[Guest Post] Applying Payday Loans through Direct Lenders – How and Why?

 

Applying Payday Loans through Direct Lenders
Applying Payday Loans through Direct Lenders

A number of payday loan companies are emerging from the woodwork ever since the beginning of the economic downturn a few years back. The press has reacted sharply over reports developed on the basis of loans with higher interests; these reports don’t look so bad when you eliminate the middleman and obtain payday loans through direct lenders.

Prior to applying for payday loans with direct lenders, you must consider a few important things; payday loans through direct lenders would often charge higher rates of interest. A majority of payday loans achieved through direct lenders would provide you with an opportunity to check the amount of money you’ll need to pay over a period of time following your loan application.

You must also find out whether any of your friends or relatives has used such payday loans through direct lenders. The numbers of people that have applied for such loans via direct lenders are too many, and you’ll actually be surprised to know the volume of people that have depended on these schemes. The time through which these direct lenders approve payday loans and their reliability are two important factors that you must take into account prior to submitting your loan application.

Regarding direct lenders and payday loans you must always check out the state laws. The state laws will help explain whether the direct lenders have the authority to extend in the absence of extenuating circumstances or if there’s any cap on the approval of loan done by the direct lenders. In doing so, you’re bound to get an idea of whether these lenders are operating legally or not.

While considering any direct lender for availing the payday loan benefits, you’ll never be forced to undergo a credit check; all you need to show is your financial strength that empowers you to repay our loan within the following payday. With direct lenders, you’ll get the opportunity of processing your loans over the internet. Regardless of the application time, you’ll experience a much faster loan processing time and may even get the funds transferred to your account on the very same day. In case you’re forced to bear a sudden expenditure or bills worth hundreds of bucks prior to your payday, these loans will provide you with that extra peace of mind.

Instead of going with a third party it is in your best interest to apply for payday loans with a few direct lenders, and wait for the results.

Thanks to James Hargreeves for his submission. James is the Managing Director and General Counsel of http://www.PaydayNinja.net, a site that provides payday loans to consumers and provides up to the minute industry news.

Applying Payday Loans through Direct Lenders – How and Why?

Payday Loan Industry Facing Criticisms: Right or Wrong

 

Payday Loan Industry Facing Criticisms
Payday Loan Industry Facing Criticisms

Payday loan industry is facing criticisms at large because of the fact that they are costly loans which are provided at higher interest rates which takes the borrower deep in debts so they should be condemned. But the case was defended by the money lenders through their arguments justifying their awful and unjust works. Usually people who were saved by them at the time of financial crisis disregard them.

Lenders argued to justify their overcharging of the interest rates by saying that it is risky to provide short term loans as they are given at short notice and most of the borrowers fail to repay them in time. Moreover no collateral security is provided by the borrower against the loan and fir that reason too the rate pf interest is charged higher to ensure that borrower is not making undue advantage of payday loan for bad credit. In fact, higher interest rates are charged to secure the lenders from defaulters against the money they refused to repay.

The lenders further argued that they, like other businesses, have to be fair with their colleagues in the business engaged with financing other industries. For that reason they have the right to make profits equivalent to others to fulfill their targets and requirements through the income from payday loans. This encourages them to expand their business. The higher fee for the payday loans has been justified with the arguments that the interest paid on payday loans are much less than the penalties paid against bounced checks as well as the increasing costs of processing the loans. They also argue on the base of improving the economy of not only their nearby people but country’s economy too.

Thus, for these reasons, the lenders of payday loans are supposed to be blamed unnecessarily as they not only put you out of financial crisis but also save you from being blamed for poor credit rating.

So if you have bad credit rating you can apply for bad credit payday loans at http://bad-credit-history-loans.org.uk.

Payday Loan Industry Facing Criticisms: Right or Wrong