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Payday Loan Brokers, or brokers of any type for the matter, are often given a rough deal through merit of their occupation - the essential purpose of a payday advance broker is to refer new business on to a fully established, regulated and qualified payday loan lender. The differences between a payday broker and a payday lender are plentiful. The payday lender is a direct source of cash, whereas the payday broker will refer your application on to the payday lender, it is the lender itself that the applicant relies on to pay out the cash they have applied for, not the broker. The payday broker is tasked predominantly with getting the applicant to the stage of being approved for a loan and this can often involve sending the borrower's application to multiple payday loan lenders.

The main disadvantage to applying to lenders directly is both time and knowledge. Payday lending in the UK is a fairly new concept and one that most consumers have only recently begun to test or try out for the first time in the last few years. A number of consumers have been put off the payday industry by the amount of negative press circulating the sector and a lot of this press has to do with the high APR charge levied again most payday loans. Nonetheless, as these fears are being gradually eased more and more people are coming to realise the benefits of applying for a payday advance loan and thus payday lenders have seen a significant increase in applications over the last few years.

However, not all payday lenders are created equal and some lenders will invariably charge more money than others - it's important before accepting the offer of a payday loan to shop around and find out if you really have managed to secure the best deal. One of the main reasons to use a payday broker is that they will submit your application to multiple online lenders and thus position you very favourably when it comes to being accepted for a loan.

Some payday brokers will submit your application to as many as ten different lenders, all vying for your business. While these lenders are prioritised based on the self-interest of the payday lender, there's no doubting that sending your application to more payday lenders, and avoiding the manual of effort of submitting your application to each one individually, is one way to save yourself time and also increase the chances that you will be accepted for a payday advance.