• Direct Payday Lenders – FAQ Part 2

    Many consumers end up at our site after doing a Google search for some question related to short term cash advances. Our online lending FAQ page has answered many of your questions on how to find the best payday loan direct lender. Or what to expect during the online application process. Our payday advance FAQ section answers over twenty specific questions related to online lenders and how they work. Besides common questions regarding payday loans we’re also asked general questions about how these common advances work. These questions may seem a bit remedial for consumers with advance and installment loan experience. Nonetheless, these are questions that people ask us all the time. For example, we’re often asked, “What is a payday loan direct lender?” “Will direct lender loans hurt my credit?” etc…

    payday loans direct lenders only faq

    Here are some of the most common questions asked of us regarding direct lender payday loans and how they work:

     

    What is a payday loan? This type of direct loan is usually offered for $500 or less and is usually due on the next day that you’re paid. Cash advances loans are also referred to as cash advances or short term loans.

    How can i get an online advance? Is it better to get a loan online or at a direct lenders retail location? Either of these options are good and it all depends on your situation. For example, if you don’t have a computer it’s probably going to be better for you to walk into the store of one of the large direct payday lenders in your area. Also, some consumers live far away from an installment lender retail location and it may make more sense to apply online. Lastly, some consumers enjoy the convenience of applying for a payday loan online and going about the application process at their own pace.

    What is required of me to apply for a direct payday loan? The good news is that not much is required of you to get a payday loan. The bare minimum requirements are that you need to be 18 years old, have an active checking account, and have proof of income from a job or other type of work.

    How do i get my money from the direct payday loan lender? You have a few options when it comes to getting your cash deposited into a bank account. You can get the loan deposited into your checking account by the next business day. Pick up your funds at a local retail location if available. Or have the money wired to your bank account the same day if your bank qualifies.

    Will my credit be damaged if I take out a cash advance or car title loan? Probably not. Most direct lender payday loans don’t report to the major credit bureaus. Some lesser known credit bureaus track direct lender payday loans and other alternative lending options. The main bureaus generally don’t track direct payday lenders.

    Who regulates the large direct payday lenders? Most direct lender payday loans are regulated by the individual states they operate in. Some direct payday lenders try to skirt these regulations by operating offshore. But they’re usually still regulated by the state regulatory bodies. Also, all lenders are going to be fully regulated by the Consumer Finance Protection Bureau. This new Government body is only a few years old but it will definitely make it’s name known in the lending industry over the next few years.

    We’re constantly adding to our FAQ’s that cover lending and finance topics. These include, loan approval, online applications, getting loans direct lenders only and more! Most of the questions listed here are direct from consumers who send us questions about anything related to payday loans!

    Check back for more answers about your direct lender payday loan questions!