Posts Tagged ‘Are No Broker Payday Lenders cheaper’

How Are No Broker Payday Lenders Different From Other Pay Day Loan Companies?

No broker payday lenders are the ones that offer their lending programs directly to their target consumers. On Internet, a vast majority of the payday loan websites that you come across are run by brokers. When you read their terms and conditions, you will find that all these websites do is just to transfer your applications to suitable lenders and that they are not responsible for the rates and charges applicable on such loans. If you borrow a loan from them, and at a later stage, when you have a query about the loan

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you have borrowed, they will not entertain your query and will ask you to contact your actual lender directly. They are brokers and their task is just limited to bring customers for payday lenders; they get commission for all approved loan applications. No broker payday lenders, on the other hand, work differently. But, if you are considering borrowing from them, you must go through the following pros and cons first.

Absence Of Brokers Doesn’t Guarantee That The Lenders Are Legitimate Ones

It is true that no broker payday lenders deal with their costumers and there is no third party in the process. But, it does not necessarily mean that all such lenders are doing their lending business legally. In order to check whether a particular payday loan company is legitimate or not, you must first check whether they are duly licensed to issue payday loans in your state or not. For example, if you are residing in a state where payday lending is banned and you come across an online no broker pay day lender that has approved your loan application, it means that the lender is doing an illegal thing. Even if they are licensed in any other state of the US, as long as you are a resident member of a state where payday lending is banned, it is illegal for them to issue you a loan. So, look into all

the aspects thoroughly before you make a decision.

Absence Of Brokers Does Not Mean The Loans Are Cheaper

Unlike conventional loans, where absence of brokers means cheaper cost of loan, the loans offered by no broker payday lenders charge a very high rate of interest that may range from $30 to $70 on every $100 issued for a short period of fourteen days. The actual cost may vary from one lender to another, but it is never cheap. It is also very important for you to understand that

payday loan companies never mention the annual percentage rate of interest that they charge on their loans. They just mention the amount, that too, in a way that makes the loan look cheaper. For example, they may advertise that they charge ONLY $40 as interest, which does not seem to be a very big sum of money at the first instance. But, when you read the terms and conditions explained in the written loan contract thoroughly, you get to see the real picture. The amount of interest they mention in their advertisements is charged on every $100 issued to you for a very short period of just two weeks. It means the cost of a $500 loan

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borrowed for a period of four weeks will cost you $400, which means an annual percentage rate of around 960% per annum. In many cases, the amount of interest can be as high as $70 on every $100. You can imagine the horror.

Overall, borrowing from no broker payday lenders is as risky and costly as is borrowing from any other payday loan company. Therefore, you must make your decision on accurate facts and figures, not mere on the basis of your temptations. Look out for better alternatives; there are plenty of them – you just have to look at the right places.

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