Today, more and more people in the Uk are choosing to borrow loans from direct lenders rather than using a broker. Direct lenders can be of big help when you’re trying to get a short term loan for your financial needs. However when looking for payday lenders no brokers UK, it’s important to learn everything about this option to make an informed decision. But first let’s understand what payday loans are.
What are Payday Loans?
Payday loans UK are small, short term, and unsecured loans that are offered to the UK residents with a steady flow of income. The repayment period of these loans is usually a few weeks and borrowers don’t need collateral. While payday loans can have high interest rates, they can be a quick way to get money for your needs.
While you can always apply for a payday loan at your bank, it may take weeks or even months before your loan is approved. Also, a bank may ask for collateral to secure your loan which may be riskier should you fail to repay your loan. This is actually one of the biggest reasons why most UK residents are using direct lenders.
Why Use a Direct Lender?
A direct lender deals one-on-one with its clients without a middleman whereas a loan broker is a middleman that helps borrowers to find the best loans for their needs.
In the past, you needed a broker to help you get a loan, but this isn’t necessary today. You can now visit the physical offices of the lender and apply for a payday loan manually or use their online application form which is much simpler and more convenient.
Faster Approval of Your Loan
When you choose payday lenders no brokers UK, you won’t have to worry about waiting for a few weeks or months to get your loan approved and deposited in your account. You can get an emergency than needs urgent money. With direct payday lenders UK, you can have your loan approved instantly or in a few hours, which makes it easy for you to take care of your emergency expenses without delay. Going through a loan broker may slow down this entire process, but this depends on the broker you choose. For instance, with a broker such as BadCreditSite, your loan can even be approved even within 15 minutes!
Get A Cheap Payday Loan Faster
BadCreditSite isn’t a direct lender but a loan broker. However, you will find our services quite helpful to you. We a leading loan broker in the UK with sophisticated software that helps you search the market for the best payday loan to suit your needs. There’s no charges for our services and getting a quote won’t affect your credit score. Visit badcreditsite.co.uk today to get a free quote!