Is it ever the right choice to use a payday loan direct lender?
At this time of year, you may well be feeling the pinch with your finances. Maybe your car doesn’t like the cold or your boiler is broken. Perhaps you’ve had a temporary loss of income like reduced hours or other cuts. When you talked to your bank, they wouldn’t help! That’s when you might consider a payday loan direct lender or perhaps a short term loans broker. But how do you know you are safe choosing a payday loan direct lender?
Payday loan companies have got quite a bad name for themselves but it’s cleaned up considerably since FCA regulation was introduced. The regulations cover both direct lenders and brokers so how do you know it’s safe choosing a payday loan direct lender?
Why a Payday Loan Direct Lender or Broker?
Direct lenders offer loans directly using their own money. This means it’s important for them to be responsible and make sure your loan is affordable. They will measure the affordability of the loan and make a responsible lending decision.
A Broker is a bit different as they won’t lend to you directly. They will work with a panel of lenders and find the right loan for you.
What makes a safe payday loan direct lender?
How do you know you’re safe when choosing a payday loan direct lender? There are a few things to check. Make sure the company lists an address on their website. Make sure they are FCA registered, there should be a special number somewhere, ours is 736632. When you’re on their website, it should be encrypted, look for the green padlock in the address bar. Make sure you read the terms and conditions, no matter how boring! Finally, check for any extra fees or charges and make sure you’re happy with them.
Is LoanPig a safe choice?
There’s a number of reasons why 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