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It is always good to know your lender beforehand when you need to approach one for a payday loan cash advance. Read this article to know how to do so.
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Who Is Your Direct Lender? Know Him Better for Your FinancialHealth! You will find the online lending market flooded with umpteen numbers of lenders competing with one another, projecting oneself as the best lender. Playing with such a huge number of lenders, what could be your probability of finding just the right lender foryou? Also, there are a number of fraudulent ones who can trick you into losing money to them without even getting a loan in the first place, which is something that no one wants and that’s a given. To avoid that, it is important to get to know your lender, know a few tips and tricks about how to avoid these scammers and basically do your homework before applying for a loan with a lender you think is the right one for you. In broad, payday loan lendersare categorized under two heads- direct lenders and lending networks. Mind that these two are not the same as they have few differences in the way theyoperate. • Direct Lenders- • In direct lending, there are no intermediaries involved. A direct lender advances you the money through a concept called a PAYDAY LOAN or CASHADVANCE. • Your private data is accessible only to you and the lender. It is not divulged to any third party for marketingpurposes. • When you loan from a direct lender, the process is direct and simple. Your application reaches directly to the lender so this curtails much of processing time and hence the application is processed muchfaster. • When you need your money superfast, it is sensible to rely on a direct lender because the loan process is quicker and safer withthem. • LendingNetworks- • Lending networks comprise of a group of lending companies that try to offer you a loan. The network does not make any loan to youdirectly.
Your loan application and your personal information make rounds to different companies in the process until one approves it. Hence, your personal information reaches all the different lending companies. • Getting a loan through a lending network means long waiting and lengthier processing. You cannot be assured of quick money for your quickneeds. • How to Know Who is ScammingYou • Even though there is no particular route, there are certain ways to find out whether or not your lender is a legitimateone. • Firstly, if you come across improper or unprofessional language on their website, or if youfeel • that there’s not much effort put into their website, you can choose to avoid applying withthem. • Legitimate payday lendersput a lot of thought and effort into their websites since they’re running legitimate businesses. Scammers however are on the internet just to make a few quick bucks which is why they do not necessarily concentrate on their website details, language and layout. • Secondly, your lender must be transparent with their rates. A true lender will always give you an idea about how much they charge and how much you will be needed to repay beforehand, in order to make it easy for you to save up and keep aside the expense that will go into repaying your lender. • Thirdly, do not ever agree to pay your lender before receiving the cash that you need. No, we’re not talking about paying them the interest rate or loan beforehand because that would be absurd; we’re talking about any kind of fee that they may charge you of a small amount, but enough to trick you into giving them money and then turning down your request for a loan. That means that you may end up losing the little money that you have and not even get a loan to pay your bills. • These tips and tricks may be advantageous for you to choose the right lender without getting tricked into opting for an offer that may actually beunreal.
