Direct Payday Lenders Online: No Third Party

by Philip Nelroy   Last updated: December 3, 2019
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Payday loans can be lifesavers for those without access to conventional financing options. If you have a poor credit score or a history of missed payments, they may be your only option in a pinch.

While payday loans can be extremely helpful, people often take issue with the third parties that lenders sometimes work with. These third parties come in many forms, like brokers and agents. While these third parties can make it easier to find existing offers and lenders, there are plenty of payday loan solutions that forgo third parties altogether.

Let's look at the intricacies of these kinds of payday loans and how they may benefit you.

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Online Payday Loans Direct Lenders

Many direct payday lenders can be found online. Online payday loan lenders are faster, more widely available, and easier to connect with at a moment’s notice than other financial solutions. Likewise, they don't use the same "network" lending method that traditional outlets use. Instead, your money comes from a single source. For now, know that when we refer to online lenders and we're referring to payday loans outlets that don't work with third parties.

Lenders that forgo third parties may be willing to give payday loans with bad credit. Payday loans services also work with low-income individuals. As such, they are more accommodating of tight financial situations. These types of lenders understand that people are using their services because their credit score is a prohibitive factor when it comes to their financing options.

It's rare for direct payday lenders to require telechecks or overly intensive credit reviews for approval. While these factors will be reviewed, they may not be essential pieces of the application process. Frequently, these lenders market themselves as "second-chance" outlets. As a result, the approval process may afford a higher degree of leeway to individuals with troubled financial histories.

What Lenders Want

Payment history is an important metric that lenders look at. A lender will be especially interested in your recent history. Missed payments from more than a year prior may not be as important to the credit decision but still might affect the interest rate the lender offers. Your current income stream will be crucial to these outlets as well. Ultimately, high-value factors will vary from lender to lender.

Your loan history is important to payday lenders and online lenders alike. It's a measure of your familiarity with the process. Loan history is one of the top factors standard payday loan outlets use to approve you for a loan. A positive loan history indicates that you are a suitable recipient and vastly improves mutual trust between you and your lender. Online lenders are more inclined to work with those who have a history of successfully meeting payment deadlines.

Results of Past Mistakes

Online vendors that do not incorporate third-parties can be an excellent financing option if you have had trouble with brick-and-mortar outlets in the past. These lenient lenders don't come free, however. You will see increased interest rates and more intensive monitoring. Lenders need to decrease the odds that you miss your payments, and they will go to great lengths to make sure you know when you need to be paying your balance.

It isn't uncommon for third-party lenders to require collateral to approve you for a loan. Collateral is an asset you possess that they can repossess should you fail to pay when you receive your paycheck. Some online vendors do not have the resources or ability to request collateral, as they would need to deal with far too many local laws to maintain a profitable business model. In most cases, you won't need to concern yourself with putting your vehicle up as collateral to secure a loan with direct lenders.

As you may have guessed, you will pay for this in some fashion. Most online vendors compensate by limiting the size of loans they offer. You shouldn't expect to receive a large loan. Likewise, interest rates will almost always be higher.

More Differences Between Third Parties and Direct Lenders

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Most vendors that work with a third-party will heavily monitor how you use the funds you receive. They want to ensure that you do not use the money for non-essential products or expenses not detailed in your consultation. Conversely, online lenders will rarely have set requirements for how you utilize your loan.

But payday loans don't always need to be used for pressing matters. While they are normally taken to lessen the blow of unforeseen expenses, like medical emergencies, occasionally less life-threatening expenses present themselves. Groceries, utilities, or appliance upgrades are just as necessary in some circumstances. Online lenders may not require you to detail how you use the money provided. If you need a loan to improve your living circumstances, online options may be a short-term solution.

If you need your loan fast, online options can get money in your bank account in a timely manner. Online lenders are capable of providing payday loans using a savings account. The application process is similarly efficient. Many of these outlets are able to provide your results minutes after submission.

Most of these outlets will use all-online infrastructures. This technology allows these services to offer customer support, approval, and essential functions on a 24/7 basis. Moreover, if you lack access to modern devices, you may be able to submit your application via fax machine. These factors make online lenders a stellar solution for those who need money at a moment's notice.

Brokers can introduce complications in the lending process by enforcing stricter monitoring, more demanding payment timetables, and more. An advantage of online alternatives is that brokers may be completely removed from the process.

When you work with an online lender, the entirety of the loan may come from a single party. As such, the conditions of your loan are more static, and they are usually not subject to change. As a result, the process may be less stressful and easier to manage.

Unfortunately, this isn't a positive in every aspect. Brokers can help you, too. A broker can add a great deal of legitimacy and peace of mind to the transaction. Without one present, there will be fewer safety nets preventing you from making a mistake.

Likewise, the terms may not be negotiable. Often, the amount of your loan will be similarly non-negotiable. This can be a limiting factor if you need a specific sum. Ultimately, this can reduce their usefulness in certain situations.

Since these parties are almost always based online, they may be required to provide you with more easily documented invoices and receipts. As a result, you may not face as many surprise fees or unforeseen shifts in interest rates. And since the loan is more concrete in its fine details, it's far simpler to confirm its legitimacy.

Lastly, online vendors may offer payment plans that are normally limited to conventional financing solutions. For example, many online outlets allow you to use installment-based payment plans, which vastly increase their versatility. Different payment plans can also help you avoid rollover-based interest accumulation, which is a common problem associated with payday loans as a whole.

Payday loan online direct lenders are frequently more consumer-friendly than conventional outlets. If you have a shaky history with payday loans and are looking for an alternative, this may be a viable solution for you.

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