A direct lender is a financial institution that can provide consumer credit. Banks are a kind of direct lender, because customers can apply straight with them. There has been a sharp decline of payday direct loan lenders operating on the high street with online payday lenders taking over the market share. Going to direct lender means that you don’t need to go through a broker, whom could help save you money.
Is Money Wisely A Payday Loans Direct Lender?
Money Wisely are a payday loans direct lender in the South Africa. We can provide loans directly to our customers, without the need for any third-party involvement. When you use Money Wisely’s payday loans direct lender service, you could be getting fast access to cash during an emergency.
If we are unable to lend to you, we may still be able to help. Although we are a payday loan, we are also a broker. This means we could link you with one of our select partners or alternative lenders. Unlike some other brokers, we do not charge upfront fees when we act on our customers behalf.
Customers come direct to us when they are in a tight spot. We only recommend that you turn to a payday loan direct lender in genuine financial emergency, when you find yourself short on cash. Money Wisely are a responsible payday loan direct lender. We work to strict lending criteria to help protect customers from loans that are not suitable for their financial situation.
How to Find Payday Loans from Direct Lender Only?
Money Wisely.com is a payday loan direct lender. This means if you have a successful loan 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 a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 6 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions. We will never pass on your card details to any other organization.
How Do You Know You Are Dealing With A Broker And Not A Payday Loans Direct Lender?
You will know you are dealing with an ethical payday loans direct lender when they registered and provide clear, easy to understand information about the financial services they provide. When you come direct to us for a loan, you will see we strive to provide transparent information. We want all our customers to have a clear understanding of the loans we provide as a responsible payday loan direct lender.
Unfortunately, many lenders, price comparison websites and financial brokers do not provide transparent information to their customers. They do not clearly outline the services and fees they charge. It should always be immediately clear if a company is a direct lender, or a broker, or both. Consumers should look out for the following, when looking for a loan provider:
Upfront Fees – Money Wisely will not charge any upfront fees and will not work with anyone that does. Nor do we do so when we act as a broker.
Loan Approval – As we mentioned, all payday loan direct lenders should work to very strict lending criteria. This is because when the Financial Conduct Authority took over industry regulation, they set out the payday loans lenders will need to run affordability checks as well as credit checks. This ensures that individuals can pay back their loan, without it being unrealistic and unaffordable.
A loan is considered unaffordable when customers could fall behind on other priority bills or have to rely on other credit to repay their outstanding debts. This is because every loan company, including payday loan direct lenders, has the duty to check eligibility and to ensure loans are affordable to their customers.
Always Remember To Check The Small Print – All payday loans direct lenders must always state if they can act on your behalf of as a broker, too. Sometimes, this is hidden away in the small print. We always make it clear that we could act on your behalf as a broker. We put this information below the apply buttons across our website.
Going Direct To Money Wisely For A Payday Loan?
The payday loans we provide to customers are a type of high cost short term credit. These are also commonly referred to as short term loans. You can select how much money you need to borrow. To make sure that customers are clear on how much their loan is going to cost, we will break down the monthly repayments with our loan calculator.
Payday loans from a direct lender or broker should not be considered a regular source of credit, because of how much they cost. This could mean that the financial service we provide is not suitable for you. However, if you do decide that a payday loan is the best, last-resort option for you, this is the info you need to know about using Money Wisely as a payday loans direct lender:
How Much Can I Borrow?
Money Wisely provide loans from R1000 – R30, 000. We find that this is typically enough money to help you out when you are facing a financial emergency like when your boiler breaks down or you need to pay for a medical, dental or veterinary emergency you hadn’t expected to come up.
How Much Is A Loan Going To Cost Me?
When you come direct to Money Wisely, you can be reassured that you are dealing approved lender. Our interest rate is fixed at 5%. This makes us a high cost short term loans provider. If you want to get a better understanding of the cost of the loans, our loan calculator can provide you with information on the typical cost of your loan, or alternatively our representative example.
Money Wisely is a payday loan direct lender. This means if you have a successful loan 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 a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 6 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions.
How Long Can I Borrow With A Payday Loans Direct Lender?
