Payday Loans Direct Lenders Only
A payday loans direct lender is one that allows you to borrow up to £1,500 directly from the company and there are no middlemen involved. With a direct lender, you can apply directly on their website, correspond with the same company over the phone or by email and the funds are transferred directly in your bank account.
Payday loans direct lenders from Quiddi Compare
Quiddi Compare features a list of payday loan lenders on our site. With around 200 direct lenders in the UK, we work with the most well known lenders that follow the responsible lending criteria. Whilst we mainly feature direct lenders, we will make it very clear if we are suggesting a broker. Our site is completely free to use and your details will be kept safely on our secure server. We will not pass on your information to third parties so you won’t receive unnecessary phone calls and emails.
How direct payday loan lenders are different to brokers
A direct payday loan lender is the company that can actually process your application, transfer funds to your account and collect repayments each month.
This is different to a payday loan broker who asks you to apply for a loan on their website or over the phone and then passes you onto a direct lender based on your criteria. The broker usually takes a commission from the loan company for making the introduction.
In some cases, it can be hard to tell the difference between a lender and a broker because their sites can look very similar. So you can tell the difference between the two, a broker should say on their homepage that they are broker and work with a list of lenders. By comparison, direct lenders will mention on their site that they can transfer funds straight to your account. If you are ever unsure, you can always call up the company and ask them if they are a lender or a broker.
The diagrams below show how a customer can apply directly with a lender and how this is different to a broker who receives the application from the customer and then forwards their details onto different lenders for approval:
Payday loan no brokers
Applicants will sometimes search for ‘payday loan no brokers’ which means that they are specifically looking to work with direct lenders not brokers. The reason for this is simple – customers prefer to work with direct lenders so they can work with the company that is actually funding their loan.
Applicants usually don’t want to go through other companies in order to get their funds. There is the risk that when you apply through an introducer or broker that your personal details may be shared with other companies and this may lead to receiving more loan offers than you require. For security purposes, individuals prefer to deal with the company directly responsible for processing and funding their loan and this includes working with companies that are based in the UK and not overseas. At Quiddi Compare, we check all the lenders featuring on our site and brokers are fully licensed by the FCA.
Applying with a direct lender
To apply with a payday loan direct lender on our site, you can view the list of lenders in our comparison table above. Here, you can compare the APR and amount you are looking to borrow. To apply, all you need to do is click on the name of the lender or the button which says ‘visit website’ and you will be taken directly to their site where you can apply. The standard online application for a payday loan will ask you to enter some basic information about yourself including your full name, date or birth, address, employment and monthly income. Lenders will also require you to enter your bank details so that they can run a credit check on your account and so they know where to transfer the funds to and take collections from. Our lenders will typically carry out some extra checks and this may include a phone call to you to confirm a few details or they may request a copy of your pay-slip or bank statement to confirm identity and employment. Provided your loan application has been successful, you can receive up to £1,500 on the same day via a bank transfer.
Alternatively, to apply you can use our ‘clever search’ application above. Once you have entered your basic details, our technology will take your financial circumstances and requirements into consideration and suggest the most suitable lender for you. Our ‘clever search tool’ is the only one of its kind in the payday loan industry and we promise that we will never take unsolicited fees from your account or pass on your details to any unwanted third parties.