Direct Lender Loans in the UK
How Much Do You Need?
- Same-day funding
- Loans available up to £5,000
- No late, hidden fees
- Bad credits considered
Representative example: Borrowing: £1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable).
What Are
Direct Lender Loans?
There are times when your money is unable to stretch far enough and you need to replenish your cash flow until your next paycheck. However, the problem is that how high or low your credit score can often be a huge factor in determining whether or not you are able to secure a loan, which is why securing direct loans is often a practical solution to consider. And for those unfamiliar, direct lender loans are essentially designed to make borrowing money more straightforward, as they allow you to interact with the direct lenders themselves by cutting out any middlemen.
And the benefit of working with a payday loan direct lender is that you will be able to easily negotiate and collaborate on a flexible repayment plan, and also the application process will be significantly faster since all decisions are effectively being made by one company. This is especially beneficial when you need an urgent loan to deal with an emergency, but have a bad credit score, as you can quickly connect with very bad credit loans UK direct lenders and get through the application process without much hassle.
What Types of Loans Do Direct Lenders Offer in the UK?
The most common direct loans provided by UK direct lenders include:
Personal Loans
These direct loans will usually start from £1,000 and can go up to £10,000, depending on the UK direct lenders, with their repayment period able to be extended up to 60 months. As a result, you will usually need to have a good credit score to qualify and secure one.
Short term loans
Short term loans are usually limited to up to £1,000 and need to be repaid within a year. And while they do have high interest rates, they are also made to cater to those borrowers with poor or bad credit scores, as very bad credit loans direct lenders are happy to lend you money, as long as you can prove that you are able to keep up with repayments.
Payday loans
Payday loans are designed to provide borrowers with a quick cash influx, as they await their next paycheck. As a result, their repayment periods are often extremely short, with many of them often coming with high APRs and fees.
Guarantor Loans
These are often considered to be the last resort by most borrowers, because they require you to ask a co-signer to back your loan by agreeing to take over repayment, in the event that you end up defaulting on your debt.
Will I Be Eligible for a Direct Lender Loan?
Some direct credit lenders will have their own specific eligibility requirements but the general consensus for all lenders is that in order to successfully qualify for a direct lender loan, you must be able to meet the following requirements:
- Be over the age of 18
- Be a current UK resident with a valid address
- Be self-employed or employed, be it full-time or part-time
- Have a steady source of income
- Have an active bank account with a debit card
- Must not be bankrupt
And while having a good credit score can often help you secure a loan, the benefit of direct lenders UK is that many of them are more interested in your ability to make your repayments, so even if you have a poor credit rating, they will usually not be discouraged from approving your loan application.
However, some very bad credit loans direct lenders UK will want to dig deeper into your monthly earnings and expenditure, in order to make a final judgement on how much you can afford to borrow without falling into financial difficulty, so always make sure that you pick the loan that you are confident you can repay before you submit your application.
What Are the Differences Between a Direct Lender and a Broker?
A direct lender is someone who you talk to directly and exclusively, in order to secure the loan you want, which means that there are no middlemen. Alternatively, a broker is an agent who doesn’t actually lend you the money themselves, but rather acts as a representative for various lenders and is paid by commission, based on the loans that they successfully facilitate. As such, when applying for direct lender loans, you will have two paths to consider, and while most people assume going straight to a direct lender is the right choice, working with a broker like PaydayLoansUK tends to make the process of borrowing money slightly easier.
This is because a broker will be in the best position to help you quickly find you no refusal payday loans UK direct lenders that will most likely accept your application. Moreover, they can help you get the best deal possible, which can sometimes be even better than what you would get trying to negotiate for yourself. Furthermore, applying to multiple direct lenders yourself in order to find the right one puts you at risk, as each of the direct loan lenders will need to conduct a hard credit check, which can end up negatively affecting your credit score.
Why Choose PaydayLoansUK?
The benefit of working with PaydayLoansUK is that as a credit broker, we are in the best position possible to help you find the right loans UK direct lender, whether you’ve got good credit or bad credit. And by using our online service, you can easily speed up your search for very bad credit loans from direct lenders UK, as all you need to do is fill out a simple loan application form, which only takes a few minutes to complete.
