Direct payday lending versus matching service

It is important to distinguish between financial institutions which actually approve and lend monies versus matching services provided by a company. Matching services collect the necessary financial details and catch the applicant with lenders. Matching services are just that and they do not make the decision on the approvals or do not make any guarantees on service levels. Matching service provider websites usually have a disclosure clause at the bottom of the webpage indicating it is a matching service.

Some disadvantages of this service include not knowing which lender your details will be forwarded to, in effect they are lead generators, these information are on sold to direct lenders. Also the application forms tend to automatically sign up applicant to email and sms lists. This should be noted and look for the option to opt out. Some websites seem to sign up the applicant to mailing lists once they submit the form without giving applicant a chance to opt out.

However matching services in theory should have some advantages in that it should increase the chance of approval as the borrower will be matched to the lender.

Payday loans matching service