A payday loan is a great way to get a fast small cash loan that is accessible to anyone, even if you have a poor credit rating. You can apply online at any time of the day or night and get an almost instant response. But what about dealing direcly with lenders not brokers?
With this type of loan some people prefer to go direct to the lenders rather than going through a broker. A payday loans broker does not lend the money directly but instead forwards your application onto a bank of lenders. One of the reasons that many borrower do not like going through a broker is that they may sell on your information to a third party if they are unable to secure you a loan. Applying directly to the lender means that there is no middleman just you and the lender.
There are many more brokers than there are lenders out there, this is true for other types of financial service such as mortgages and insurance too. It can however be difficult to determine whether or not you are dealing directly with the lender or with a broker.
As a general rule you should be able to tell on the website whether or not you are dealing directly with a lender or a broker. A lender will usually display their registered company name at the bottom of the page and they will also have to display their registration number clearly on the site.
Other than having to give you application details to several sources dealing with a broker both the application process and the cost of the loan should be the same.