October 03, 2017

The application process is easy and uncomplicated. Borrowers will only be dealing with one lender, who can be an individual or an asset management firm, as opposed to payday loans through brokers who usually trade loan applications to multiple lending companies, which can be confusing and inconvenient to borrowers who get different calls or emails from several firms.

Consequently, this also makes payday loans direct lender more safe since the applicant’s personal details are not passed around to different companies. Nowadays, ensuring one’s personal information security is an important consideration when choosing a credit company to prevent the possibility of identity theft or jeopardize one’s bank information.

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October 05, 2017

Payday loan direct lender is accessible through a physical store or in many websites. When applying online, borrowers should be cautious of fraudulent and legitimate direct lenders. An online site that belongs to a broker must have a sign somewhere in their webpage but often they try to make is small and unnoticeable to applicants. Always remember that direct lenders do not ask for any application or processing fees nor will offer you a panel of possible lenders.

Many credit companies offer fast approval (i.e. in a few minutes) but all authorized lenders must do a credit check prior to approval of loan applications as this is according to the FCA regulation. To ensure that you are dealing with a reputable payday direct lenders in the UK, check that they are regulated by the FCA. You may confirm it by verifying their FCA authorization code which should be indicated in their website.

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October 06, 2017

Likewise, the company should strictly follow FCA guidelines and regulations. Take note of the company’s contact details (i.e. telephone, email, chat) that is listed on their website. Correspondence with them should only be through their official contact list. The company website should also be transparent..

Consequently, this also makes payday loans direct lender more safe since the applicant’s personal details are not passed around to different companies. Nowadays, ensuring one’s personal information security is an important consideration when choosing a credit company to prevent the possibility of identity theft or jeopardize one’s bank information.

read more
October 08, 2017

The eligibility requirements of payday loans direct lender in the UK include: applicant must be at least 18 years old, employed and with a regular income, and have a UK bank account. Direct payday lender may transfer the money directly to the borrower’s bank account. Likewise, lending companies may deduct the amount due directly from the customer’s bank account, given proper authority.

Depending on the loan provider, a minimum period of employment can be required, usually not less than 12 months, and/or income of ~ ?750/month. Applicants who have filed bankruptcy in the last 12 months may not be qualified to make a loan. Further, direct lending companies may allow anyone to apply for a payday loan regardless of credit standing. This makes payday loan ideal for borrowers with bad credit rating or with debt that was previously defaulted.

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Get a Payday Advance From LimoHireLondon

Get a Loan from Direct Lenders in UK

There is an increasing demand for short term loans in the UK. Because of this, many credit companies tap brokers or loan finder services to generate more business. However, this is not the case for payday loan direct lenders, which is one of the fast growing short term loan services in the country.

With payday loan direct lenders in the UK, no third party representative is involved in getting a cash advance loan. Instead, the lender manages directly the entire lending process, from accepting the application to sending the funds straight to the borrower’s bank account and to collecting the repayment. The lender and borrower directly correspond with each other, making this loan service straightforward and less costly as compared to other short-term loans.
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How Large of a Loan Can You Get?

Payday loans from direct lenders can range from £50-£1000. Depending on the lender, some set a credit limit of around £200-£300 to new customers. The loan interests also differ but the maximum interest rate and fees imposed by the Financial Conduct Authority (FCA) on all short-term loans is 0.8% per day.

payday advance
Traditionally, payday loans are due on the borrower’s next pay date. But today, different repayment terms are available and is based on the agreement between the lender and borrower. Repayments can be done in installment, which makes the payment scheme likely to be more affordable for the borrowers. The usual duration offered by many lenders is from 30 to 90 days. However, the loan can also be offer at a shorter period, like less than 30 days to 1 day, or longer than 90 days up to 12 months.
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Repayment of Loans

Payment plans with different direct loan providers also vary. Borrowers are offered options to pay weekly or monthly. In addition, when borrowers are already capable of paying the debt in advance, some lenders allow a settlement without extra charge on early repayment fees or penalties. In case of late payments, some lenders allow extensions and charge a one-time default fee of ?15. But many have strict policy on rollovers.

payday store
Availing payday loans from a direct lender has many advantages. For one, payday loan direct lenders do not have application or broker fee. Typically, borrowers only pay the interest for the time the money was loaned.
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