When shopping around for a payday loan, you need to understand what types of loans are available compare all your options. Please read the following so that you are fully informed:
What is Online Direct Lender?
A direct lender is a company that accepts loan applications and funds them as well. An online direct lender does this through the Internet, making it easy for borrowers. There are many trustworthy online direct lenders who are fully state licensed where they operate the business. Just like any other lender they must abide by all the rules and regulations established by the laws of their state.
Benefits of Applying from an Online Direct Lender
- A reputable direct payday lender will clearly disclose the rates and terms for all cash advance loans and explain the different types of loans they provide:
- Installment Loan
- Payday Loan
- Line of Credit
- Borrowing from a direct payday lender offers you more security when it comes to your personal and financial information:
- A direct lender does not send your application and personal information out to various other companies, as a loan matching service will do.
- They alone review your application, and if you meet their qualifications, they will offer you the loan and fund it themselves.
- When working with a direct online lender your information will not be sent out to anyone else without your full knowledge and written consent.
If you want to work with an online direct lender rather than a loan matching service, there are a couple of ways that you can tell the difference. Look at the company website and if all the different types of loans are listed, with their individual loan rates and terms, they are most likely a direct lender. To be sure look for a link to the page displaying their state licenses. This will show you what states they are licensed to operate in and that they obey all the lending laws of that state.
Most Popular Online Direct Lenders