Whether you are in need of a small loan to get by until your next paycheck, or if you need a larger amount, payday loans directly from lenders are an option. A direct lender, like MoneyMutual, does not charge origination fees and does not require a credit check. However, you must make sure to understand their requirements before applying for a loan.
MoneyMutual is a direct lender
MoneyMutual offers a variety of payday loan options. The process is simple and you can compare different loan offers in less than 5 minutes. Once approved, your money will be in your bank account in as little as 24 hours. MoneyMutual has a high customer satisfaction rate.
They don’t charge origination fees
Using a direct lender can save you money. The fee is typically 1% to 10% of the total loan amount, but you can negotiate the fee or choose to roll the fee into your loan balance. For example, if you apply for a $20,000 loan with a 5% origination fee, you’ll pay $900 instead of $20,000. If you are late making your loan payments, you can negotiate the fee with the lender.
They provide short-term loans
Payday loans are short-term loans that are given directly to you from a lender. You need to pay them back after your next payday, usually a couple of weeks, but it could be a month or more. The repayment terms are different with each lender. Some require you to pay back the entire loan within two weeks, while others will require you to make automatic payments every two weeks. Many payday loan lenders also have mail-in payment options that can make it easier for you to pay off the loan.
They don’t require a credit check
The majority of payday lenders don’t perform a hard credit check. In fact, most of them will advertise that they don’t perform credit checks. However, it’s important to note that some lenders will do a soft credit check, which doesn’t affect your score. It’s best to research any company you’re interested in using before applying for the loan.
They are convenient
Payday loans directly are convenient for a number of reasons. They are a fast, easy way to get cash for emergency expenses. Unlike traditional payday loans, a payday loan direct lender takes care of the entire process, from loan application to approval. Direct lenders protect the privacy of customers and ensure that their personal information is secure. Moreover, they work directly with borrowers to explain the terms and conditions of their loans.
They are affordable
Payday loans are affordable loans that offer a short-term solution to cash shortages. These loans are relatively small in amount and, despite the relatively high interest rate, the total repayment amount remains well within a person’s monthly budget. Also, a payday loan obtained from a licensed moneylender has no hidden costs, making it easier for people to pay back.
They have strict regulations
Payday loans are regulated by the federal government. The regulations, called Regulation Z10 and TILA, require banks to make accurate disclosures to their customers. As a result, there is little room for error in payday loan disclosures. Misrepresentation can lead to substantial restitution.