What is a Cash Advance Direct Lender?
When applying for a cash advance, you have two main options for lenders– direct and non-direct lenders.
Cash advance direct lenders are like a one-stop shop. Upon receiving your application, they will review it, provide the funds, and handle the repayment process without involving a third party. Cash advance non-direct lenders, on the other hand, receive your loan application but have to forward it to a third party to take over the funding and repayment process.
Whether you’re working with direct or indirect lenders, ensure they are licensed to deal with cash advance loans. Licensed lenders are guided by federal and state laws, so your information is safe while in their hands.
How to Apply for Direct Lender Loans?
You can apply for a direct lender payday loan either in-person through the bank or online.
Here, you’ll need to visit your local bank with your identification and financial information documents to apply for a cash advance with your credit card. Most banks will require you to have an active account with them.
Unfortunately, getting a cash advance from a traditional bank is not without its hassles. You’ll have to fill out numerous paperwork and spend considerable time at the customer support stand. And since the loan is hinged on your credit card, the chances of approval may not be so high if you have a bad credit history.
Online Direct Lenders
The easiest way to get a cash advance is to apply through online direct lenders. You only have to access the website of the lenders and provide the information they need on the loan application form. You can do this from the comfort of your home, and there is no paperwork to complete or documents to upload.
The lender will then review your information and offer you loans if you’re qualified.
Pros and Cons of Cash Advance Direct Lenders
Like everything else in life, working with cash advance direct lenders has its advantages and disadvantages.
Protect Your Information
Since cash advance direct lenders don’t share your application information with third parties, you can rest assured the information is safe and secure.
Everything in One Place
Direct cash advance lenders handle your loan application from start to finish, including the funding and repayment. As a result, you get everything sorted in one place.
High Approval Rates
Unlike traditional banks, the eligibility requirements of cash advance direct lenders aren’t difficult to meet. There are higher chances of your application getting approved.
No Option to Compare Offers
If you’re working with a cash advance direct lender without the help of an online broker, you won’t have the option to compare offers from different lenders. Hence, there’s no guarantee you’ll get the most favorable deal.
Some Direct Lenders Charge Hidden Fees
Some direct lenders offer attractive offers with low-interest rates but then increase the total loan costs through other hidden charges, like origination fees.
Things to Look For When Applying for Direct Lender Loans
Here are some of the critical things you need to look for when applying for a direct lender loan:
Interest Rates Charged by a Lender
Typically, the interest rates for direct lender loans vary depending on various factors like the state you live in and your credit history. Different lenders use different criteria to determine loan terms, meaning their fees may differ.
Before applying for a loan, confirm the interest rates and total fees to know how much you need to pay.
Clear-Cut Application Process
When applying for a direct loan online, you obviously don’t want to spend days sifting through notes and filling out numerous forms. Therefore, look for a lender with a simple, straightforward application process.
Is WeLoans a Direct Lender for Cash Advance?
WeLoans is not a direct cash advance lender but an online loan broker. Simply put, we connect borrowers with lenders who can meet their financial needs at favorable terms.
If you’re wondering why you need to work with us when you can connect with a lender directly, consider that you are taking a cash advance to cover an urgent need. Using a loan broker can help you save time and find a lender with a better interest rate. At WeLoans, we only partner with reliable, licensed lenders, so you can get the money you need quickly and smoothly.
How Does WeLoans Compare?
|Why Use Us?|
|How much am I allowed to borrow?||Up to $35,000||No hidden fees or charges|
|What are typically the loan terms?||Up to 36 months||Various repayment options|
|Do lenders check my credit?||Yes||Soft search only|
|Do lenders take bad credit?||Yes||Bad credit considered|
|Chances of approval||Good||Quick turnaround|
|How to apply?||Apply online||No paperwork needed|
How to Get Cash Advances with WeLoans
Below are three simple steps to follow during this process:
Fill out a Form
Click here to fill out a loan application form. There are no complex questions or documents needed here – just simple questions about your personal and financial conditions.
Accept an Offer
Upon receiving your application, we will connect you with some cash advance lenders in our network. You will receive different offers from different lenders. After considering interest rates and repayment terms, you can accept the offer that is most favorable for you.
Get Your Cash
Once the deal is finalized, the money will be sent to your account within several hours or days. And that’s it!
The Best Place to Take out a LoanApply Now
Why Choose WeLoans?
Easy to Apply
Applying for an instant cash advance through WeLoans is quite simple. You only need to access our website and fill out the loan request form. This should take you a few minutes. Some of the lenders in our network will then send you offers.
Apart from approving your loan faster, our partner lenders also strive to transfer the funds quickly. You could have the money as soon as the next business day.
Bad Credit Considered
With our rich network of 100+ lenders, there’s a lender who will be willing to offer you a direct loan, even if you have a bad credit history.
Keep Your Data Secure
Besides adhering to all privacy regulations, we employ the latest next-gen encryption systems to keep your data safe and secure.