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Payday brokers are slightly different to payday loans lenders – while lenders are directly responsible for handing over the money, payday brokers don’t have direct contact with the cash. They are a useful ‘middle man’ for those looking to find the perfect payday loans for their circumstances.
Essentially, they ‘broker’ a deal between the borrower and the payday lender. In practice, this means that they are able to offer borrowers access to great loans and lenders access to responsible borrowers. Payday brokers have access to a vast amount of information that allows them to make the experience much easier for you, and for the lenders that you want to borrow from. They match the perfect loan to the person who really needs it.
The loan brokering industry has come under a lot of criticism in recent years due to the hefty fees which are often not fully disclosed to clients. New regulations put in place by the FCA earlier this year aim to eliminate these issues.
It’s important to perform due diligence on your payday broker before committing to working with them. First of all, make sure you check that they do, in fact, have a license. As mentioned in the FCA regulations above, payday brokers must clearly disclose all of the requested info like name, address and the fees they will be charging. If they are unable or unwilling to do this you may be dealing with a less-than-reputable broker or worse, a scam.
One of the biggest advantages of working with a payday broker is the range of choice that you’ll have when it comes to selecting a payday loan that works for you. If you decide to shop direct with a single lender then you will be restricted to what that lender offers you. Using a broker means you can see a far wider spectrum of options and find payday loans that work for you.
The payday loans industry has received some bad press in the past because of lenders who have taken advantage of borrowers, overcharged them and generally not behaved very well. Working with payday brokers avoids the problems of lenders who aren’t following the new regulations that are designed to ensure that borrowers are safe. Brokers vet their lenders to ensure that they are industry compliant, as well as to ensure they are offering the best deals.
Not all payday loans are the same and if you’re not sure what your options are, or you don’t know 100% what you’re looking for then it can be incredibly time consuming to research one payday lender after another. Working with payday brokers speeds up this process enormously as you can instantly see a range of options for payday loans that will help you to decide what you’re looking for, what your choices are, and which lender might be the best to work with. If you don’t want to waste time finding information then a broker is by far the best way to go.
It’s very difficult to work out whether you’re getting the best deal if you’re looking at an individual payday lender but with a broker it’s obvious. Input your borrowing criteria – amount to borrow, how long you want to borrow for etc – and you’ll be able to see straight away which deal is the best one.
Payday brokers have to be competitive and that results in a better service for you, the consumer. Working with a broker not only means that you can get more information and receive your loan faster but you will have more choice too. Plus, you can rely on your personal data and rights being protected.