Definition of Direct Lenders

Direct lenders are companies that provide a loan matching service to help borrowers access quick cash. Direct lender payday loans are available to anyone with a regular source of income as you need to repay the money on your next paycheck.

Many people rely on payday loan direct lenders to access quick cash when faced with an emergency. You can borrow from direct payday loan lenders to fix your vehicle, pay a medical bill, or renovate your home. There is no regulation on the ways you can use the money.

Also, direct lenders don’t require a lot of documentation to approve your application, making access to cash easier and faster. Also, borrowers don’t need to have stellar credit ratings as the lender does not factor in this when reviewing a loan request. They use other factors to review the application and calculate the amount a borrower is eligible to receive.

How do Payday Loans from Direct Lenders Work

People who need fast cash may find direct lender payday loans ideal. Online direct lenders make it easier to get the funds you require immediately. This type of credit does not require intense scrutiny of the borrower to approve a loan request. If you meet the conditions and the lender agrees you can afford to repay the loan, they’ll approve your application. Typically, the funds are approved on the same day you make the application and will be remitted in the applicant’s account the same day.

Getting direct payday installment loans is easier as there are no forms to fill. Application is completed online, and the funds are deposited in the account the same day, so the borrower does not need to go through unnecessary hassles.

Also, direct payday lending differs from other types of financing. The funds from direct payday loans are availed immediately and could be repaid in installments through the automatic withdrawals from the account you used to receive the funds. So you do not have to fill detailed forms and wait for weeks as it is with other forms of lending.

Also, the borrower makes the application and gets connected to third parties that provide the funding immediately.

» COMPARE: Bad Credit Payday Loans

What Are the Pros of Direct Lenders?

Getting financing from direct payday loan lenders has many advantages. They include:

  • You can get the loan any time the need arises.
  • Payday loan direct lenders are flexible and have favorable terms, giving the borrowers a range of packages to choose from. Thus they can give businesses options that work for them.

  • Documentation is simple.
  • Too much documentation means that you will make more errors that take more time to correct, making it difficult for you to access your money immediately. Working with direct lender payday loans reduces documentation since they are aware that time is of great essence, so delaying the funds may impact the business.

  • Enhances communication.
  • When you work with payday loans from a direct lender, there is always better communication, and issues can be clarified on a one-on-one basis.

  • Funds are released quickly.
  • Traditional lenders can take weeks and even months before they release the money. However, this is not the case when working with direct lender payday loans. The loan is processed immediately, and the funds are availed to the business immediately. Lenders understand that time is important, so releasing the funds fast could help keep the business afloat or help you take advantage of emerging opportunities. So they are alternatives to banks that are only interested in dealing with established businesses.

What to Consider Before Choosing Payday Loan Direct Lenders?

Of course, there are many things you will need to consider when you decide to get payday loans from direct lenders. They range from the type of lender, the interest you will pay, and the state license.

Type of a Lender

Typically, a payday loan from direct lenders should be processed quickly, so a lender that procrastinates may not be the best for you. They may not process the loan and avail the funds on time. Consider only payday loans online lenders that will avail funds within 1 hour or 24 hours.

Interest Rate

Some direct lenders charge prohibitive interest rates in their effort to mitigate the risks. This may be expensive to your business and may not help it solve the current financial problem.

State License

Generally, you must deal with direct lender payday loan providers that are licensed by the state. They stick to the laid down guidelines, and it helps to avoid exploitation. Also, it ensures that you work with a lender that is regulated.

How Do You Qualify for a Direct Lender Payday Loan?

Each direct lender will put forth requirements that you must fulfill before they fund you. Here are some of the requirements if you want to benefit from online payday loans from direct lenders.

  • The borrower needs to be above 18 years to qualify for the loan.
  • It may be necessary that you provide evidence of regular profit or employment verification so that you don’t struggle to pay for the loan.
  • You must provide a working bank account where deposits can be made.
  • You must be resident in the state in which the lender is licensed to operate.

Why Should You Opt for RKS Loans to Get a Direct Lender Payday Loan?

RKS Loans is among the trusted direct payday loan lenders that operate in almost all the states. They are convenient since they work around the clock to ensure that your loan is available in the shortest time possible. Also, they do not work with third parties and will keep your information confidential and safe. Lastly, they will work directly with the borrower to ensure that the process is stress-free.