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Forget about complex terminology and puzzling financial offers: payday loans have recently become so incredibly simple and transparent that you have the chance to get access to money fast even if you are a first time customer. When dealing with direct lenders, you basically need to know three things: what information you are required to provide, what information  you may keep to yourself, and how you can use the money taken from direct lenders to pay older loans.

What lenders ask for

Usually, the list is narrowed down to the items below. Keep in mind that particular situations may call for alternative approaches. In other words, if you don’t fit in the general borrower profile, you may be subject to additional checks.

• Full name and address, which are usually found on your ID card. Some lenders accept valid passports, but they may impose additional conditions and limitations in this case.
• Contact phone number and email address. For online payday loans direct lenders, loan providers need your phone number to reach you fast should they need more information from you.
• Work phone number. This is not customary to every area or financial institution, but there are still companies out there that ask for your work phone number. However, lenders do not call your workplace without your consent, so this information is only there to further certify you have stable income.
• Bank account information. Apart from speeding up the process, a valid bank account increases your financial trustworthiness.
• Age information. Again, this is obtained from your ID card, just to check if you’ve reached the age of majority (you won’t be able to apply for a loan if you haven’t).

What lenders usually don’t ask for

This list is limited to the most important aspects:

• Credit history: you don’t need to inform the lender on your credit score. While some lenders will check your credit score, others will not require any credit history checks at all.
• Motivation: the lender is not interested in how you’re going to spend the money and  what you need it for.
• Past job history: your credibility as an employee is not your lender’s concern when it comes to payday loans. In most cases, proof of income is more than enough to meet the requirements of a lender.
• Past and current loans: the lender doesn’t check on your current or past loans (this leads us to the third part of the article).

Paying for another loan with a new one

Taking into account the factors listed above, you should consider the opportunity to pay older loans (either as debt consolidation or not) with the money you borrow. This may be a good idea in the following cases:

1. When the interest rate offered by payday loans direct lenders is lower than the one of the older loan;
2. When the additional fees the borrower is exposed to are not too large;
3. When the borrower is sure about his or her financial ability to pay back the money owed to the payday loans direct lenders on time;
4. When the old loan or loans have a balance that is overdue.

The circumstances mentioned above are as general as they can get, but rest assured that we will be able to turn your situation around in such a way as to give you the chance to pay back an old loan with new payday loans.