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Why Avoid Brokers

The pool of payday direct lenders is fairly small but if you do a quick search online there seems to be literally 100’s CLAIMING TO BE LENDERS but are actually BROKERS.

Most broker sites will ask you to fill in a form and they will match you with a lender but what you will find is you get a load of ads to click on or divert you to another site and the result will probably be the same who ever fills in their details on these sites.

​Some brokers charge an up front fee and if this is the case STOP!! the brokers are charging you a fee for something you can do yourself for free and all they are doing is submitting your details in to direct lenders websites for you. Sometime brokers are submitting details in to unknown companies websites or selling your details risking fraud and identity theft.

We won’t lie it is sometimes very difficult to spot a broker but here are a few tips. Usually at the bottom of a brokers website or small print they will state a few things straight away:-

  • “We are not a lender but a broker”
  •  “Our panel of lenders”
  • “Guaranteed to be accepted” – (Nothing is ever guaranteed)
  • “T’s & C’s vary from lender to lender”
  • “No Credit Checks”
  • “100% accepted”

All brokers are doing is taking your details and submitting details for you at direct lenders sites. Regardless of if you keep getting declined they will keep submitting to different sites and this will result in your credit history being severly damaged.

Some brokers will even sell details to 3rd parties and this is how you may recieve spam texts and spam emails which is very annoying.