Getting a loan just a few years ago would involve a lot of time and effort. You’d have to present yourself at the bank, talk to your bank manager and endure a long wait to find out whether he deemed you worthy of receiving his money. Even with the advent of the Internet when it became possible to apply for finance online you could have a long wait for approval for your application and no real guarantee that you’d get it in the end.
The growth in popularity of the payday loan has gone a long way to changing things for consumers who simply want a small cash advance for a matter of days or weeks. Here you simply make an online application for up to £750, wait for approval and you could have the money in your account same day. Then, you pay it back when your next pay day rolls along. These kinds of loans just don’t work for standard lenders as they don’t make them enough money. But, payday loans companies have no such issues!
It is still important, however, to make sure that you choose the right payday loan here with the right rates and terms to suit your needs. This doesn’t have to add a lot of time to the lending process but it is a vital step. After all, if you compare deals from many different payday lenders then it will be far easier to find the lowest cost one for your needs.
This is easily enough done online. You can do rate comparison searches and can even then click through to the payday lender of your choice to make an application. This may even get you a preferential rate or deal which is always a good thing. But, even a quick and simple search can add to the time it takes to get the cash advance that you need. This is where you might find the services of a broker useful.
With the help of a broker you can be taken automatically to the best available deal at any given time. So, you won’t need to waste time searching for the best rates yourself, In fact, most brokers will automatically get the best deals from the lenders they work with and these deals can be better than those you could find for yourself.
If you can apply for your payday loan via your broker site then all this will be taken care of for you automatically. It’s as easy and quick as applying to a payday lender direct but it also builds in a market comparison of different lenders to get you the best deal. In the best cases scenario you can even use a ‘faxless’ application service where you do not have to fax over verification documents as your application can be handled online.
So, shopping around for the best payday loans offers can help you get the best deals and costs. Use a broker, however, to do the work for you and you get all the cost benefits without losing any time at all!