A vast majority of salaried people are often forced to turn to payday loans to get quick cash. People sometimes face the threat of losing their access to necessities of life, such as gas, water and electricity, if they do not pay their bills on time. You can enjoy greater peace of mind when you are in a position to borrow money easily. You can enjoy quick access to money right from the confines of your own home with the availability of online payday lenders these days. There are two ways of getting such loans- you can either borrow a payday loan directly from the lender or through a broker. Let us take a look at direct payday lenders vs payday broker (3rd party lender).
Best Payday Loan Direct Lender List
This is the best of direct payday lender list. You can apply them directly without any middleman.
Direct Payday Lenders VS Payday Broker
When it comes to direct payday lenders VS payday broker(3rd party lender), a number of people prefer the former when getting such loans. This method is advantageous since you remove the middleman and deal with the lender directly when procuring your loan. In other words, since you need not pay a commission to the broker, your costs will be much lower. This type of borrowing is advantageous to both the borrower as well as the lender and it is the main reason why it is very popular among.
Pros & Cons of Payday Broker
The other method of getting loans fast is through payday brokers. A broker can work on behalf of the client and get the best rates possible by going through and comparing the terms and rates offered by several lenders. A broker can also help the client by doing all of the required paperwork on his or her behalf. A broker can earn his commission from the lender once his client signs up for a payday loan. The downside of this method is that the lender will charge higher loan fees since he may have to account for the broker’s commission also. So chances of a payday loan working out in favor of the borrower through this method are highly remote.
Make Your Choice
Before opting for payday loans through any method, a borrower should always try to calculate the total loan cost in the form of fees and interest. Chances of getting a low cost loan is better when you choose to work with direct payday lenders rather than brokers. So it is clear that when it comes to direct payday lenders vs payday broker (3rd party lender), in today’s poor economic situation, it is advisable to eliminate the middle man and keep the cost of a loan low by contacting lenders directly.