Shopping around for a loan can be a very stressful process. Not only there tons of technicalities within loan contracts, but each company has different perks. Some may offer superior support, some might offer lower rates, some might be well rounded – it really depends. If you’re trying to get a payday loan, it becomes even more difficult. You probably need the money as soon as possible, hence why you are getting a payday loan instead of a regular loan. This doesn’t give you much time to compare and save.
The first option you have is the traditional way. Use the internet to pick out a certain number of companies. Call up each company, explain your situation, and ask for a quote. Each phone all can easily take a half hour, and if you’re doing this with many different companies, it can take you a full day! Even at the end of all that stress, you might not have the number you need.
The solution? Go to direct lenders. Direct lender payday loans will be much less expensive than other companies. Most payday loan companies are actually just middlemen – they use out of the box advertising to lure you in, then simply redirect you to a company that does direct lenders payday loans. It’s a vicious cycle – everyone wants to make money, but not everyone is making it easy for you to get a good loan. Let’s go over some of the differences between direct lender payday loans and regular payday loans.
If you’re going directly to the source, you can expect lower prices. This is evident in all industries. Bananas cost much less to buy directly from a banana grower, but as a regular human, you can usually only get them through supermarkets. Take this same analogy and apply it to payday loans. You no longer just have the power of a regular human (who must use supermarkets, AKA middleman payday loan companies) – but you can actually go straight to the source (direct lenders payday loans).
The rates will be cheaper, but you also might get some downsides.
Big banks, who are usually the mystery direct lenders, can’t be bothered with every little guy who comes in needing a payday loan. Sure, they’ll give them out, but they might not have the staff to support answering questions from such small customers.
This is a benefit to the middleman payday loan companies. They charge more, but some of these extra charges go towards hiring more support staff. Not always, though! Some companies will claim outstanding support, only to let you down once you choose them.
To negate this, do your research. Look around the web for reviews of the company. You will be able to get a good feel for if the company is right for you based on whether other people enjoyed their experience or not. Sign up for the companies with good reputation, stay away from those with bad reviews!