Direct Payday Lenders

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Direct payday lenders explored

Today we will be looking at what is currently being offered by direct payday lenders within the online short term borrowing market. Perhaps unsurprisingly these specific type of loans have now been offer for over a decade and as such there is now plenty of choice and flexibility offered by modern day direct payday lenders. In fact, this market as a whole has come on a very long way in this respect since its earliest days of operation. Originally borrowers were offered a very specific type of lending resource if deciding on a short term loan. This product was simple and for many, effective but was not without its limitations. To many of us this original product was known as the payday loan thanks to the product being reflective of the name. A small loan would be granted on the understanding that the customer agreed to repay the entire balance on their next employment pay date. Of course the needs of consumers have changed and adapted over the years and as such the product being offered by direct payday lenders has evolved to reflect this. Unsurprisingly consumers nowadays favour choice and flexibility and this is thanks mostly to the continued integration of the internet and its wealth of services into our everyday lives. Whether it’s borrowing, shopping, socialising or managing our finances, the internet gives us plenty of choice and flexibility to choose from.

With all of the above in mind direct payday lenders in the modern day market are focusing their efforts on providing a resource which is able to successfully assist with the realistic needs of a modern day consumer. This is being delivered through a number of different ways. First and foremost direct payday lenders have now extended the repayment terms offered to applicants to be more flexible and as such, better able to exist adequately alongside all of their normal living expenses. This means lenders are giving a selection of repayment terms at the point of applying so the customer can decide which would be most suitable to their individual needs. Of course for some this may still mean a single instalment repayment; as was originally offered by direct payday lenders all those years ago, however for those where this is not a suitable choice, there are other options also. Depending on the lender there are a range of instalment based loans to choose from. This could mean agreeing to repay the amount borrowed over 2 months, 3 months or perhaps 6 months for example. The introduction of instalment based loans has meant consumers are better able to make an informed decision concerning their short term borrowing needs; instead of agreeing to a repayment which may have be a little too costly.

As well as improving the range of repayment options available, direct payday lenders are now better able to understand and assess the suitability of loan applications. This means lenders are preforming increased checks in terms of the applicant’s credit worthiness and in doing so understanding the individual’s ability to afford the loan requested.

Warning: Late repayment can cause you serious money problems. For help, go to

Representative Example: Representative 1286.98% APR on a loan of £300.00 with 5 monthly repayments of £101.03 Total amount repayable £505.13 Annual interest rate (fixed) 290% Maximum APR 1351% Maximum APR 1351%

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Author: Internal Marketing Department