A payday loan broker is really a professional payday lending referral service. They are not really brokers at all. This term is misused by many people, including direct lenders. A payday loan referral service accepts applications for loans, collects required personal information, and then presents this to their wide array of lenders to find a loan for the person requesting it. A direct lender is exactly what it sounds like. It is a business or person that has funds and releases them directly to a bank account upon loan approval. Not everyone who requests a loan will receive one, no matter who they use for their loan request.

b>Read more: Difference Between a Payday Loan Broker and Payday Loan Direct Lender

Author's Bio: 

Kimmy Burgess is the Manager of Cash in a Snap, which helps clients get connected to its large network of reputed lenders to obtain quick cash advances when they need it most. Kimmy has over 20+ years' experience in Administrative Management, with many years in the lending industry.