7 Benefits of Taking a Payday Loan Directly from the Lender
A payday loan is one of the best ways of dealing with unexpected monetary emergencies. It is handy when you have run out of money and cannot afford to wait for your next payday. You can take this short-term loan directly from Oak Park Financial to solve the immediate financial troubles and put them to rest.
The interest rates on payday loans are higher than many other kinds of loan schemes. However, they more than makeup for it with their quick availability and the convenience they offer.
Online Payday Loan Benefits
Payday loans differ from several other loan contracts in their instant availability. You can gain access to the funds in a very short time after application processing. Moreover, this form of a financial transaction can be done entirely online.
This article highlights the benefits you can gain by requesting a payday loan directly from the lender;
1. Removing the Middlemen
Most industries use middlemen for a variety of purposes as brokers, go-between, or intermediaries, to execute or process a transaction. These middlemen typically charge 10-15% of the deal’s worth. However, their need in the industry decreases every day due to the ongoing transition of businesses to the internet.
Similarly, the finance industry also eliminates the need for a middleman. It ensures maximum privileges for the customer, not the commission taker go-between. You may contact the payday lender directly and submit your application. Upon approval, you will receive the funds directly. There are no holdovers or complicated paperwork that comes with intermediaries’.
2. Quick and Easy Application
Go to your lender website, fill out a simple form, and get your funds immediately! Its that simple.
There are no complications, no hidden charges or contractual obligations. It only requires basic personal and financial information, nothing tedious.
3. Stress-free Qualification
Rejection of a loan application is one of the primary hurdles many people face. This is not the case for payday loans. You only need to provide basic personal and financial information to qualify. Most of the times, even a poor credit score does not prevent you from approval.
4. Instant Availability of the Funds
One of the best and critical features of payday loans is their quick processing and approval. A reputable professional lender can approve your application within moments and transfer the requested amount directly into your account.
5. Assurance of Confidentiality
You might wonder if it is safe to provide sensitive personal information to a payday lender. You need not worry because this information will remain confidential. It is illegal for lenders to share your personal info with a third-party without your consent, even for marketing purposes.
6. Legislative Protection
Taking a loan directly from the lender eliminates many useless charges. The lender is legally obligated to charge you an interest-rate within a certain limit, i.e. 0.8% per day, to prevent it from exceeding beyond comprehension. Rest assured, this is a regulated industry.
7. Automatic Transactions
Upon approval of your loan application, the lender will directly transfer the funds to your bank account. Some of the lenders ask the client to set-up a recurrent payment plan. It allows the lenders to take what you owe them directly from your account. This plan is suitable for people who do not wish to micromanage their finances.