Payday loan brokers regularly raid bank accounts of poor customers

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Are Direct Payday Lenders Regulated?

Direct Pay Day Lenders UK

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What to consider when choosing a payday and title loan lender

The flexibility of the loan allows repayments over 3 months which is great. We are a direct lender, if you have a successful application with us we will communicate and lend directly to you. In the event that we are not able to help you, we are also broker and we will link you to panel of consumer credit companies who might be able to offer you: We will never pass on your card details to any other organisation.

All loan applications are made online and directly via the website. The application process is simple: Wizzcash will then run the industry-required affordability tests. If the applicant is approved, Wizzcash will then fund the loan.

In order to facilitate the direct funding and a smooth loans process, Wizzcash may request a copy of your payslip or proof of employment so as to expedite the transfer of the funds. As a direct lender, it is important to note that Wizzcash does not charge any fees for applying for a loan, and that no fees are charged for the early repayment of any loans funded by Wizzcash. The search results returned are likely to include payday loan direct lenders and brokers, although sometimes it can be difficult to know which is which.

A payday loans direct lender, like Wizzcash, is one that transfers the funds directly into your account. This process is different from that of a payday broker. We believe there are a number of benefits associated with payday loan direct lenders when compared to the service offered by a broker. A broker will encourage you to fill in the details on their website.

In some cases, a broker will share the details with a number of other brokers and payday lenders, which can lead to you receiving phone calls, emails and text messages from these companies. Working with a lender directly means you will not be charged broker fees, do not risk having your personal details passed around the internet and are actually dealing directly with a company that has funds to lend.

The last thing you want when looking for payday loan lenders is to have unsolicited fees taken from your account by a broker. But how can you differentiate between the two? Upfront fees — a direct lender will not take an upfront fee simply for applying for a loan. Brokers will receive a commission for handing your application to a lender or a number of lenders.

A broker may be able to guarantee acceptance by offering the loan to so many lenders that eventually one will take it. The small print every broker is legally required to say it is a broker on its website. However, it may try and hide this away in a less than obvious place. All lenders must list themselves on a comparison site which is a requirement from the Competition Markets Authority. Therefore when someone clicks on Wizzcash on the listed link, the application will come straight to us.

However, we provide you with the money directly from us and will never use another lender to provide you with the loan that you need. As a direct lender, we believe in responsible lending, and will always ensure that you are able to pay back the loan through a series of affordability and credit checks.

However, that does not mean you need a perfect credit record to be approved for a loan. If you meet these criteria, we will then run our essential affordability and credit checks.

This means we could still approve you for a payday loan from a direct lender even with bad credit. Although a payday loans direct lender may offer instant approval, there is actually no such thing as an instantly approved payday loan. All prospective borrowers must undergo the necessary checks, which do take some time.

However, the approval process is still very quick. We then carry out our affordability and credit checks. We also included a shortlist of brokers not charging upfront fees if you do not want to apply to all lenders one by one.

Provided they do not charge you a fee, they can be a good solution to find out quickly which direct lender might approve you. However we strongly advise to avoid brokers, so here are tips to easily detect them.

If you have a poor credit history or are trying to improve your credit score, read our guide including all you need to know about credit checks and rating. This is purely informational and it is not professional advice. Before applying to a payday lender, make sure you understand all the costs and risks associated. Indeed, if you do not repay your loan in full and on time, it might be automatically extended and it would trigger additional fees and interest.

This could also impact your credit score negatively and failure to pay your loan could also mean facing collection action. Never forget that payday loans are expensive and do not constitute a long-term solution to financial issues. They should only be used for emergencies and you should not take out another payday loan if you already have one. If you find yourself in financial difficulty, contact as soon as possible a Debt Charity.

Allpaydaylenders is entered on the Financial Services Register under reference number: We are registered with the Information Commissioners Office in compliance with the Data Protection Act of , with registration number Z Implications of late or non-payment As a payday loan comparison site, hence as a broker, we work with several payday lenders.

All of them have their own loan terms and conditions and distinct lending practices. In most cases, late or non-payment may result in additional charges default charges , fees or interest charges. If you feel you will not be able to repay your loan on time, you should immediately contact the lender directly to discuss your options.

Credit checks and impact on your credit score Lenders listed in our comparison tables will all perform traditional credit checks from one of the main credit reporting bureaus. As a broker, we work with several lenders all of which have their own collection practices. If you miss or have difficulties making a payment, you must contact the lender you got your loan from to discuss an arrangement.

Failure to do so and solve the payment issue directly with your payday lender may result in your account to be forwarded to one or several collection agencies. Loan Renewal policy Since we are not a direct lender, we do not participate in the decision of renewing your loan. Each lender has their own renewal policies and conditions.

If you have any questions regarding this matter or wish to renew your loan, you should get in touch with the lender we matched your application directly.

Responsible lending policy and Code of practice AllPaydayLenders, as a trading style of Quiddi Hub Limited, work with a carefully selected panel of lenders. Our preference goes to lenders with a membership with a trade body association. Can I receive free independent advice?