How it works?
How direct lender payday loan works

payday loans from direct lenders

Understanding direct payday loan

By definition, direct pay day loan is a kind of short term loan mean to assist people with immediate cash requirements that cannot wait till the next pay day loan. When you apply for direct pay day loan, you will be subjected to a high interest rate than other loans when you apply to a bank. The argument for high interest rate is the fact that the amount is usually little compared to other long term loans.  In view of the above, it would be advisable to take direct pay day loans only when it is absolutely necessary.

How direct pay day loans work

Once through with the online application process and approved, you will receive the cash advance to attend to your cash needs. Your obligation is usually to repay your loan amount in your next pay day. Defaulting on the next due date is usually penalized, so it is advisable that you keep your payment date timely. The terms of the loan usually vary from one lender to another. So the hard work is usually to organize payments so that you are able to pay your pay day loan easily when that time comes. Our experts will help you structure a repayment option so that you are able to repay without defaulting.
payday loans from direct lenders

Effects of non-payment or deferment

Some lenders will charge you for early payments while others will not. Yet again, others simply charge you extra fees for defaulting. For instance, if you were to pay on Tuesday an amount of $3000 but extended the payment by another week so that you pay the following Tueday, then you will be charged the same amount for interest so that if the interest was 3%, then you end up paying twice on the interest rate for delaying by one week. This could prove expensive in the long run, so the earlier you repay the outstanding amount, the better. In the worst case scenario, the lender will file a case for non-payment which could end up being ugly. You case will be taken by credit agencies and foil your chances of securing a pay day loan in future.

Affordable payment option

Realizing that people usually have a problem retaining a high credit score due to repayment options, we take up the initiative to help our clients find the friendliest lender in terms of interest rates as well as well as repayment options. We shall organize a way in which you will secure extended repayment period with low monthly payments so that you do not default on your payday loan. The low monthly terms mean that you will not default on you’re your next pay day and that you will be able to improve on your credit score. Talk to us today and learn more on how you can benefit from low monthly payments.