Most people prefer to opt for direct lenders, and there are some reasons behind this decision. The most important reason is that you do not have to worry about the fact that your contact information will be farmed to multiple lenders.
When you decide to acquire the loan from a direct lender, then you are contacted directly by the company. The plus point is that you will work with the same lender throughout the entire process.
Working with direct lenders is a simple and straightforward process. No wonder they are so sought after. You will not have to wait for a long time to get your loan processed. Usually, you do get a response in just a matter of 24 hours.
The best part is that you can look forward to low-interest rates with direct lenders and that is a major advantage.
When you apply for direct loans from an online lender, then you will need to fill up an application online. Most of the lenders have an amount limit. Once you submit your application online, then the lender makes a decision regarding the removal.
You need to keep one thing in mind when you are submitting your loan application. The direct lender will create an application search record. If your credit report shows that you have attempted too many application searches in a short period, then this may show up as an identity fraud and your application can get rejected.
If your application gets approved, then in some cases you can even get cash as fast as 10 minutes. However, it is also important to meet the eligibility criteria for the loan. For example, in most of the cases, you need to be 18 or above to acquire the loan.
You need to be a resident of the country in which you are applying for the loan. The most important eligibility criteria are that you should receive income through employment or business.
In most of the cases, you can return your loan in two ways. You can return the loan through a debit card. When you return the loan through the debit card, then the monthly payment is automatically withdrawn from the debit card on the due dates. You will not have to bear any additional charges on the deduction.
Most of the direct lenders also allow the direct debit authorization. You can try out this option if you do not have a debit card. What happens, in this case, is that your monthly installment is directly withdrawn from your bank account on the due dates.
When you are about applying for an installment loan from a direct lender, then it is important that you should organize your data first. This way you will be clear about your expectations when you apply for a loan.
You should not start your search for an installment loan blindly. If a friend of yours has availed installment loans in the past six months, then it is advisable that you should consult them. When you follow this approach, it will become easier for you to narrow down your searches.
There are times when you have problems making the monthly payment. In this situation, you should contact your lender right away and inform him about the issues. By following this rule, you will not put your credibility on the line.
If your issues remain unsolved, then you should consult the nearest credit counseling office for repayment strategies and debt management.
Follow electronic debiting to make sure that your payments are made on time. Make sure that you stick to the guidelines about installment loans from direct lenders so that you can benefit from the practice.
When you are getting hold of installment loans from direct lenders, then they do not check the fact whether your credit score is good or not. This means that you do stand a chance to get the required amount with a bad credit score also.
When you are going to direct lending websites, then you should make it a point to go through the about us section. It will reveal the entire story. If the names of the people behind the organization are absent, then this means that the organization is fishy and you should not trust them at all.
Though installments sound like easy money borrowers should be aware of the fact that there are many rogue lenders around and it is essential to opt for a licensed direct lender. If the borrower does not follow this approach, he is inviting trouble. The direct lender should be licensed by the state.
If you have about two or more installment loans that total up to about $1000, then it will be viable to consolidate the installments into one monthly payment. This can help to reduce the interest.