If you are looking to apply with a direct lender, we are here to help you. Payday Loans Hub works with a number of payday loans direct lenders who are FCA authorised so that you can maximise your chances of being approved for a loan. We match your application with the criteria of leading providers in the UK, so that you are in the best position to be accepted and funded. Start by entering your details into our online application – we will carry out some checks and suggest one our trusted partners to help complete and fund your loan within 1-2 hours today.
What Are The Benefits of Payday Loans Direct Lenders?
One safe place to apply: When customers are looking to borrow money, they want peace of mind knowing that their details are being used by legitimate companies and not sold onto other third parties without their permission. The benefits of working with direct lenders means that the entire application is handled through just one company from start to finish. This means that any further checks, correspondence, funding and repayments that you do are with that direct lender only and there are no other middlemen involved.
Less credit searches: When applying through a broker, there is always the risk of your information being sent to multiple companies who will carry out numerous credit checks against your file. This can result in having multiple search footprints which can be viewed by some lenders as suspicious or desperate for funds. By applying through one direct lender, you only have searches from one company which looks a lot more natural for your credit file.
No upfront fees: Other advantages mean that there are no upfront fees and you will not be charged for simply applying. At Payday Loans Hub, we appreciate that people applying online for loans are looking to borrow money, not have money taken away. Whilst we are not a direct payday lender, our process is designed to match your details with the most suitable direct lender that we work with, helping you to get the finance you need without having to apply with numerous companies one by one.
Do You Work With Payday Loans Direct Lenders For Bad Credit?
The answer is yes. The lenders we work with are able to take a view on poor credit and adverse credit histories. We understand that financial emergencies can occur that leave you stretched for a number of weeks and months and this can lead to occasional defaults and arrears. However, if you are in a financial position and committed to borrowing money and repaying it on time, we can help find the right lender for you. Our lenders will also consider recent defaults, arrears and CCJs but may have strong policies on things like IVAs and bankruptcies.
For the lenders only require good credit, our system may recommend alternative products to add extra security to your application. This includes things like adding a guarantor with a good credit or homeowner status to add more credibility to your loan agreement or by borrowing money against a valuable asset such as a car, also known as a secured loan.
How Do You Spot a Payday Loans Direct Lender?
As part of being regulated by the Financial Conduct Authority, any providers or introducers of financial products in the UK must state whether they are lenders or brokers. This information is usually provided on the footer of their website, otherwise you can always take the FCA number they have provided and cross-check it against the FCA register. This will tell you what kind of products the lender is able to offer and also give you more useful information about that company.
Other typical information seen on broker sites is use of ‘guaranteed,’ ‘no middlemen’ and ‘panel of lenders’ – as this highlights that your information is likely to be passed onto further companies. Payday Loans Hub is a licensed broker and is dedicated to helping you find the right lender for your requirements.
What Checks Are Carried Out?
Our application form asks some very basic questions to assess your initial criteria including your age, residence, employment, income, monthly expenses and bank details – so we know where the funds should be transferred to.
This is the basic criteria for most lenders since they want to know that you are above 18, a UK resident, having a working mobile phone and email address and are employed and able to repay your payday loan without falling into financial difficulty.
Further checks are usually carried out to assess how much you wish to borrow and how much you can afford to repay. Your affordability and income may be checked by the lender requesting a copy of your payslip or recent bank statement. In addition, credit checks are routinely used by payday lenders to see if you have any other outstanding payments or history of arrears for other credit cards and loan products. Credit checking can help you confirm your name and address with the local authorities, which is a good way for a lender to verify your identity.
Most of the direct payday loan lenders that we work with may request a phone call with you to confirm your details such as name, income, employment and bank details. This is a routinely check and will typically only last a few minutes.
Provided that your application has been successful, funds can typically be transferred to you within 1-2 days or sooner. The only reason that your loan might be delayed is if you have applied on the weekend or have missed a transfer deadline which some lenders cut off a certain time of day. For the very least, you should always be able to receive your funds within 24 hours.
How Much Will My Loan Cost?
All the lenders we work with at Payday Loans Hub are authorised and regulated by the Financial Conduct Authority. FCA regulation states that your loan will never cost more than 0.8% per day, as this is price cap of the industry. This amount is equal to a maximum of £24 per £100 borrowed and means that a customer will never repay double what they have requested to borrow.
The rate that you are charged is based on a representative APR, which is the figure given to at least 51% of successful applicants. Based on the model of some of our lenders, you may pay less than the 0.8% daily interest rate. Factors that may reduce the cost of your loan include having a very good credit score, being a repeat customer who has already paid on time or have a very low loan-to-debt ratio across other financial products.