What exactly is a direct payday lender? These companies offer the cash you require when you want it without involving a third party involved. A direct payday lender is usually a direct lender who deals in short term payday loans. You will find many such lenders across North America and also in Europe.
Direct payday lenders no third party
How does the direct payday lenders no third party lenders operate? The way these lenders operate is by offering fast cash to their customers and allowing them to repay the borrowed amount from their next pay cheque. The company may lend you money against your next pay cheque or it could be an advance given within a week of your next pay cheque. In any case the company will lend you the money, whether you make your repayment on time or late. The main advantage of the direct payday lenders no third party lenders is that there is no faxing or emailing involved in the application process.
So, how does direct lenders work and are they any good? Well, these direct lenders work by sending you an online application form. You then have up to three days to complete the application process, answer all the questions and provide any required documentation. Once your application has been submitted the company will credit your checking account with the requested amount. This is why these lenders are often viewed with some derision by people who are unfamiliar with them.
The main disadvantage of these lenders is that there is no credit check on their part. When you apply for a payday loans direct lender, you are asked for proof of identity, age and income. If you fail to provide these documents the company will decline your application. The only reason that the lender will request additional documentation is if they feel you have provided false information on your application. These types of payday loans also tend to have very high interest rates due to the fact that the lender will require you to provide them with a high enough credit score.
So how do people avoid these pitfalls? There are options available for those with bad credit. Direct lenders do not require you to have bad credit in order to get a cash advance; however, this option may not be open to everyone. Many lenders require that you have a source of employment or verifiable income in order to be eligible.
Can you still access a payday advance if you don't have a credit rating? Yes, there are direct lenders out there. These types of lenders do not use credit rating as criteria for determining your eligibility for a cash advance. Instead they use your employment details and the details of your paycheck stubs in order to determine whether or not you can afford the loaned amount. In order to qualify you will need to provide these things. If you can prove that you can't afford the loan, most lenders will often give you until the next payday to make arrangements or they will simply charge you an extra fee.
What about no credit check payday loans online? These are actually quite easy to qualify for if you know where to look. Most of these lenders will actually require a co-signer and many will ask for a faxed copy of your ID before they will allow you to proceed with the loan. This means that if you have a job then you may not even be able to qualify.
Once you have found direct payday loan lenders that don't require a credit check then you can apply for your loan online. You'll simply need to provide the information that the lender asks for and a faxed or emailed proof of employment. A few hours later you will either be approved or rejected. If you're approved then you'll be asked to verify your employment with another form of ID (usually your driver's license). If you're denied again then you can always reapply until you get approval.
