You can have several benefits on applying for payday loans directly to a money lender. It is better to approach the money lender directly instead of approaching an introducer in order to get the facility. Some of the benefits are such as you can have immediate approval of your payday loan application. There are many money lenders offer instant online approval on behalf of payday loan applications. They only match your payday loan application with their payday lending policy or criteria. Hence, there are no other credit checks like credit history involved in the process of payday loans approval.
On the other hand, if you approach a broker or an introducer, he or she can pass your personal details to the third parties. This can easily increase the overall turnaround time for the lenders to get back to the client i.e. you with a decision or offer. Therefore, it is not a good deal because it can easily extend the time from hours to days, whereas you are in need of urgent financial assistance.
As compared to the brokers, direct lenders don’t pass your application information to any other lender or panel. However, brokers tend to pass the customer’s information to other lenders or sometimes to their fellow brokers. This can give broader exposure of your payday application information to many lenders or brokers, resulting reduce the chances of your payday loan application approval.
That is why, it is strongly recommended to directly approach money lender instead of broker, etc. An authentic money lender never discloses the customer’s loan information or never passes on the information to any other lending institution. Another advantage of directly approaching payday loans lenders is that they always provide you full information related to the facility you like to avail. Usually all such information is updated on their official websites or loan application form or finance agreement.