- The payback terms of these loans are very stringent. Remember to read in between lines while taking the loan amount. Be very sure of the entire repayment policies before you go ahead with applying for the loan.
- If you are unable to repay the amount on its due date, you would be put into the roll over period. Here your interest rates would increase and you would also have to incur several other additional charges.
- The loan period is also extremely short for these loans. At the most you would be granted four weeks to repay the amount.
- Besides the above, no teletrack direct payday lenders grant only a small amount ranging from $100 to $1500.
The above mentioned details must have cleared the entire picture in your minds. Keep your eyes open and handle your finances responsibly so that you are able to pay off the no teletrack direct payday lenders on time.
3 Reasons That Make Direct Payday Loan Lenders The Best Cash Advance Option.
Always Go With Direct Payday Loan Lenders Only.
Are you struggling with your monthly bills and thinking that a cash advance can be a viable short term solution for your cash shortage? If you are one of those going for cash till payday but you want to get it as cheaper as possible, then make sure you are applying with a direct cash advance payday loan lender because of the reasons listed below:
1. Direct Pay Day Loan Lenders
By submitting your cash advance application with a direct payday loan lender, you are saving money for the simple reason you are not paying costs associated to commissions. Middlemen or related networks get paid for every lead they send to direct lenders and, as you can probably intuit, you are the one paying those costs. So, if you can bypass and go direct, then those saving go directly into the loan you are applying for.
2. Lower Interest Rates
Direct pay day loan lenders are the ones offering the lower interest rates in the cash advance market, because of the reason mentioned above and the high payday loan applications volume they manage. A quick research and comparison using internet should give several direct lender alternatives.
3. Licensed Payday Loan Companies
Direct pay day loan lenders are legitimate companies, some of them trusted and reliable payday loan services that have been in the cash advance market for years, plus licensed, meaning they have strict norms and regulations, this benefits you in the sense that the associated costs you agree today, for example extension costs, will be the costs you will be charged later on.
These are 3 advantages of direct loan lenders, just make sure you are dealing with a trusted one, a lender that is certificated and Better Business Bureau registered. This is the way to save en you next application.
By the way, by researching and comparing the several direct cash advance lenders in the market, you will be able to determine the one that meets your specific financial situation, plus the cheaper interest rates offered. This way you will save time getting the cash you need in the shortest period of time and money by saving on commissions.
They have often been referred to in not-so-kind terms as “loan sharks” and “predatory lenders”. But fortunately or unfortunately they exist because there is a need for them. We are talking about payday loan lenders. Critics including lawmakers, while fast to rebuke payday loan companies, have not offered alternatives. Direct lender payday loans are meant for people facing financial hardship who often cannot get a loan from banks and similar financial institutions. As long as no alternatives are created, and there are none in the horizon so far, this industry will continue to thrive. That is, if it is not outlawed, something some quarters would love to see happen.
Contrary to popular belief, these lenders are not just for people with bad credit. Granted, people with bad credit make the bulk of their customers as there is no credit check involved. But people with good credit too do take out these loans to avoid credit checks which affect credit scores. Another aspect that draws people to direct lender payday loans is approval rate and speed. Approval is often in minutes. Though requirements differ from company to company, virtually anyone with a job, social security number and a bank account can get approved. If you go to a payday loan shop you can walk out with cash or a check. Online applicants often can get the funds directly deposited in their bank account the next business day.
Payday loans are not available in all states though. In some states they are either not legal or feasible. Note that there is a difference between legal and feasible. Not legal means just that; against the law. Not feasibility often means that the respective state has placed a cap on chargeable interest on loans, or regulations may be too stringent. As with virtually everything else, direct lender payday loans have certain disadvantages. One disadvantage is, of course, the cost. Since the interest rates are high, you could find yourself in an unending cycle of debt especially if you decide to extend the loan or rollover as it is called. Another disadvantage is that you do not decide the loan amount you get. The lending company decides what to advance you based on your income and other variables. You could find yourself getting far less than you really need in an emergency. A company that is not a direct lender is not always a bad thing as long as it is reputable. This is because they will often be working with several direct lenders, each with different requirements, and therefore likely find one (or more) best suited to your situation.