Direct Payday Loan Companies

A direct payday loan is a small loan, that is paid out to the borrower right away. Usually in person, and at a lender’s branch, or main office. This depends on their number of locations really. As a lot of same day loans company in Canada, have an online presence.

This type of loan can be used to cover emergencies, or urgent needs that are not covered by other credit options. Some examples of emergencies are medical bills, vehicle repair, dental treatment, rent for a new place to live, and so on.

Whatever your reason is, let’s have a look at the best way to pick the right direct payday loan company.

So you can borrow cash right away, and have the best experience of your life, all at the same time.

Before Selecting a Direct Payday Loan Company

By considering the track record of a direct loan company, you are able to make a more accurate judgement on whether or not they are worth your time. After all, if you are in Ontario, you want to make sure you are dealing with an organization that provides payday loans in Ontario. As different provinces may have different laws, etc.

For example, if you are looking for information on a new direct lender that is opening up in your area, you might want to first check out their Google reviews to see what others have said about them.

When it comes to picking the right direct payday loan company, it is good to look at their past history. It can be hard for them to hide what they've done in the past (All thanks to the internet).

There are so many review sites out there today that talk about a business, so make sure you look through these sites first. Rule of thumb is if they don’t have a Google Review or Google Business Page, just stay away from them.

As on Google Business, you can see real life reviews of people and a lot of other information as well.

Interest Rate

Interest rates are added on top of the price of borrowing money. They are also called "interest charges" or "loan rates."

Interest rates (or interest charges) are the "cost" of borrowing money. Sometimes also known as loan rate. Amazing how many terms there are for the same thing eh?

The rate is usually determined as an annual percentage, which reflects how much you will pay for borrowing over a specific period of time. Of course every direct lender is different but this is the general idea.

After all, the direct payday loan company has to make money too right?

So the interest rate you pay will depend on your credit score, your income, and your debt-to-income ratio.

When getting income based payday loans though, you don’t have to go through all kinds of hurdles like you would at a bank.

Simply present your IDs, have a few paystubs and most likely, you’ll be walking out with a direct payday loan.

It’s really that simple, once you know how it all works that is.

Customer Service

Customer Service as you know, is that part of a business which deals with actual people who buy the product. AKA . . . the customer.

The objective is to help customers resolve any issues they have with the company’s products or service. When choosing a direct payday loan company, make sure their customer service is on part,

After all, they have to be good enough to help you out. They should also offer help in multiple ways.

Some common types of customer service offered by companies include live chat, phone call, email response and social media response.

Some companies focus on the customer experience, with the goal of making each interaction with their company a positive one.

They want to create a memorable experience that will make customers want to come back or refer others in the future. They are are kind of payday loan companies you should be dealing with.

Others focus on efficiency, answering questions in the fewest possible interactions and getting customers out quickly.

For these direct payday loan companies, it is not about creating a memorable customer experience, but instead, focusing on answering questions quickly and efficiently. This might mean that they are not always able to answer all of your questions, or be as personable during the process. Avoid these payday loan lenders.

Location

The closer a direct payday loan lender is the better. After all, who wants to drive hours to get simple fast cash loans right? So this is actually a very important factor.

However, if you don’t have a payday loan company nearby make sure they have a website. This will allow you to get a loan right away, and from anywhere on this planet (Pretty much).

Also keep in mind that just because a lender has a website, doesn’t mean they can send you a loan online. Make sure the direct payday loan company’s site is fully functional and capable of sending you a loan.

Most websites require that you input your personal information, including your email address, phone number, name, date of birth and current address.

You will also need to input your employment status and income level.

Then, you will need to input the purpose of your loan.

This could be for paying bills, buying groceries or other necessities.

Just make sure you have everything handy before applying for a loan online.

This is a very important point as it will help you save time and get cash in your pockets almost right away. Most likely it would be an e-transfer but you get the idea.

Final Thoughts

As you can see, when selecting a direct payday loan lender, you have to be diligent and aware of a few things.

Overall, it’s not so complicated but if you know these few things, getting your next direct payday loan should be a fun and simple process.

After all, direct payday loan companies are the backbone of a working economy. They provide a way for people to borrow money in order to finance their everyday needs.

A good lender will have strong financial standing and should be well regulated by federal law.

Unfortunately there are some lenders who don't operate in the best interest of borrowers which leads to higher rates of bankruptcy or other negative effects. It is important for borrowers to do research before settling on which lender they want to work with.

So you get exactly the type of loan, service and help that you deserve.

After all, isn’t that what it’s all about anyways?