In the payday loans sector, there are two kinds of lenders. One is called indirect payday lenders, while the other one is referred to as no teletrack direct lenders.
Indirect payday lenders act as a negotiator or a middleman between the real money lender or the company lending the money and the borrower. Among the advantages gained by borrowers in submitting a loan application to indirect payday lenders is having higher possibility of loan approval. The reason behind this is that indirect payday lenders have the capability to submit and shop the borrower’s loan application to various direct lenders. This same reason, however, denotes that indirect payday lenders require higher charges and fees.
In the case of no teletrack direct payday lenders, however, the company directly transacts with the borrowers and lends the money to them instantly. These lenders have saved many borrowers from financial crisis, bankruptcy, and emergency expenditures because of its simple requirements. It is also faster dealing with no teletrack direct payday lenders since these lenders employ websites for faster application processing. A loan application submitted to no teletrack direct payday lenders are evaluated and approved within a day, and the money loaned by a borrower may be sent to his or her bank account before the same day ends. Compared to indirect payback lenders, no teletrack direct payback lenders also demands lower charges. The amount of money offered by the latter, however, ranges only from 100-1500 dollars.
Both indirect payback lenders and no teletrack direct payback lenders have their benefits, so you just have to evaluate your purpose of borrowing money and the amount you require. For immediate cash need, no teletrack direct payback lenders are more recommendable. If you desire higher amount, however, indirect payday lenders may be more beneficial to you since they can amplify the percentage of your loan approval on different money lenders.