How A Direct Lender Payday Loan Can Help You Out

October 09, 2019

If you’ve applied for different types of loans but still get denied a few days after, you may start noticing ads about “direct lender payday loans.” Most direct lender payday ads in South Africa are imbued with the power to reel you in, offering terms and rates that seem unbelievable at best, even if online reviews vouch for them relentlessly. 

Getting out of a financial predicament may entail having to use anything to help you get back on the right track to a better situation. However, the seemingly-deceiving nature of direct lender payday loans can cause anyone to reevaluate just how far they’re willing to go to get a loan. In a world where anything goes, many South Africans wonder if direct lender payday loans are a scam.

What is a direct lender payday loan in the first place?

To better understand what makes direct lender payday loans seem like they’re shaky, let’s look closer at what they actually are in the first place.

In a nutshell, direct lender payday loans are a type of financial assistance that removes the middle person, bringing a borrower straight to a lender to arrange an agreement. Direct lender payday loans work through a simple system wherein a loan is granted to a borrower right away until they have to pay the principal amount with interest on their payday. For most South Africans, the concept of a direct lender payday loan is rarely perceived as trustworthy simply because of how “too-good-to-be-true” it is, and the easy process. 

Why people seek direct lender payday loans

Most people in need of financial assistance end up considering direct lender payday loans because of several factors, such as: 

  • They have poor credit scores
  • They have low chances of approval
  • They have consistent loan rejection from banks

Often, the option of getting a direct lender payday loan comes as a financing alternative for those needing quick qualifications but have poor credit. With the process of getting a standard financial loan from a bank or lender increasing in difficulty and the chances of being approved dwindling, it may seem like there is no other option but to take a risk. However, almost everything that the average person knows about direct lender payday loans is wrong.

Yes, the “sketchy” image commonly associated with direct lender payday loans is actually a result of misinformation and misinterpretation. Applying for this surprisingly-quick loan comes with a handful of benefits that are perfect for anyone needing a quick financial solution. 

The advantages of getting a direct lender payday loan

Direct lender payday loans are a safe option for anybody needing cash quickly but do not have the financial security required for a smooth approval. Here are a few benefits that a direct lender payday loan offers: 

  • Greater security: Most loan applications involve a broker requiring an applicant’s sensitive information for the approval of a panel of lenders, creating possible breaches in security. With direct lender payday loans, however, your information will be kept confidential, making the entire process more secure.
  • Reasonable rates: By taking the middle person out of the equation, there are no additional fees on top of the interest provided by the lender, creating the best possible rate with no hidden charges.
  • Quick and easy application: The reason direct lender payday loans are the best option is that the entire process takes less than an hour. On top of the quick application process, approval is easier and is granted within a few hours or within the day. 

While it may seem intimidating or outright foolish to go for a direct lender payday loan, it’s essential to understand that it is a viable option that’s optimal for those who need quick financial assistance. With its various benefits, a direct lender payday loan has proven to be the perfect alternative to bank applications for most South Africans.

If you’re in South Africa and would like to take out a direct lender payday loan, feel free to contact Hoopla Loans today to see what we can do for you!