What is a payday loan direct lender?

What is a payday loan direct lender?

Payday loans are small, unsecured short term loans that are lent at a high rate, with both the principal and interest repaid in monthly instalments, usually on the borrower’s pay day. The most common type of payday loans are designed for emergency use only, and should never be used to try and solve a long term money problem.

A direct lender processes your application and lends you money directly. In contrast, when you submit an application to a broker, they don’t lend you the money themselves but sell your details to direct lenders for a fee. The company that bought your application will then decide whether or not to lend to you. Our opinion: If you need a quick loan, borrow money from a direct lender only, not a broker.

Can I get instant payday loans from Cashfoat?

There is no such thing as instant payday loans because all regulated lenders have to carry out credit and affordability checks before approving an applicant. However, we will always give you an instant decision on your payday loan application. If approved, you can get the money funded into your bank within 1 hour. This may not be instant, but it’s very fast!

What makes online payday loans different to bank loans?

The main differences between a bank loan and an online payday loan in the UK are the speed and ease of access. When you apply for a loan from a bank, you usually have to go through a fairly complicated process including meetings, paperwork and a long wait. Online payday loans from a direct lender are very different in this regard. Cashfloat’s entire loan application process is purely online, and the form only takes a couple of minutes to fill out. You will then receive an instant online decision, and if approved, we’ll send the money within one hour.

Can I apply for a payday loan if I have bad credit?

Yes, you can. Cashfloat is a bad credit direct lender that is fully authorised and regulated payday loans in Niles OH by the UK’s Financial Conduct Authority. Although some lenders will not approve people with poor credit unless they have a guarantor, our brand new technology makes instant loans accessible online for more people in the UK no matter what their credit score! Apply today for your bad credit payday loan!

Can I get a cheap payday loan?

Pay-day loans are expensive, but with our new easy start option, we provide lower APR payday loans even for people with bad credit. This makes the loan cheaper and more manageable. Other lenders might offer more expensive loans to people with poor credit to lower the risk that they might not repay. At Cashfloat, if we see you can afford the loan repayments, we will be happy to provide you with a cheaper payday loan no matter your credit score.

Can I get a payday loan with no credit check?

Lots of people ask us about getting no credit check loans with guaranteed approval. While this may sound tempting, payday loans in the UK with no credit check are not recommended as credit checks help lenders assess whether to lend to you or not. Please keep in mind that any FCA authorised lender in the UK will perform a basic credit check. Don’t let a bad credit score keep you away from reputable lenders.

Will a loan improve my credit rating?

Taking out a loan can have both a positive or negative impact on your credit profile. This will depend upon how you manage your repayments. If you’re repaying on time, this can help to improve your credit rating because you are showing that you are responsible with your money. On the other hand, if you are late with the payments or miss them altogether, this can harm your credit rating.

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