How Online Brokers Work

There are hundreds of online loan companies now and more and more people are using them. There are several reasons for this:

License: Creative Commons image source
License: Creative Commons image source

Online brokers are also to be found online many having made the most of the large market that uses the Internet as the first port of call. But they are a good source to help you find a company that can loan you money.

This is especially true if you’re lending record isn’t as ‘clean’ as it might be. They can match you with a suitable company; all loan companies take your previous financial into consideration but some are still happy to loan to you.

Online brokers aren’t responsible for lending you money themselves. They are the facilitators putting you in touch with companies that do loan money. They have mith many especially written programmes in place to search a wide range of products to find the most suitable one for you.

A community of similarly placed customers

Some brokers are structured as membership communities which allows them the possibility of offering you more than just loans and credit cards. Additional offers such as money off vouchers are based on your address and deals in your area.

These online sites usually charge a one-off membership fee which covers the cost of them acting on your loan request and putting the search into operation. They calculate that searching the same number of companies as they do for compatibility to you and your financial needs could take you upwards of 200 hours.

The membership package

  • Access to a vast number of loan companies some of them exclusive
  • Use of Credit Cleaner for a limited period – this site allows you to check you credit rating and has tips for cleaning it up
  • The guys from the brokers are on hand at the end of a telephone to give you advice and help you with anything including your financial health check
  • Special offers and discounts

As we said there is a usually a one-off fee for these privileges.

Sorting out your loan

The broker will find and access products that are available and match your needs and financial abilities to repay them.

You apply to the actual loan companies online by completing one of their forms. If the first company turns you down for any reason, you can go on to the next sourced lender. Hopefully one of the recommend loan companies can arrange a loan or credit card for you.

< strong>Loans Direct

Remember that the online broker providing the membership will take the money from your account and do their best to secure a company that will loan you money. In the unfortunate event of a disappointing outcome, they cannot take responsibility for the sourced loan companies turning you down.

This is no Loans Direct scam. Everything on their website clearly explains exactly what they do and what you have to pay for up front. If you do have problems or disappointments about the operation, you can call their helpful customer services team on 0844 823 7960 between 8a.m. and 8p.m. on weekdays and Saturdays from 9 a.m. to 5 p.m.

About the Author: Harry Price is a free-lance writer who specialises in guest blogging. He is a personal trainer and outdoorsman. He enjoys the freedom of his bachelor life and plays football with his mates in his free time. 

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