Short Term Loan Lender Not Brokers
When you are applying for a loan, sometimes it is difficult to know if the site where you are applying for the loan, is a broker or a lender. It is important to understand the difference between the two before you actually apply for a loan.
What is a Short term lender?
A short term lender, is a lender that will actually fund your loan if you are approved. When you apply for a loan with a direct lender like PiggyBank, your details are not passed on to a third party. PiggyBank is a direct lender and as such, if you apply for a loan with us, we will fund your loan if you are approved. As a responsible lender we will perform the relevant credit checks, identity checks and affordability checks.
What is a broker?
A broker is usually a company that can help you find a loan by working with a number of lenders. Typically, you will fill out an application form and they will pass this to all the lender’s they work with. Each lender will get a chance to have a look at your application and as soon as one lender accepts it no other lender will see your application. You will be sent to the lender's website to complete your application and if approved many lenders can payout your loan within an hour. Most brokers will not charge a fee for their services however there are a few that do so be careful. Every broker should outline clearly that they are a broker and let you know how they operate. You can find out more information here.
Why Choose Us?
- Direct Lender
- No Payout Fee
- No Hidden Costs
- Fast Online Application
- Multiple Repayment Options
- 100% UK Based
- Fully Authorised by the Financial Conduct Authority