What Are the Benefits of Taking Out a Payday Loan Online?

Payday loans offer a means of financial relief when you need it. Many people use brokerage firms to find payday loans, but you could save time and money with an online direct lender.

Dealing with a broker adds to your hectic schedule. You need to go through a third party. Online options are more convenient, but online direct lenders offer even more.

So, what are the benefits of taking a payday loan online?

Let’s take a look.

Apply for a Payday Loan with a Low Credit Rating

We all run into financial issues from time to time. Direct-lender, bad-credit payday lenders look past your credit score to help you move forward. You will still need to have proof of regular income, but you could borrow up to £1,500 with a direct lender.

Flexible repayment options let you repay early to avoid higher costs. Set up regular instalments or pay in a lump sum. Successful repayment could boost your credit score.

Faster Processing Times

Online direct lenders get cash to your account faster than brokers. The whole process is rapid by comparison, and the best lenders guarantee same-day funding. When you need emergency cash this is your fastest, most reliable option.

You will need to give proof of your income, address, residency and UK bank account. You will need to send your passport or driving license to prove you are over-18. You can upload these online in minutes and the best lenders will verify them within 24 hours.

Deal Directly with Your Payday Lender

Direct lender loans cut out third parties. You will only ever deal with your payday lender without the need to chase up external firms or brokers. This gives you peace of mind if you run into issues.

Your enquiries will go straight to their offices. Look for phone call options as well as live chat. Live chat is useful, but it is no substitute for a customer service agent at the other end of the line.

Direct lenders keep your personal information safer too. When you apply for credit via brokers, some sell your data to marketing companies. This breaches trust and sends spam your way.

Search Online for the Best Deal

You can check online reviews to find credible lender with a focus on service. Comparison sites can help you find the best deal, and the lender’s website tells you a lot about them – look for correct grammar, professional language and a user-friendly design.

Check that the payday lender has authorization from the Financial Conduct Authority (FCA). They should show their FCA authorization number on their website. This is a mark of credibility and shows they are a responsible lender.

You can check the FCA services registry to verify payday lenders too. Never deal with payday lenders who lack FCA authorization.

More Convenient to Manage

You can check your payday loan online. Get updates your application progresses, but you won’t have wait long in most cases. You can check your balance and interest online too.

Online payday lenders make repayment as easy as possible. You can log in and make a payment any time without leaving your house.

The best payday lenders let you repay anytime with no fees. If you get funds faster than you expected, you can clear your balance and move on. Beware of predatory payday lenders who charge you for early repayment.

Get Financial Help When You Need It

Online payday loans from direct lenders put you in control. By choosing responsible direct lenders, you limit your risk and reduce your stress.

Ensure you can make the repayments before applying. Consider other means of support first, like friends and family, but direct lenders are there if you need them.

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