Direct lender online installment loans instant approval
Every person has both ups and downs. Sometimes everything is good and life makes us happy, but it cannot always be perfect. Emergencies can happen at any time in our lives and lead to unforeseen expenses. If your car breaks down or your child is ill, you will need money to cope with these situations. Unfortunately, many Americans do not have the savings to cover emergency needs, so they often seek help from friends and family. Of course, loved ones are not always able to provide you with the required amount, so a bank loan is the second good option.
There are a large number of loans in the modern world, but many people find that the most convenient of them is a flexible monthly payment Installment Loan from a Direct Lender.
What Is a Direct Lender Loan?
An installment loan from direct lender is the credit with a loan agreement between a borrower and a lending company without any third parties. There’re online and in-store direct lenders.
It’s fast to get the money from a lender directly but sometimes you need to use the service of a connection service or a broker. They can make the process of finding a suitable loan easier. You won’t have to viit lots of sites and fill in lots of application forms. The referral service will match you with the best lender according to your needs.
Direct installment loans are up to $5,000 deposited directly into your bank account with no middlemen.
They involve minimum paperwork, no hard credit checks (you need to find it out with the lender). The cost of an installment loan form a direct lender is also smaller. Brokers can charge you additional fees for the connection service. Direct lending organizations have lower interest rates.
Besides, you can enjoy many other benefits of borrowing from a direct lending organization:
- Fixed interest rates
- Flexible terms
- Convenient repayment plan
- Instant approval
- No hidden fees
- Quick financing
Direct Lender Installment Loans FAQs
What is an Installment Loan from direct lender?
An Installment Loan is a type of loan where you are given the required amount and you pay it back over a certain amount of time in equal monthly installments. You don't need collateral to get an Installment Loan. Also, many people find it convenient because it is not necessary to repay the entire loan on payday as is the case with a payday loan.
What is a Loan from a direct lender?
Before you apply, you need to understand how traditional loans differ from direct lender loans. This knowledge will help you understand which loan is best for you.
So, in a traditional loan, the lender gives you money that you have to pay back according to the terms of the contract. However, where does the lender get the money to lend you? Of course, lenders cooperate with banks, and when necessary, they take money from the bank and give it to you as a loan. Thus, traditional lenders act as intermediaries between you and the bank.
A loan from a direct lender is very different from a traditional one. The fact is that direct creditors give their own money to borrowers, since they do not cooperate with banks. Thus, you take money directly, without banks and intermediaries.
Why is a Loan from a direct lender better than other Loans?
Many people often wonder which lender to go to - a traditional or a direct one. You can explore the benefits of a loan from a direct lender and make your own decision:
1. A loan from a direct lender is cheaper. Since there are no third parties when working with a direct lender, much fewer people are involved in the process. That is why the loan becomes cheaper and you will pay a lower interest on the loan.
2. A loan from a direct lender is safe. The only one who will see your personal data when filling out the application is your direct lender. If you take a loan from a traditional lender, then you provide information to him, and he transfers it to the bank. Thus, many people have access to your information. A traditional lender does not share information with third parties, so you can be sure of your safety.
3. A loan from a direct lender is approved faster. Since the direct lender does not use third parties to approve a loan, the review and approval process is much faster. In the case of a traditional lender, you have to wait days, maybe even weeks for it to be approved.
You can also explore the pros of working with a traditional lender and make a decision what suits you best.
Can you get an Installment Loan with Bad Credit?
Many people worry that with bad credit their loan application will not be approved, but this is not true. Generally, even if you have a poor credit rating, you can qualify for an Installment Loan from a Direct Lender. With this loan you will be able to take the required amount and repay it through fixed monthly payments.
In order to make sure of your solvency, the creditors will ask you to provide proof of income. Thus, if you have a bad credit history, but you have regular monthly payments, you will have a chance to get a loan. If your credit rating is too poor, you are unlikely to be approved because lenders will view you as a risky borrower who cannot repay the loan. In other words, you can get a loan even with a bad credit history, but it will be more difficult and require additional effort.
What are the pros and cons of an Installment Loan from a direct lender?
Of course, before applying for any loan, you should examine its advantages and disadvantages and make sure that it is right for you. Read them carefully and make the right decision.
1. Convenient payment terms. You pay off the loan in regular monthly installments.
2. Fast payouts. Money will be transferred to your account the next day after the approval of the application.
3. Security. Your personal data is encrypted and not transferred to third parties.
4. Fast approval. Once applied, your loan can be approved in minutes.
5. Possibility to get a loan even with bad credit.
1. High interest rates on the loan. Since direct lenders lend their own money, they need to have a guarantee that you will pay the loan on time, so this loan has a high interest rate.
2. A source of income is required. When applying for a loan, make sure you can prove your income, otherwise you will not be given a loan.
3. Only US citizens or official residents can be eligible for a loan.
What are the eligibility criteria for obtaining an Installment Loan from a Direct Lender?
An Installment Loan from a Direct Lender has always been distinguished by its loyal requirements. However, not every person is eligible to apply for a loan. Review the basic criteria and make sure you meet them.
1. You must be at least 18 years old.
2. You must be a US citizen or official resident.
3. You must have a source of income.
4. You must have a government issued ID.
5. You must have an active bank account.
6. You must provide your telephone number and employer's telephone number.
7. You must provide your email address.
8. You must provide your permanent residence address.
If you do not meet at least one of the requirements, you will not be able to get a loan. Also, each lender has its own requirements. Before submitting an application, check if there are any selection criteria for a particular lender. Moreover, the creditor has the right to require additional documents in order to ensure your solvency.
How to apply for an Installment Loan from a Direct Lender online?
The most reliable and convenient way to apply for a loan is through the online form. In order to get money, you need to follow three simple steps.
1. Submit your application. To do this, you need to go to the site and fill out a simple online form where you need to provide your personal data. After filling out, make sure that all the information is entered correctly, and then send an application.
2. Wait a few minutes. After sending the application it takes lenders a few minutes to review it and make sure you meet the criteria. If the application is approved, the lender will contact you directly to discuss the terms of the loan.
3. Get paid. After signing the contract, you will receive money that will be transferred to your account on the next business day.