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Direct Payday Loan: Finding The Best Solution In A Financial Crisis

Occasionally everyone needs some help. A direct payday loan can help when unexpected bills wreak havoc on the best planned family budgets. It seems they always pop up at the worst possible time.  When you’re experiencing a unforeseen bump in the road, what can you do?

More and more people are considering a direct payday loan as a financial alternative. With over 23,000 payday lenders to choose from, there’s likely to be a payday loan company conveniently located nearby.  There are also many direct payday loan companies on the internet. You can apply from the comfort of your home, office or anywhere there’s an internet connection.  Cash advance and payday loans aren’t for everyone.

What are your indivual needs when it comes to a direct payday loan?

Whether a direct payday loan is right for you will depend on your individual need and circumstance.  Payday loans should only be considered as a short term solution. They should not be used to satisfy delinquent monthly payments on long term debt or customary household expenses.  A direct payday loan can be a quick cash solution during a financial emergency.  Here are a few of the reasons why.

  • Most applicants can qualify easily.  In most cases all you need to obtain a direct payday loan is a steady job, a bank account and a sincere willingness to repay.

  • Past credit history is usually not a problem.  Most payday lenders don’t run a credit report.  In fact, most payday loan companies won’t even ask why you need the money.

  • Applications are simple and easy to complete.

  • Direct payday loan companies make the credit decision themselves. There’s no time delays waiting for multiple approvals.  As a result, loan decisions are usually made very quickly.

  • Funding occurs quickly as well.  In some cases you can receive the money you’ve requested the quickly that you apply.

  • While loan fees may seem high, they can be substantially lower than bank overdraft, over limit or late fee penalties.

Borrowers considering taking out a direct payday loan should know that not all payday loan companies are the same.  Rates, terms, policies and repayment procedures can differ between lenders.  Some payday loan providers may not be lenders at all.

Direct payday lenders will process, review and approve your loan request themselves. They don’t have to rely on anyone else to fund your loan.  However, while other companies may appear to be a direct payday loan company, some are merely contracted by direct payday loan companies to generate customer applications.  These types of businesses are not licensed lenders and will simply take your application and send it to a lender that can.

A simple call or review of the policies published on their website will reveal whether they’re a direct payday loan company or not. Before applying, doing a little research probably makes sense. Read reviews on the company you are considering borrowing from. Check the Better Business Bureau to make sure they don’t have any complaints against them. Call and ask questions to see how they treat their customers. In the end, you will feel better about your payday loan lender, as well as your choice to borrow.

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