Talking about finances can be overwhelming and intimidating—especially in the midst of a global pandemic—but requesting a payday loan is often a much less stressful way to get the funds you need.

When you need funds to cover an emergency, or simply need money to cover bills until your next payday arrives, a payday loan can be a great immediate option for funds. If you’re looking to apply for a payday loan, here are the top 3 things to look for in a trustworthy payday lender.

1. They Are a Direct Lender

When looking for a trustworthy payday lender, you’ll want to ensure that they are a direct lender rather than an indirect lender.Indirect lenders act as liaisons between the borrower and the actual lender. These indirect lenders are simply receiving your loan application, then giving your information to a third-party lender who will provide the cash to you.

With an indirect lender, since more parties are involved in the loan process, it takes longer for the loan to be approved and money to be deposited to the borrower. An indirect lender also costs additional fees since you are paying for the middleman and the actual lender.

Additionally, it is a less secure way to finance a payday loan since indirect lenders act by sending your personal information to several lenders to seek approval from one of them. This can be a breach of your private information that is unnecessary and unsafe.

Direct payday lenders cut out that intermediary and are more transparent by outlining terms directly for you from the beginning. With a direct lender, your private information is secure, you won’t incur unnecessary fees, and you can access funds much quicker.

2. They Have an Online Option

With a trustworthy payday lender, you should be able to access an application directly online. This means you can apply for, be approved for, and receive a loan all from the comfort of your home. This is especially important now, given the circumstances surrounding the current pandemic and social distancing regulations

Since all you need to apply for a payday loan is an ID, proof of employment or regular income, and a few other verification documents for contact info, you can quickly fill out the loan application online. If your potential payday lender is asking for an excessive number of documents or for you to come into the office before you can be approved, you may need to look for a different lender.

3. They Have an Immediate Funding Option

The ultimate goal of a payday loan is for you to receive and access funds as soon as possible. Before you fill out an application, check to see how quickly you will be allowed to use those funds, and avoid any payday lenders who are not willing to work with you to make sure you have cash when you need it.

The best option for a payday loan is to opt for a direct funding option. A payday lender who offers a direct deposit option will be able to directly deposit the funds into your checking account within minutes of your loan application being approved.

If you are looking for a trustworthy payday lender, use these three tips as a guideline to finding the perfect one for you. Make sure your potential lender is a direct lender, has an online application option, and allows for immediate funding via a direct deposit option.

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