A payday broker is a company like Payday Loan Ranger that sources payday loans and finance on behalf of their clients. They often work with a few payday lenders and some can obtain a number of different finance options. Any reputable payday broker will ensure to be regulated by the Financial Conduct Authority (FCA).
How does a payday broker work?
A payday loan broker will advertise the kinds of finance they are able to get for their clients. Then a potential borrower will apply for the finance through the payday broker. If accepted initially, the payday broker will then match the potential borrower with a potential lender. This is often based on the circumstances of the borrower and the lenders that the payday broker works with. If accepted by the payday lender, the borrower will receive their funds shortly after.
How can I tell the difference between a payday lender and a payday broker?
Due to the recent rules and regulations outlined by the Financial Conduct Authority (FCA), it’s down to payday brokers and payday lenders to clearly outline the services they provide. There should be no confusion about what the company is providing based on their website and/or advertising. If it becomes a bit blurry to you at any point, you should avoid using that potential broker or lender. This is because that is a classic sign that they are trying to fly under the radar of the FCA and shouldn’t be trusted. As a safety measure for these scenarios, you can check on the FCA’s website for a list of all the lenders authorised by them.
How quickly can I get the money if accepted?
This mostly depends on the payday broker and their network of lenders. Generally, the payday loan industry is relatively quick, although there can be certain pitfalls that can slow down the process. With Payday Loan Ranger, we can more often than not have your funds in your bank within an hour or so of being accepted.