Basically a payday loan direct lenders need only a couple of things to approve loans for the customers who are eligible. In order to apply for such loans through these lenders you should be above 18, with an established source of income and an active savings account. Your monthly income should be above $1000 to qualify through these lenders. Now as the very name implies these lenders have the dealing directly with the client and not through other means. Now the question is what are the other means? Well, in order to get the loan approved without any hassles some of the clients do approach the third parties due to insufficient papers from their side. These third parties or brokers are also known as loan sharks, where their very existence in a transaction would increase the interest rate enormously. These lenders are the one who also help the customer in reducing the rate of interest by dealing directly with the client. Such lenders do offer cash loans without any procedures or formalities.

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