Direct lender versus broker

Direct lender versus broker

Direct lender -

Direct lender

You might have seen the phrase ‘Direct Lender’ on our website – but what is this and what does it mean for you?

No middlemen

The phrase ‘Direct Lender’ means that there is literally no middleman.  Here at QuidMarket, you will only ever deal with our company and not a third party. When searching for a short term or payday loan, you can take comfort that QuidMarket is a direct lender.


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This is for illustration purposes only. Your repayment schedule will be confirmed during your application

*All applications are subject to affordability checks*

Warning: Late repayment can cause you, serious money problems. For help, visit:

No broker fees

Direct lenders can also provide a monetary saving on your loan.  As QuidMarket is a direct lender, you will never have to pay a broker fee. A broker fee can apply when a broker posing as a direct lender will use your details to find a loan company instead of lending you the money direct. They appear to provide the applicant with the loan based on the information entered on their website but they actually pass your details over to a lender rather than lend money of their own.

A “Broker” can add their own fees for this service which the lender can then pass on to you, the customer

A “Broker” can also sell your loan application to other lenders for a fee.  Again, the lender can pass this charge to the customer

Improved data security

Taking a loan from a direct lender means your details are usually more secure.  You will not run the risk of your details passing to numerous loan companies.  You also will not run the risk of phone calls from several companies persuading you to apply for a loan.  Worst still, finding out there are monthly charges / fees as they could pass your details on later.

No passing around of personal data

Personal details that you entered on your application such as your address and bank details can pass between various loan companies / contracted broker partners. There is no passing around of personal details when you apply for a loan through a direct lender such as QuidMarket.  This is why we advise you to be cautious and to make sure you read all the small print before agreeing to use a loan service.

No unsolicited emails

Have ever received unsolicited emails or text messages offering deals on a loan that you have no knowledge of applying for? This could be due to you making an application through a broker without even realising it.

Direct lender versus broker

When searching for a loan you have two options.  You can choose to take out your loan with either a direct lender or a broker.  If you choose a direct lender such as Quid Market, Wonga or Peachy loans etc. you are dealing directly with the lender. However, there is also such a thing as a broker.  A broker will find a suitable lender for you and they may or may not charge you a fee.  A brokers website might look like a comparison site but they can make money from your application in two ways:

Charge you, the applicant a fee

Sell your application to the highest bidding loan company. (Some loan companies are happy to pay to have you as a customer)

Compare your fees and additional charges

As some brokers charge a fee, it is important that you check through the wording of your application carefully.  Make sure you are happy with the listed fees before you hand over your payment details. Otherwise, you might find that they charge you for extra services you didn’t realise you were getting.  It is important to always get a comparison figure from a direct lender to ensure you are not spending more on your loan than you need to.

What is a Broker?

Brokers use several different lenders so you can compare all their various loan offerings in the one place. They help you find a lender that is best suited to your personal circumstances. The broker will usually take a percentage of the lenders commission. They may also charge the customer a fee too.

Brokers all have to be authorised and regulated by the Financial Conduct Authority, just as a lender needs to be. Brokers have to be clear and transparent about any fees they will charge. The advantage is you get a range of options all listed for you, giving you several options.

Remember the broker will only give you options from other lenders. They provide results pointing you to a lender like Wonga, PDUK, Sunny, Mr Lender or MyJar.  Make sure you compare what terms and costs the broker is offering you with those you would get if you were to go directly to the lenders original site. You may find that if you go direct, you can save money.

QuidMarket is a direct lender

When you apply for a loan with Quid Market, you are dealing with us direct and with no company in between. Our fees are up front and easy to see on our website. We have slider bars on our home page, so you can jiggle around with different loan amounts over different terms, so you can find the best option for you before you press the “apply now” button.

Rest assured, as QuidMarket is a direct lender, we deposit the funds directly.  We will only pass your details on to other companies / agencies when you specifically request this so you will never receive marketing requests, invitations for a loan application from any third party company. This could also protect your credit rating, as we do not leave footprints with various loan companies / agencies.

QuidMarket strive to offer high levels of customer service, and to ensure that our charges and terms are transparent for our customers.

We don’t charge late payment fees, we only ever charge fees that you agree to prior to getting your loan.

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Before applying for any loan whether it is with QuidMarket, Wonga, Peachy, Sunny or Quick Quid, it is important that you make sure you can afford to repay any loans you are taking out, and that you are familiar with the interest as well as the terms of the loan. It is also important to note that a payday or short term loan is only suitable to resolve a short term financial need.  It is not suitable be used as a long term financial solution. If your financial need is longer term or if you are in financial difficulty then you should seek an alternative solution.