the loan providing facility. Therefore if you need cash immediately, you should opt for a payday loan direct lenders. The payday loan is a paperless loan where you need no paperwork and your loan is sent in your account within a few hours of your applying for it.

Choosing the Right Lender

Initially when the payday loan was catching pace and had started becoming popular, many lenders had started opening their shops in all possible places. You could see direct lenders offering payday loans sitting in malls, shops and even some gas stations. When the lending business started spreading at a fast rate, the US Government realized the difficulty of the borrowers in identifying a genuine lender. Therefore they took a firm step and regularized the market. All lenders are now under the scrutiny of the Government and hence dealing with them has become much safer today. Still when you are choosing a lender, you need to be careful. You could select a lender either by visiting their office physically or by finding them online. There are a number of direct lenders who offer various options of payday loans. You should compare a few of them who are offering lower interest rates and lesser fees. Choose the one who offers the best deal. You should also read their terms and conditions carefully before taking your payday loans direct lenders. There should be no hidden clause that might lead you to trouble later.

Requirements of a Lender

Once you have found the lender for your payday loans, they would also require you to fulfill a few criteria. Although these criteria are general and easily fulfilled, yet they should be read carefully and fulfilled by the borrower to avoid any delay in the payment process. The criteria are:

• A borrower should be at least 18 years of age to be eligible for a loan.

• He/ she should be working in a legal company taking home a handsome salary. The salary should be sufficient to repay the loan amount along with the interest in the next pay cycle.

• He/she should be a US citizen

• He should have a valid bank account where his loan account would be sent.

If anyone fulfills the above criteria, he can easily apply for a payday loan direct lender. A payday loan is different from a regular loan as it does not require any kind of guarantee against the loan amount. Another advantage of a payday loan is that no credit check of the borrower is done before granting the loan. Therefore it becomes a great advantage for people with a bad credit history as they can avail this payday loan without any difficulty.

Repayment of the Payday Loan

Once you get the loan amount transferred in your bank account, you will have to be careful in repaying the loan. Generally a payday loan needs to be repaid within 15-30 days depending on the terms and conditions of a lender. The repayment is usually transferred from the bank account to the lenders account on the day of the salary. If there is insufficient amount on that day, you might end up paying a penalty for it.

While the whole process of a payday loans direct lenders is quite simplified, you should be very strict on the privacy policies of the lender. There are many matching services companies that provide you with a list of lending companies but also have an access to your personal details. These middlemen sometimes sell your personal details to a third party. Therefore, it is advisable to contact a lender directly and clarify with them about their privacy policies and restrict them from sharing your personal details with anyone.

Once you have taken care of all the aspects of a payday loan process, you are free to enjoy the loan amount. Since the lender does not ask for any explanations regarding the usage o the money lent, you can use this money in whichever way you want. So go ahead and fulfill all your sudden requirements without feeling stressed with the mid month crisis.