An average human brain is 20,000 better than the fastest computer in the world. However when we meet some critical situations in our life the normal thought pathways slows down and the problem solving ability goes for a toss.
What is the efficient way to deal with a crisis in our life? The answer is in your brain. The better way to deal a crisis is to prepare yourself to counter attack the unexpected.
Let us check about a life situation, where you need some money within a short time. The first thought to come across your mind would be to call a payday loan lender and start the application procedures.
Most of us do not know the difference between a mediator and direct lender. This article throws light into the difference between the mediators and a direct lenders.
Who are mediators, how to identify them among the lenders?
Mediators identify themselves as payday loan lenders. Most of the lenders in the world are working under other financial sources. i.e, the payday loan lender in your locality may be an affiliate of a payday loan direct lender. The mediator lender imposes more interest and processing fee to the customers comparing to the direct lenders. An affiliate may charge you interest as high as 450% to 750%, which varies with the state rule.
The main ways to identify whether he/she is an affiliate or direct is as follows:
· Check their interest rate
· If the interest rate is more than 450% always include that loan lender in doubt lists.
· Visit the office of the loan lender to analyze their mode of operations.
· Inquire about the other branches of the company available in the locality. Direct companies will have branches and efficient support system.
· Try your level best to collect reviews and feedbacks about the company. Always take care not to read the paid reviews on the internet and advertisements.
· Most of the online payday loan lending companies is affiliates of direct lenders
Identifying the real ones:
Identifying a payday loan direct lender is not easy, as advertisements completely mislead us about these lenders and make all lending companies look alike. However, there are some identification marks to identify them amongst the odds:
· The interest rate of a direct lender won't exceed 600% per annum
· They will be equipped with well trained staff
· Websites will provide information regarding the processing fees and the necessary formalities
· Sites will be secured using security layers of top cyber organizations. Security certificates will be demonstrated in the web pages and a mouse impression over those certificates will help you identify the validity of the certificate
· Genuine payday loan direct lender will demonstrate their license and registration details in the website.
· Payday loan direct lenders will also provide information regarding state rules and regulations
· Before approving the loan they usually send a consent via online or direct mail, which will contain the information regarding the risks associated with the payday loan and the delay penalties which may alter the normal budget of an individual. The customer has to sign the consent and return it back to the lender.
The benefit includes:
· Less interest rates
· Easy renewal options
· Round the clock customer support
· In case of insufficient balance, the customer gets a warning period to pay back the money
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