We will then utilise our database of direct loan lenders to find the lowest interest rates available to you and distribute your application to those that will be most willing to accept your application regardless of your credit rating, all without you having to pay any unnecessary hidden charges.
Once approved, we will then connect you directly to the payday loan direct lenders to finalise your direct loans application, which means that depending on the lender and your bank processing times, you may even receive your borrowed funds within your account before the end of the day. And since we’ve managed to help many customers like yourself find a suitable payday loan UK direct lender, you can trust us to help you find a quick solution to all your borrowing needs.
Find the Best-Fit Direct Lender Loans Today
FAQs
Do direct lenders offer loans for bad credit?
Despite the fact that having a poor credit score can often limit your options with traditional lending institutions, the benefit of borrowing money from direct lenders is that most of them are more concerned with assessing your ability to repay your debt, rather than the level of your credit rating. As such, even with a poor credit score, there are several very bad credit loans direct lenders UK that would be more than willing to approve your application, as long as you have a steady income and can prove that you are financially capable of paying back the amount you are borrowing on time.
How does a direct loan work?
Applying for a direct loan typically involves either going directly to the lender through their website or applying through a credit broker like PaydayLoansUK, instead. Whichever option you choose, you simply fill out an application form, submit it and wait for the lender to perform the necessary credit checks to confirm details about your income and expenditure. If the lender is satisfied that you have fulfilled all of their eligibility requirements, they will approve your application, and should you accept their payment terms, you could have the money in your account within the same day. In most cases, most direct lenders will deposit the cash into your bank account and then make automatic repayments of the same amount each month using a continuous payment authority, until the loan is fully repaid.
Can I get an unsecured direct lender loan without a guarantor?
Yes, you can apply for an unsecured direct lender loan without providing any security, and all you will only need is to prove to the lender that you have a steady income to make the fixed term repayments on time. However, in some cases, since there is no collateral is provided, the lender may also need a guarantor to co-sign your loan agreement, so that they have a way to protect the investment. You can also get unsecured direct lender loans even if you have a bad credit score, but keep in mind that they tend to come at higher rates, due to the increased risk for the lender. So, before you apply for very bad credit loans direct lenders UK, make sure that you can afford to take on the debt.
What is the criteria to get a direct lender loan?
Direct lender loans tend to be very straightforward to apply for. And while the eligibility criteria for direct lender payday loans can sometimes differ depending on the direct lender, the general requirements that must be met for you to successfully qualify for direct payday loans are often standard across the board. They include:
- Being aged 18 or over
- Being a UK resident with a permanent address
- Being employed or self-employed and having a regular income
- Having a valid UK bank account with an active debit card
- Have no CCJs and are not currently bankrupt
Do direct lenders offer loans with no credit checks?
No. And should you see an advert like that, you should be very cautious. This is because all legitimate direct loan lenders in the UK are regulated by the Financial Conduct Authority (FCA), which is the organisation in charge of who can legally lend money to people in the UK. And as part of their responsible lending obligation, any reputable payday loans direct lender and broker are required by law to perform credit checks on all potential direct loans borrowers. However, even if you do have a bad credit score, there are still very bad credit loans direct lenders UK, who are more than willing to lend you money, as long as you meet their eligibility requirements in full.
How long will it take before receiving the direct lender loan?
Direct loan lenders are often able to pay out loans very quickly, and once you submit your application, the no refusal payday loans UK direct lenders we work with will perform an affordability assessment, as well as other credit checks to confirm that you can afford to repay your loan instalments. Once approved, depending on the loans UK direct lender you are matched with, the time of day you make your application, as well as your bank’s processing speed, you can expect to see the money reflected in your account within hours, if not minutes.
Apply for a Direct Lender Loan Today!
Finding a good payday loan direct lender can often be a tricky process, especially considering how many of them there are in the UK to choose from. However, you can use our credit brokerage service to help you narrow down the search a little faster and secure yourself the best direct lender loans with very little effort needed on your part!
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