How to Select a Safe Direct Lender for Your Payday Loan Approval
We all have had financial emergencies several times in our lives. During such difficult times, we’ve often relied on our savings or borrowed from our friends or relatives. However, now times have changed. A lot of banks and lenders offer instant cash loans for small financial emergencies like car or boiler repair and other unexpected expenses.
These cash loans are know by many names such as payday loan, quickquid loan, short term loans, etc. Out of all, payday loan is quite popular among the young. It is a short-term loan with a higher interest rate. You need to repay the amount on your next payday either in full or instalments within the specified time limit. So opt for payday loan only to meet your immediate need.
The Loanpig is a company that helps people in getting approved short-term loans to meet their financial crisis. They are direct lenders as well as are brokers, regulated by the FCA. They will show you the best possible ways of getting suitable short-term loans in the UK.
By visiting their website, you could go through various options for short-term and payday loans, apply for one, and quickly get approval for it. Also, they guarantee security and minimum interest rates to their customers.
- A Direct Lender
- A company that provides you a loan directly with its money.
- They take your repayments directly.
- They do assess loan affordability.
- They are responsible for making lending decisions.
- They will also estimate whether you can afford the repayment.
- A Broker
- A company that works with a panel of lenders in finding a suitable loan for you.
- They lend directly.
- The lenders themselves pay commission to the broker.
- They indirectly save your time and money.
- What Makes Direct Lender For Payday Loan Safe
- Check whether the company is providing an exact landmark and address on the site.
- Find out if the company is FCA registered with a code.
- Check the address bar of the website and locate green padlock encryption.
- Read all the terms and conditions before the agreement.
- Make sure that there are no hidden charges
- Is LoanPig A Safe Company?
- They have a safe and secured website.
- They will not call and bother you unnecessarily.
- They don’t save your information online longer than needed.
- Their systems are tested and secure.
- They are FCA regulated.
- Rules that FCA Authorised Lender Should Follow
- They should charge only 0.8% as maximum interest per day.
- They should only take one-time penalty for late repayment on your credit.
- They should ensure that you will never pay a double amount for your loan.
While choosing a lender or a broker, make sure that you’ve thoroughly researched about them. Also, ask yourself, whether you really need to get a loan for the emergency. Do you have other alternatives? Will you be able to repay it within the specified time and many more such questions….?