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Financial obligations don’t always come at the most convenient times, and when they pile up, it can be difficult to find the time to do necessary things — like compare your loan options. A broker or a loan-connection service may be able to simplify the process for you, even if your credit is less-than-perfect.
These providers allow you to compare several offers at once with one convenient application. Here we explore how brokers work, compare them to direct lenders and show you how to find a legit one.
A loan connection service works to pair borrowers like you with a suitable lender. They don’t provide loans. Instead, they compare your application against a network of lenders to see which can best fit your needs and situation.
Most loan matching services don’t charge a fee for their services. Their money comes from generating leads or referring you to direct lenders, similar to a commission. Some also function as a lender subscription service. Lenders pay the referral service to be a part of its network, and the referral service then chooses one or more to show you based on what criteria you meet.
All of this boils down to you being able to submit one application and potentially get more than one offer. A loan connection service could cut down on comparison time and save you the frustration of sorting through different lenders that you may not qualify for.
Matching service | Direct lenders | |
---|---|---|
Ease of application | One application for several lenders, total time to apply: approx. 10 minutes | One application for each lender, total time to apply: approx. 10 minutes per website |
Fees | Varies by lender, usually no additional fee charged by the broker | Varies by lender, usually a financing fee of $10-25 per $100 borrowed |
Safety | Legit brokers have secure websites, but may share your contact information for marketing purposes (read the broker’s privacy policy to learn more) | Legit lenders have secure websites and typically don’t share your information with third-parties |
Eligibility requirements | Brokers have minimal blanket eligibility criteria to screen applicants, but accept people with a wide range of circumstances and see if they could be a fit for any lenders in the partner network | Varies by lender, but you must live in a state where the lender operates and show proof of regular income |
A payday loan matching service is a solid solution if you’re short on time and need a little help with comparing your offers. By submitting just one application, you’re able to compare offers without the labor of finding a series of reputable lenders.
He goes online and finds a reputable matching service who can help him get a loan for young people with little to no credit history. It takes a few days, but he doesn’t need to submit multiple applications or visit a store. The matching service shows him his options from various lenders, and Peter selects one that will pay for his lodging deposit, about $350. It had a relatively low APR, and since the loan terms give him 30 days to pay it back, Peter knows he can make up the extra time without harming his credit.
Here are a few easy ways to a provider with a good reputation and avoid scams.
Since payday loans can be an easy market to prey on people in need of money, you may find disreputable companies. Avoiding matching services that don’t publish contact information and security or privacy policies can help you dodge a scam.
Without transparency on privacy policies, brokers can hide their practices. For instance, some brokers allow lenders in their network to distribute your contact information to marketers. Before you fill out an application, confirm your broker is legit. In addition, don’t sign a contract with a lender you don’t think you can trust. It’s better to be safe than in a spiral of bad debt.
Make sure your lender is legit by reading these steps
A loan-connection service could save you time and frustration in finding a payday loan that suits your needs, but they come with risks that are important to evaluate.
As with any loan, be sure confirm and understand all of the terms and conditions before you sign a contract. You’re not obligated to accept it, whether it’s through a broker or from a direct lender. You can contact a customer service representative or explore other payday loan options until you feel comfortable with an offer.
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I need a fast cash loan of $300. I don’t have a bank account but I have a prepaid debit card that my paycheck gets direct deposited on. What can I do?
Hi Lindsey,
Thanks for getting in touch with Finder. I hope all is well with you. 😃
I understand you need a fast cash loan of $300. If you don’t have a bank account, but you have a prepaid debit card, you may consider getting a prepaid debit card loan.
On that page, you will learn how a prepaid debit card loan works and other things you might want to know. Moreover, there’s a table on that page that shows you lenders. First, specify your state of residence and our table shows you available options. From there, compare your options based on max loan amount, turnaround time, and requirements. Once you’re done comparing, you can then click on the “Go to site” green button to learn more.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.
If in case our table doesn’t show you any option available in your state, you may consider getting a payday loan.
Same procedure: specify your state on our table and you might find a loan connection service provider or lenders.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
How to apply?
Hi Natara,
Thank you for getting in touch with Finder.
After you choose your state on the table on this page and it shows list of options, please click on the green go to site button to be redirected to the provider’s page where you may learn more on their offered product/service or start your online application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
Hi Patricia,
Thank you for leaving a question.
You have reached finder, a comparison and general information website. If you wish to speak directly to a loan provider, kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
Can I get a loan on a debit card
Hi Dolletha,
Thanks for your inquiry.
Yes. There are lenders that offer prepaid debit card loans to US residents.
You’ll typically need to register the card in your name, either in person, by phone or online. Because most prepaid cards are either Visa or Mastercard, you can then begin using your card as you would any other type of credit card. Use it at retailers, utilities or even ATMs to withdraw your cash — wherever and whenever you need it.
Hope this information helps
Cheers,
Arnold