Editor's choice: OppLoans Installment Loans
- Easy online application
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- Long repayment terms
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If you need a loan but don’t have the credit score for a traditional lender like a bank, an alternative option is a direct payday loan. When it comes to applying, you’ve got two basic options: apply with a direct short-term lender or through a loan connection service.
While there are some good loan connection services out there, no single service can claim to have every single direct payday lender available on its network. Plus, if you’re in a rush, getting a payday loan through a direct lender could be faster.
A direct payday lender will consider your application, send you your approved loan amount and be in contact until you repay the loan completely.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
A direct payday lender, or short-term loan provider, is a lender that directly provides small-dollar loans, rather than working with an outside company. This means that your information stays in one place, but you won’t get a chance to shop around and compare your options.
These lenders offers small-dollar loans that are typically due between 14 and 30 days, typically for a flat fee of around $15 for ever $100 borrowed.
Depending on the lender you select, you can apply online or in-store, and the application should only take a few minutes to complete. Most lenders process applications quickly and let you know if you’ve been approved soon after. Once you sign the contract, you typically have to repay the loan along with all applicable fees by your next payday.
Online applicants can get their money transferred electronically into their bank account, and in-store applicants can collect their approved funds in person shortly after approval.
Keep in mind that payday loan regulations are not the same in every state. Some aspects that can vary include the maximum amount you can borrow, the term and whether or not you can extend your loan. While direct lenders may be legal in one state, they could be illegal in your home state.
Not all direct short-term loan lenders are the same. Pay attention to these points while comparing lenders:
You might want to use a direct short-term lender in the following situations:
For many short-term lenders, applications can easily be completed and submitted online. In order to secure a loan, you’ll need to meet some qualifications, which generally include:
If all of the requirements are met, there are usually just a few steps to apply. While the actual application will vary by lender, you’ll generally need to:
Direct lenders are often cheaper and safer to use than brokers. That’s because brokers typically work by giving your information to multiple providers to find out which lenders you can qualify with. Generally you don’t get a chance to review all of their privacy policies first. Many broker or connection service users complain about getting a barrage of phone calls from lenders.
But a broker can be useful if you’re having a hard time finding a loan you can qualify for. They might have connections to lenders that you hadn’t heard of or loan options that you weren’t aware of. If you’re new to borrowing, a broker could be a good resource to help you through your first application.
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