Category Archive for: "1 Hour Direct"
Lots of people think that the best place to get a payday loan is from a direct payday lender such as Great Plains Lending. And while Great Plains Lending is one of our favorite direct lenders, you don’t always get the best rate or loan terms by going direct. Here’s why…
Direct Payday Loan Lenders Don’t Always Have The Best Rates
When you go with a direct lender such as Great Plains Lending, you know EXACTLY what your loan rate is going to be. In fact, their rates should be prominently displayed on their website to ensure they are complying with all state and federal laws, such as the Truth in Lending Act.
As an example, here’s what Great Plains Lending has posted on their website right now:
This is a stark difference with non-direct payday lenders that don’t state the loan rate on their website because they don’t know what it will be yet until they share your loan application with their network of lenders. Once they find a lender for your loan, then you find out what the rate will be.
And while its nice to know up front what you are going to be charged, you don’t really know how this compares to other online payday loan lenders without knowing which ones are reputable and then going to each of their websites to see what the latest rate they are charging is.
Speaking from experience, this is often a time consuming and tedious process. More often than not, you’ll find one payday loan lender that has a substantially lower rate than all the others, but when you start reading the fine print on your loan, you soon realize that their loan repayment terms are not NEARLY as good as the lenders with higher rates.
Getting A Payday Loan From An Indirect Lender Can Be Better
A better way to find the best rate and loan terms is to go with an indirect payday loan lender, also known as a payday loan broker such as 100 Day Loans, 1 Hour Direct, 1 Hour Personal Loan, etc.
Payday loan brokers often have over 100 direct lenders within their network that they offer your loan application too. When they find a couple of lenders that would like to offer you a loan, they let you know and you get to choose whom you get the loan from based on their loan rates, repayment terms and online reputation. Quite often you’ll discover that by going through an indirect payday loan lender, you’ll get better rates and better loan terms.
As you start your loan application they have this stopwatch that starts counting down from 10 minutes. Here’s what it looks like…
As you get going with the application (which should only take you 7 minutes), you can check back up and see how much time you have left…
You get the feeling like you really need to hurry things along or else you’re going to lose the opportunity to get $1000 delivered to your bank account in the next hour. Well, let me put your fears at ease…that stopwatch is just to encourage you to complete your loan application sooner rather than later. How do I know? Because I accidentally ran out of time myself…
I clicked “OK” for more time and was magically given an extra 10 minutes to complete my application. YEAH!!! But this got me thinking…what happens if I click “CANCEL” the next time I run out of time? So, I let the clock run down again, clicked the cancel button and was instantly given a new message with no countdown…
So, the lesson here is to not worry about those unnecessary stopwatches you may find on payday loan sites like 1 Hour Direct. They may be there to help you along with your application, but as far as I’m concerned, they are totally unnecessary.