You benefit from using direct payday loan lenders UK through not getting a broker's fee added to the costs of the loan.
perform a useful function by finding you the best payday loan for your
needs, nowadays, there are so many tools available online, that you can
do most of that work by yourself.
For example, you can use the online payday comparison tools to find the lowest prices on your desired loan amount and repayment terms, and then look up the detailed information on the best offers' websites.
When using a broker, the response time for your loan inquiry may be much slower, as the brokering entity needs to go to the lender to get your loan application approved.
In contrast, a direct lender can (and often does) give you a response within a very short time-frame, in some cases under a half an hour, with the money then deposited directly into your bank account.
With direct lenders, the communication about the loan terms and repayment agreement happens directly, without an intermediary, and you get access to the lender's customer service, solving possible problems much quicker.
Because payday lending is already a very expensive option for a short-term loan, using an intermediary, because the broker might add add fees to their service, makes the situation only worse, cost-wise.
There is a wide range of direct lenders available within the UK market, including QuickQuid, PaydayUK, and Wonga.
Of these, QuickQuid, which is owned by a major US-based payday lending company Cash America, has been gaining reputation for their fast payments (within 10 minutes of approval according to their marketing materials).
The company has been in business since 2007, and today, they are one of the most popular firms in the industry, with many of their customers becoming part of the Preferred Member Programme.
PaydayUK, another direct lender, meanwhile, offers payday loans both online and through telephone service.
The service, operated by MEM Consumer Finance Ltd, provides a very fast application, taking only minutes from start to finish.
If your application meets the qualifying criteria, the approvals are also very quick, and the loan sums are deposited to customer accounts typically during the same day, including Saturdays and Sundays.
Finally, Wonga is one of the fastest growing direct online payday lenders in the United Kingdom.
They were one of the first companies in the UK market to fully automate the lending process, which translates to the fact that approved loans are usually paid into bank accounts within minutes.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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