Myths Regarding Fast Cash Lenders
Non-traditional lenders, also referred to as direct lenders, are in the practice of approving loans quickly and with minimal requirements. Loans can be approved and money deposited into bank accounts as soon as a few hours in some cases and typically no later than forty-eight hours. The service is convenient in an emergency and that convenience comes at an extremely high interest rate. Most people have a few misconceptions about direct lenders that can result in a rude awakening. Myth One: Everyone Is Approved The approval rates for direct lenders are much higher than traditional banks, but they are not at one-hundred percent. People are denied fast cash loans. There is no guarantee that those who apply will receive the cash they request. While approval is decided upon for payday loans with no credit check, a credit check is completed for installment loans. While each lender, like MoneyBoat UK , for example, has slightly different minimum requirements all lenders also decide not