Payday Loan Lenders Vs Payday Loan Brokers - What Is The Difference?

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payday loans have been around for some time now. And gone are the days when I would have to visit a store payments apply for one.

In the past you were required to carry all your personal information such as ID, payslips and bank statements apply. After filling in a form and waiting for hours for a decision, it is still not guaranteed payday loan.

With the advent of the internet, applying for a loan has become much simpler. It meant you can go directly to any lender online without actually traveling miles to their workplace. It also led to a proliferation of online lenders and would be able to have access to lenders that you have never had before.

, however, this has led to some confusion and disappointment too. And not a few requests have been scammed in the past.

The Internet has brought with it a payday loan broker whose role is to find the best payday loan for your needs. They compare all lenders in the UK and an overview of their services in order to choose the right one for your needs easier.

Therefore, the main difference between the payment of payday lenders and brokers is that the former is the actual provider of the loan, and the other is not.

But there are other differences between these two and they are:

  1. payday lenders send you a broker and earn a commission on the loan that you take the lender
  2. brokers do not charge any fee referral. It is the lender to charge for taking out a loan
  3. Brokers usually only work while online lenders work both online and offline
  4. applying for a loan through a broker means a greater chance of acceptance because they have a number of lenders have sent a request to.
  5. lenders often go broke and go out of business and go offline for a time in a month. In such cases, the broker sends you to another lender.

Summary There are many good payday loan lenders, and some are Payday Express, Wonga.com and quick pound. And you can access any of these for a loan application on its website. And you'll get instant solutions and repay your loan on your next payday.

There are also good agents such as power to suit your application payday lenders in the market. So, whatever you choose, make sure you have the right to check if they are licensed by the Office of Fair Trading and FSA.

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