Direct Payday Lenders USA – 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 direct lending FAQ page has answered many of your questions on how to find the best payday loan direct lender. Our payday lending FAQ section answers over twenty specific questions related to online lenders and how they work. We always see the common questions about online loans. But we’re also asked general questions about how these common advances work. Most 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.
Here are the most common questions asked of us about direct lender loans and how they work:
What is a direct payday loan? This type of financing is usually offered for $500 or less and is usually due by your next pay date. This type of funding is also referred to as a cash advance or short term loans.
How can I get an online advance? Is it better to get a loan online or at a direct payday loan 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 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. Some consumers enjoy the convenience of applying for a payday loan online. Most tend to go about the application process at their own pace.
What is required of me when I apply for an installment loan? The good news is that not much is required of you to get a personal 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 direct payday loan company wire the money to your bank account that same day if your bank qualifies.
Will my credit be damaged if I take out a cash advance or car title loan? In short, it’s not a common outcome. Most direct lender payday loans don’t report to the major credit bureaus. Some lesser known credit bureaus track direct lender payday loans. Other 3rd parties will monitor alternative lending options. The main bureaus generally don’t track direct installment lenders.
Who regulates the large payday loan companies? Most direct payday lenders 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 nearly a decade old and will continue to make its name known in the lending industry over the next few years. Case in point, The CFPB is under increased scrutiny to justify its recent interactions and decision-making process regarding short term lending. They are now at a point where they will be subject to external peer review to ensure fairness and ethical decision making.
We’re constantly adding to our FAQ’s that cover lending and finance topics. These include, direct loan approval and online applications. We plan to cover the best ways to obtain 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 loan questions!