Lenders & Brokers
Let’s look at the roles of both a payday loan lender and a broker and how they often work together to benefit you.
Is it better to apply directly with a lender or use a broker?
When you are looking for a loan there are 2 main ways to go – apply directly with a lender or use a broker to search the market for you.
There are advantages and disadvantages to both. Apply directly to a lender may seem like the ‘best’ way to go as you know that you are dealing with the actual company that will lend you the money, however, if that lender says no then you are back to square one immediately.
Finding a direct lender online can also be a tiresome task, especially if you have some history of poor credit and you are excluded from many of the mainstream lenders. If you are declined from one lender and you then go on to apply with another lender you’ll need to fill in the application again – this can be a frustrating task.
Using a broker has many advantages over applying directly. Brokers work with many different lenders – we work with more than 40 lenders – and we often have partnerships with lenders that will not accept applications directly from customers or you won’t find them on search engines. Brokers may also, at times, be given promotional rates which means a loan could potentially be cheaper by applying through a broker.
Using a broker means that you only need to complete an application once and then the broker searches the whole market for you in just a few minutes and in many cases it won’t affect your credit score. A soft search is performed and presented to lenders and they return a decision to the broker instantly then loan offers are returned to you – it’s the fastest way to apply for a loan and with multiple lenders on the panel, you’ve a much better chance of getting accepted for a loan.
Lenders and Brokers
Is Lendability a Lender or a Broker?
We are a fully authorised credit broker and work with a panel of lenders. We have been authorised by the FCA since 2015.
Why should I apply with a broker?
We have access to a wide panel of lenders and can often find customers loans that they cannot find directly. Our service is completely free and will not harm your credit score – it’s a far more convenient process when compared to applying directly.
How many lenders are there?
In the wider market, hundreds of lenders but there are only a certain number that specialise in working with people that have some history of poor credit. We work with more than 40 direct lenders.
Do brokers work together?
Occasionally yes, we do. Not all brokers work with the same lenders so sometimes we work with other brokers to extend our panel of lenders, meaning you have even more chance of getting accepted.
Ready to apply for a loan?
Guides & Articles
Take a look at a selection of our most popular guides and articles about personal finance and the loans that we offer.
How it works
We have worked hard to make the loan application process as simple as possible to ensure you get your loan when you need it.
APPLY ONLINE
This application is 100% safe and secure, your data is encrypted. Applying with Lendability will not affect your credit score.^
CHECK OFFERS
Wait for your loan results and check the loan terms and conditions. You must ensure it is affordable before accepting any offer.
GET FUNDS
Once you have signed your loan documents and the lender has made their final checks, your loan will be sent to your bank account.
^Lendability will not perform a credit check, lenders may complete a soft check when considering your application for a loan. If you accept a loan offer, the lender will perform a hard search which may be recorded on your credit report. Not all lenders are able to make same day payments and this may also depend on your bank.
Lendability does not charge its customers for using its credit broking services but we may receive a commission from lenders or other brokers if a customer accepts any credit related offer or enters a credit agreement through this website.
Lendability is a trading name of Warwick Financial Services Limited, a company registered in England and Wales with company number 09011092. Registered office: 4th Floor, 18 St Cross Street, London, EC1N 8UN. FCA Licence number 622839. ICO registration number ZA101793.