Is it safe to choose a payday loan direct lender?
When you’re struggling with a financial crisis, temporary drop in income or even car expenses, you might need a helping hand. If your bank won’t help you because of a bad mark on your credit record, it’s likely you’ll need a payday loan direct lender or broker. While the industry has got quite a bad name for itself, it’s cleaned up considerably since strict regulation was introduced. This applies to both direct lenders and brokers so how do you know it’s safe choosing a payday loan direct lender?
What’s the difference between a Payday Loan Direct Lender and Broker?
A Direct Lender is a company that lends its own money to customers and collects all repayments directly. They will assess the affordability of the loan and make a responsible lending decision. They’ll also determine if you can afford the repayments.
A Broker is a company that takes your details and then tries to find you a loan. They use a large panel of direct lenders for the best chance of finding a loan. Those lenders pay a small commission fee to the broker directly, therefore, the service won’t cost you anything and saves you typing your details into hundreds of application forms.
Why is LoanPig a safe payday loan direct lender?
LoanPig are a direct lender and a broker. If we can’t offer you a loan, we’ll find one from our panel of selected safe payday loan direct lenders. LoanPig and all of the lenders on our panel are regulated by the FCA. You can be sure you are safe choosing a payday loan direct lender with us.
Reasons why we’re safe
Here’s a load of reasons why we’re you’re safe choosing a payday loan direct lender with LoanPig.
- We’re FCA regulated
- Our systems are tested and secure
- We don’t store your details online
- We won’t ring you to confirm details
- Our site is secure