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Direct Lenders or Lead Generators?

Online payday loans crowd cyberspace. Some advertise that you need not fax anything, and some boast that you can get your loan approval within the same day. Some online payday loans announce that you can file your application in just four minutes and some indicate that it is possible for you to get the lowest interest rate. But they never tell the potential borrower if they are the direct payday loan lenders or just the lead generators.

If the website is owned by a direct payday loan lender, it is the company that evaluates, approves, and releases the payday loan. Once you have sent the application form, someone from this company will send an email or make a phone call to you to verify the information you gave. This representative will also give you further instructions on what you should do next to have your payday loan approved. Sometimes, the lender will use the Teletrack to find out if the borrower has submitted applications to other lenders.

A website that is owned by a direct payday loan lender will bear a recommendation from the CFSA (Community Financial Services Association of America), an organization of reputable lenders. You may want to check out their website, www.cfsa.net.

If the website is owned by lead generators, they definitely will not check if you have sent loan applications to other payday loan lenders. Aside from the fact that a Teletrack test will cost them, the information they will get from the check will not matter to them.

In the website of a lead generator, you will also find a link to an application form which you are encouraged to fill out and submit. But the lead generator does not evaluate your application. Obviously, they do not grant you a loan nor release any amount of money. So, why did they put up the website in the first place?

The real clients of lead generators are the direct lenders, not the borrowers. The lead generators looked for people who wanted to apply for payday loans. When a person fills out a form, this person has expressed his interest in applying for a payday loan.

This person is considered a “lead”. The lead generator will then sell this information about this “lead” to several direct payday loan lenders. Some lead generators can sell “leads” to many lenders in a few seconds. And some of these lenders, who now have information about a borrower, may be predatory.

To identify possible websites of lead generators, you will find that the websites do not bear a recommendation from the CFSA.