The duration of your loan will vary, depending on the payday loans direct lender you opt for. Here at Money Wisely, we want our loans to be realistic to repay and manageable. To make sure the interest doesn’t mount up, our repayment structure is set out over 3 monthly installments.
These are divided equally to avoid any balloon payments in the final month. If customers wish to repay their loans early, we will not charge an early repayment fee.
If you turn to Money Wisely as a payday loan direct lender, in the event of a financial emergency, and you are unable to meet a scheduled repayment, then you should contact us as soon as possible. We may be able to work out a new repayment structure or put you in touch with a service that could help.
Benefits of Choosing a Payday Loans Direct Lender
There are a number of differences between choosing a payday loan direct lender or a broker. When you get in touch with a broker when you need a loan, they take your information (and sometimes a fee) and consult a panel of lenders. These lenders will receive a breakdown of your requirements and information. Once they receive that, they will evaluate if they are willing to lend to you. In most cases they are considering whether you are a viable risk to lend to.
With a payday loans direct lender, there is no middleman within the process, which could expedite the application and help you get the money you need, even faster. .Moreover, removing the middle man may help to ensure you get the best possible rate for your loan, especially when commission fees are involved. If the application is successful, the funds will be paid directly into your bank account for you to use immediately.
If we, at Money Wisely, are unable to provide you with a loan, we may act as a broker to help you further. This means we may link you to other consumer credit organisations, which may be able to offer similar alternative products that may be more suited to your needs. When we act as a direct lender, we promise there are no hidden or early repayment fees.
Add: When we act as a direct lender, we promise there are no hidden or early repayment fees.
Can I Get A Payday Loan With Bad Credit From A Direct Lender?
As we have already mentioned, we are a responsible payday loans lender. This means we work to strict affordability criteria. It is important to us that you are confident that you understand our terms and can afford the loan before you apply for it. Payday loans can be expensive which is why we only recommend that they used in a financial emergency. We do not endorse a payday loan being used frivolously or for any payment or purchase that could wait. Regularly applying for a payday loan to fill an ongoing financial gap could be practicing harmful behavior, which could result in large amounts of money being owed.
As a payday loan direct lender and a broker, we cannot guarantee that we will approve your application if you have bad creditor not. We understand that financial hardship can happen to any of us, at any time during our lives. We want to be able to help but not at the expense of worsening your financial situation. We do check your credit score, but there are other factors we consider, too.
You can apply for a payday loan directly with us, if:
- You are over 18 years of age
- You are a South Africa resident
- You are in current employment and earn a minimum of R4000 month
Apply online today with Money Wisely, a responsible payday loan direct lender. We can provide you with all of the details regarding your loan that you require to make informed decisions based on your current circumstances.
Related FAQs
Can You Get Guaranteed Approval Loans For Poor Credit In South Africa?
There’s no guarantee of approval for loans, including those for people with poor credit, there are lenders in Canada that specialize in providing loans to people with less-than-perfect credit histories. These are often referred to as bad credit loans. However, it’s important to note that these loans typically come with higher interest rates and less favorable terms than loans offered to people with good credit
Will bad credit affect my loan approval?
Yes, bad credit can significantly impact your loan approval, and it largely depends on the type of lender you approach. Here:
Traditional Banks and Prime Lenders
Alternative Lenders
Bad Credit-Specific Lenders
Why Do People Needs Guaranteed Approval Loans For Poor Credit In South Africa?
People may seek guaranteed approval loans for poor credit in South Africa for various reasons, and two common factors include:
Poor Credit History: People with low credit scores often face challenges when trying to secure traditional loans from mainstream lenders. Guaranteed approval loans are appealing to those with poor credit because they imply a higher likelihood of obtaining the loan, even with a less-than-ideal credit history.
While these loans may provide access to funds, it’s important to be cautious of high-interest rates and unfavorable terms that often accompany such approvals.
Avoidance of Credit Checks: Some individuals with poor credit may be reluctant to undergo a credit check due to concerns about further impacting their credit score. Lenders offering guaranteed approval loans may market themselves as not requiring credit checks, making them attractive to those who want to access funds without undergoing a traditional credit assessment.
However, it’s crucial to carefully review the terms of such loans, as they may come with higher costs and potentially unfavorable conditions.