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Are Stafford Loans Direct Loans

Are Stafford Loans Direct Loans in CashSpotUSA

Direct lenders are financial institutions or individuals who offer mortgage loans provided that your request has been granted prior to.

Since the borrower interacts with directly with the direct lender personally, without intermediaries, this process becomes simpler and more open.

Most borrowers prefer communicating with a lender with whom they've already done business. In the long run, a good relationship with a lender can make it easier to obtain a greater or larger loan amount, not to forget a lower interest even whether you have the poor credit history or credit score.

Differences Mortgage Broker vs. Direct Lender

If you're planning to take an installment loan from a lender, you usually have a choice between two institutions namely Direct mortgage lenders and mortgage brokers. It is important to understand their essential difference: a mortgage agent is an intermediary that will find the most suitable lender to help you borrow money. On the other hand, a direct lender is an institution which issues you a check when your application is accepted.

If you're considering a way of getting a mortgage, you should be familiar with the advantages and disadvantages associated with one of these options - the internet-based direct lenders.


  • The speedy processing of personal loans. The absence of intermediaries or intermediaries and the access to funds on the accounts of direct creditors offer a rapid approval process. Because of this, capital is transferred directly in your accounts.

  • High security. The data is transferred directly to the financier without being passed into or be held by intermediaries.

  • Lower interest on loan origination fee. The more complex the structure of the personal loan the higher the cost of paying it off. While you cannot avoid fees, cost will be lower using a direct provider. However, you must be aware that late payments or missed payments could negatively affect the lender's attitude towards you and subsequently increase the fee amount.


  • Individual loan request for each creditor. There are no intermediaries helping you gather documentation and assess your financial situation.

  • Prohibition of your application. Because direct lenders have their own conditions for borrowers. If problems occur, your request may be rejected. In such a case you must find a new lender and submit your application again.

Before deciding on a direct lender

Before deciding on cooperation with one particular lender, you should be aware of some of the characteristics of different direct lenders:

  • Reputation: Before you do anything examine the history and reputation of the direct lender to be sure of its financial protection.

  • Conditions. Be aware of the terms of borrowing, in particular interest rates and other loan installments, since there's the possibility of incurring massive debt.

  • Convenience. Is it easy to request a bond issue? What are the criteria for the applicant? These are the issues you'll need answers to.

Find the right direct lender loans

In the time of an emergency you might be confronted with unexpected expenses, not having enough funds in the bank account. It is not possible to delay your payments so the speed of getting approval for a loan approval is of great importance. Make sure you are familiar with the terms of the loan, like monthly payments, the available loan amounts, prepayment fee in order not to make the situation more complicated.

Approval services could provide the customer with a customized online loan proposal, however it could not be tailored to your specific needs. This will enable you to analyze each lender, and make sure that the terms of the loan are fair and that you have the money to repay it.

Direct Lenders and Payday Loans

Now, let's take a consider the pros and disadvantages of working with mortgage broker.


  • Multiple offers. For example, a direct lender will have a restricted number of deals. A broker will reach out to many lenders before settling on one you with appealing interest rates, which you can repay with your salary.

  • Flexibility. You don't have to have flawless credit scores. Certainly, after you make a loan request, the lenders will conduct an credit check. If your credit score does not meet their requirements for eligibility and the broker is unable to meet them, they will look for a different lender to make a search for loans. This is a great option to reduce time.


  • Additional charges. Much like an direct lender, a broker will charge fees for their services. They're not too expensive however you will need take a look at whether you could afford them.

  • Paperwork. A mortgage broker is an intermediary. Therefore, you'll need to sign the loan paperwork more than when working with a direct lender. If you're in desperate need of cash and need it fast, this is not the best option.

How can you improve your chances of loan approval

You may want some emergency cash, pay an energy bill, or fund the mortgage or start the business of your dreams, you'll need to know how you can increase your chances of receiving the loan. The lenders will be looking for people who don't make repayments and pay the loan back.

Here are some characteristics that will make you more appealing to creditors:

  1. You must be 18 years old the age of.

  2. You have earned income.

  3. You have a bank account.

  4. The credit report does not show bad credit.

  5. You meet the criteria for eligibility of the lending institution.

  6. It is possible to offer collateral (a car an apartment, a car, and the list goes on).

Make sure you are aware that a quick-term loan agreement usually has higher interest rates, especially if the cash amount is huge. Taking out a loan for an extended time is more profitable, however, you'll be paying back your credit scores after.

Payday loans direct lenders

Payday loans are the best method of obtaining cash quick. These lenders will loan the money until the day the borrowers are paid. A different term for this kind that is a loan would be cash advance loan. As opposed to payday lenders, the direct lender controls the money you lend, so they complete the loan quickly in order to transfer your cash on this same day.

There are numerous kinds of loans, including installment loans, credit cards and credit cards. Let's explore the reason the majority of people who borrow choose payday loans, and more specifically the online payday loans.

The advantages associated with online payday loans are the following:

  • It's a chance for you to earn cash quickly. Sometimes, it's one small amount until your next payday. A payday loan typically arrives in the bank account within one business day or even 10 minutes after filling out an online application.

  • Credit checks aren't always complete. Even people who have bad credit scores can use the service.

  • Online, you can get a payday loan from the comfort of your home. Online payday loans are becoming larger and more sought-after. Payday lenders are flexible and permit the vast majority of individuals to have access to their services.

  • The terms are simple, and there aren't any additional costs involved unless you fail to pay your loan in time. There are certain penalties for people who fail to make payments on the payday loan as promised.

It is vital to remember the fact that payday loan lenders expect their cash back within a few days. These loans are often subject to more stringent conditions due to the fact that it is easy to access without extensive credit checks and because the sums associated with online payday loans are usually minimal. If you are granted a payday loan online, make sure to repay it on the same day that you are paid.

In addition, the states that have diverse laws regarding payday loans. For instance, they're allowed only in North Dakota and California but prohibited to be used in West Virginia.

In the end the study looked at several types of loans and paid particular consideration to payday loans and direct lenders. It's very beneficial to get cash directly from the lender due to the fact that they conduct a credit check and make a decision. But the drawback is that options available to them are fairly limited. In addition, there are also other limitations. Certain individuals might find it more beneficial to fund their mortgage with the assistance of a mortgage broker. Of course, the main thing to remember is to research thoroughly do your homework, visit multiple websites, and read reviews on the internet.

If you're in need of money on the same day it's a good idea to take out an payday loan. For example, you can apply for this option in situations of emergency to pay medical expenses or to make a payment to another lender. It is important to return the money within the shortest amount of time.

Frequently Asked For Questions -- FAQ

How can I apply for an payday loan?

For you a payday loan, you need some sort of ID along with proof of income, and an account in a bank. It is not possible to apply for a payday loan if you are not yet 18 years old. If you fill out an online form the approval will likely be granted that same day.

Is it possible to get one? payday loan in California?

Certain kinds of loans are allowed in every state. They do not want to infringe on the law. However, California is one of those states that will allow payday loans. Also, yes, you have the ability to take out a payday loan in California.

Is it worth getting credit from direct payday lenders?

Direct payday lenders do not have intermediary fees because they are the ones who are doing business with

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