Representative APR 1172% (Variable)
Representative Example: Borrow £300 for 30 days. The total charge for credit is £72.00. Total amount repayable is £372.00.
Fixed interest rate of 292% per year.
The person or organization who is disbursing loan to the borrower means lending source is called as direct lender.
Brokers are middle man in payday loans, which are growing day by day in UK loan market. Now it is very difficult to borrower to identify a direct lender, so searches of direct lender are on the rise.
Brokers are attached with many direct lenders and operating their own web-portals. To attract loan prospects they are making falls promises of cheaper and faster loans without credit checks. If you apply with them, they will sell this lead to maximum bidder among the associated lenders. Till they get good commission they will hold on your application, so for fast application processing you should eliminate these unnecessary touts and apply with direct lender only.
Yes, brokers also have permission and licensed from FCA and legal. Brokers have their own offices and websites with online application forms. One can apply by filling personal details in it. As you submit the data they will forward this to their group of lenders for sale. The highest paying lender who is ready to lend you will process your loan application and give small commission to that broker.
AS per new regulation borrower have to pay interest @ 0.8% per day to lenders only. Means for 300 pound loan for 15 days you have to pay 36 pound as interest and total repayable amount will be 336 pound only. If any broker or lender charges more that will be illegal and you should refuse to pay and also can make complaint with FCA.
Many direct lenders are operating in UK payday loan market, you can search online and read carefully the details given in their websites about their licensing. Here you can get the information that they are registered as broker or lender with FCA.
Of course, if you apply with direct lender then you are saving broker’s commission which was to be paid by the lender for this loan lead. Now it is up to lender what percentage of above, he is willing to share with you.
When any borrower contact the lender directly they become happy, as this will give a chance to interact with borrower so they can take fast decisions on loan and transfer of funding will be smooth if loan is approved. This direct approach will also financial beneficial to lender as they have not to pay any commission to the broker.
When you apply with direct lender by visiting their office you have more opportunity to show other financial statements like regular and timely payment of bills, last few month salary statement to prove your good financial status. This may help to overcome the negative impact of poor credit score or bad creditor’s tag.
As we are not a broker but providing online connect facility with direct lenders with we are working. At present we are associated with 40 plus popular lenders of UK who are licensed with FCA and following are regulation of payday lending. You can use this service to find payday loans with direct lender in one click without paying any charge. Our services are free to use from anywhere at any time.
Our website is mobile friendly and also made on AMP page so you can use your smart phone for our services. We do not differentiate our visitors by credit scores, here all can apply. Credit score checking is job of lender who will perform to check your loan eligibility.