If you have decided to apply for a payday loan today, you are not alone. Many people fall short on cash from time to time. This is a common issue for those who live on a tight budget. Even the slightest extra expense, such as an unexpected medical bill or car repairs, can create a shortfall of cash. Payday loans offer you the ability to quickly get the extra cash you need to make ends meet until your next paycheck arrives. You do have some choices available to you when applying for a payday loan. You may choose to work with a direct payday loan lender or a broker. So which is the better option?
What a Broker Is ?
A payday loan broker is a company that acts as an intermediate between you and the direct payday loan lender. They help to facilitate an easier lending process. However, with the nature of payday loans, most people can obtain their loan within about a day. The money can be wired right into their account, or they may pick up a check directly from a payday lender retail storefront location. Because a broker acts as an intermediate, the company often slows down the process slightly. There is not a direct line of communication between the borrower and the lender. Further, the broker typically will charge a fee for their services, and this can increase the cost of your loan.
The Benefits of Working With a Direct Lender
When applying for a payday loan, it is often better to remove the intermediate from the scenario. When you choose to work directly with the lender, your application will be submitted for review and approval more quickly. Your loan dollars can be sent right to you, and you do not have to contend with paying additional fees for broker services. Altogether, this is a faster and more affordable way to get the payday loan you need.
While you can see that working directly with a payday loan lender is a benefit to you, determining if you are working with a lender or broker may not be as easy as it sounds. Most brokers will not readily identify themselves as a broker. However, when you compare loan fees from a direct lender and a broker with each other, you will be able to identify a broker by the additional fees the company charges. Keep these points in mind as you apply for your payday loan today.
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