Direct Payday Loan Lenders vs. Payday Loan Aggregators
At Check 'n Go we believe that a direct and good relationship with our customers is vital to our success. Whether they've turned to us for a payday loan or one of our other great financial services and products. With that goal in mind, it's good to know that if you are approved for a payday loan by Check 'n Go online you'll be dealing with a direct lender. Why is that so important? Because many payday loan websites aren't direct payday loan lenders they're payday loan aggregators. Not sure about the difference between direct payday loan lenders and payday loan aggregators? Read our explanation below and find out why it's so important to know exactly who's providing your payday loan.
Most simply defined, a payday loan aggregator is the "middleman" of the payday loan lending industry. Payday loan aggregators collect your personal information by asking you to fill out a payday loan application. These aggregators then distribute that information to many different companies who may contact you directly to offer you a loan or other services. This can often result in additional charges to you, in the form of higher than average flat fees or interest rates, once your application reaches the lender that will be handling the transaction.
Many online payday loan lenders working through payday loan aggregators may not be operating in accordance with the laws instituted by the state where you live. In fact, some of these lenders may be following laws in a completely different country. This practice is called "choice of law," which means that the contract you enter into with that online lender may have terms and conditions that are governed by the laws in a state or country where the lender claims to originate. For example, you may live in Indiana, but if you sign a loan contract with a payday loan aggregator who then passes the contract to a lender who "originates" in Costa Rica, your lender will only be compelled to follow the lending laws in Costa Rica. If Costa Rican lending laws allow for a much higher amount of interest, late fees, or aggressive collections, you will be subject to those terms, even though you aren't a resident.
Check 'n Go never follows the practice of "choice of law" and always follows state law where you reside. We believe that good practices are required your trust is important.
Check 'n Go believes that the best business is done as directly and honestly as possible, with no runaround. If you are approved for a Check 'n Go payday loan, you are guaranteed to be working only with us, with no charges or extra fees added on to supplant an aggregator. You can also be sure that your personal information will be safe, secure and confidential. Only in the event that state laws prevent Check 'n Go from being able to provide you with service will we ever distribute your information, and only to find a lender that is the best fit for you. It's just another way that Check 'n Go is making their business faster, safer, and a better experience for you.