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Providing fast and affordable short term loans and instant payday loans to the UK…

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Direct Payday Lenders Versus Loan Brokers

A financial situation often leads to borrowing a loan, and most people rely on direct payday lenders for this. However, not all loan providers are willing to accept your request especially if you have a bad credit or are in a special condition. The credit rating is one of the most crucial requirements since they use it as a basis of your credit behavior, thus a low credit remark indicated risk.

Luckily, payday lenders are different; they are more flexible and considerate when it comes to their criteria.  Despite the damaged credit report, you still have the chance to enjoy the advance, providing that you can submit its two basic prerequisites – a proof of income and a bank account. But before you worry about the loan itself, take a look at the sources that you will encounter – direct payday lenders and loan brokers. Which one is more advantageous and will bring you to your goal – acquiring an advance on a lower interest rate.

What Are Direct Payday Lenders?

As the name suggests, direct lenders are the ones offering a direct loan. There are no intermediaries involved and it’s only you and the company. The application is sent to the same source, verified by the same source, and approved by the same source.

Here are some of its advantages:

  • Safe And Protected Private Information

Applying for a loan over the Internet can be worrisome, especially since you’re not seeing the person you’re talking with. Sometimes, you’re hesitant because you think your personal and financial information is being shared. If this is the case, a direct payday loan provider is a safe choice. As long as you’re talking with a licensed lender, you’re guaranteed that your confidential details are not sold or shared to their parties.

why choose payday lenders

  • One-Stop Shop

When it comes to your loan needs, a direct lender is a one-stop shop. They are the only ones handling your loan application – from the submission up to the release of the funds. It will be managed by the same people, thus speeding the approval time. This way, you can have the money in the soonest possible time.

  • No Additional Fees

Unlike loan brokers, direct payday lenders do not charge any commission so if you need a cheaper alternative, this is a good choice.

Meanwhile, there are disadvantages as well:

  • Lower Approval Rate

This goes especially to those who have no credit history, poor credit rating, or have insufficient income. The chance of getting approved is smaller unless you’re patient enough to look for someone who can handle your case.

  • No Other Product Or Rate Options

Obviously, you’re talking with one company alone, thus you cannot compare their products unless you’re looking at various loan providers. Your choice is limited and the only option you have is to shop around other lenders first.

What Are Loan Brokers?

If you think you’re not going to go home with the loan in your hand, these professionals might be a feasible option. The role of a loan broker is to shop and analyze which among the payday lenders will suit your needs. They assist you with your loan application – from submitting the requirements until the loan is fully transferred.

Below are the advantages of a loan broker:

  • Cheaper Rates

It is true that loan brokers earn through commission, however, some of them doesn’t get it directly from the borrower. This means that they can provide their service free of charge, thus reducing the fees you need to settle.

  • Higher Chance Of Getting Approved

They have a wide access to different payday lenders, thus helping you find the right match. For instance, you have a bad credit or you’re unemployed but you receive benefits, the lender can look for a direct lender who can assist your requests.

  • Saves Time

The loan brokers almost do the entire legwork for you. From shopping various loan options up to completing the paperwork, thus saving your time and effort.

Nevertheless, it comes with a series of disadvantages:

  • Limited Choice

It may seem like they have endless options but in reality, most lenders do not really look for your right match. Rather, they may go with payday lenders who offer the highest commission.

  • No Modifications

Brokers are only the middle person, thus they do not have the power to change the lender’s decision or terms and conditions. Unlike direct loan providers who may waive fees or extend the loan’s due date, the power of the loan broker is limited.

What Are Payday Loans?

One of the quickest ways to extra cash is through a payday loan. The unsecured, short-term loan requires a few prerequisites, such as the borrower’s source of income and working bank account. The credit score is not used as the basis of their approval; rather, the lender looks at other factors, such as your capacity to settle the loan.

Here are some of the benefits of a payday loan:

Pro: Convenience

Loan seekers can apply in the comforts of their own home, providing only minimal prerequisites such as a stable source of income, a valid ID, and an active checking account. The approval rate is almost a hundred percent, thus making the loan a popular choice.

Pro: Available For Bad Or Poor Credit Borrowers

A damaged credit score often results to rejection, but not with payday loans. The borrower’s behavior is not utilized to come up with a decision, therefore, they can have the money they need even with a bad credit remark.

Payday lenders are beneficial when you’re finances are in trouble and you can’t wait for the next paycheck; however, it has several drawbacks:

Con: Not A Long-Term Financial Solution

The short-term loan only offers a decent amount which you can use for minor expenses. It cannot be used to purchase properties, expand a business, or as a part of a long-term financial planning.

Con: Expensive

Since it is unsecured – thus there’s no collateral involved – the risk of defaults is higher. So to compensate the risk, the interest rate applied is compared to other loan options.

why choose payday lenders

 

The Lenders List

Loan amount
£100 - £5,000
Loan term
3 - 12 Months
CUSTOMERSCORES
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Loan amount
£100 - £3,600
Loan term
3 - 12 Months
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You will need to be over 18 and a UK resident with a valid UK address.

You must also have a monthly income (from benefits or a job) and a UK bank account.

5 most recent personal loan reviews

Review of Wage Day Advance

After being turned down everywhere for a loan even know I had more than enough coming in my bank to repay I was being turned down. Then my last hope was Wage Day Advance. They don't judge by previous mistakes in life they were simply looking for a promise of payment which I said I can do. I used a close and helpful friend to cover my back and we had the money In my bank account within 2 hours! Guys if your like me and seriously need that debt consolidation then these guys will help you out! Highly recommend! Best company by far.

Review posted by Benn Stokes, Peterborough

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Compare The Market

Fantastic service from compare the market! Application was quick and easy. The website is very straight forward and the staff are very friendly, polite and helpful.

Review posted by Jade Woodward, York

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of UK Fast Loan

The process was very quick and customer service I received was 10/10, rate and interest are not ridiculously high and I was able to pay off all the debts and clear them, I would definitely recommend them to anyone!

Review posted by Hannah Wright, Swindon

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money
All reviews have been sourced from Trust Pilot to ensure an entirely nonbiased basis of accounts.

Representative Example:
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)

Please note:
Loanora is NOT a lender – we are a licensed broker working with the most popular direct lenders in the market to find you the most suitable short-term loan plan. Our FREE quoting service compares more than 40 lenders quickly and finds you a lender with the lowest rate that they are willing to lend to you today.

Rates from 45.3% APR to 1575% APR – we provide a no obligation quote, your APR will be based on your personal circumstances