Representative APR 1272% (Variable)
Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63. Fixed interest rate of 292% per year.
Payday loans Direct lenders are the lending firms or company who are directly involved in the credit decisions. All loans are approved and accepted by Payday Loans direct lenders and borrowers make repayments to them only. When any direct lender decide to finance the borrower, he prepare a loan deal consists of all terms and conditions of loan. When direct lender and borrower both agrees upon the terms and conditions, the loan amount is disbursed by the way of direct bank account of the borrower.
If borrower fails to repay the loan on time, direct lender may appoint loan collector to collect loan amount from the borrower. Direct lender may impose penalty on borrower as loan collection charges.
If loan collector appointed by the direct lender also fails to collect outstanding loan amount, then lender have option to approach county court for legal remedy.
For loan default of borrower, direct lender may refer borrowers details to credit score maintaining agency to put negative remarks in his credit history. In turn agency will tag him as bad credit, now getting fresh loan for this borrower will be very difficult.
The alternate method of getting loan with direct lender is through brokers. The payday loan brokers are working on the behalf of a group of lenders. Brokers generate online leads through their websites and forward the applied loan applications to their associated group of lenders. If any direct lender is interested in funding he will contact to the applicant for further dealing. If loan deal matures, broker will get commission from the direct lender.
The main advantage with brokers site is to get access of many reputed lenders in one go. Here applicant has option for selection of direct lender and can choose the best as per his requirements
But still majority of borrowers wanted Payday Loans direct lenders no brokers because they think search with brokers will delay the process and brokers may charge fees from them.Both of above concepts are not true as brokers directly pass the information to direct lenders only, so question of delay does not arise. Also brokers are paid from direct lenders and do not charge any fees from borrower for loan search.
Funding with direct lenders is beneficial for returning customers as they have relationship with direct lenders this may help in fast processing of loan
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Representative Example: Borrow £250 for 90 days. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Fixed interest rate of 292% per year. 1272% APR Representative.