What’s the difference between a payday lender and a payday broker?
A Payday Broker provides information on payday lenders and generates revenue whenever a visitor to their site happens to click on a link that leads through to an external site. Payday Loan Brokers can also make money through what’s called a ping tree system – this system sends an application form to multiple payday lenders and works on a first come first served basis e.g. the first lender to respond to the application will receive the lead. Payday Lenders deal with customers directly, examples of payday lenders include Wonga, Payday Express and Quick Quid.
