Direct Lender Installment Loans
$100 to $5,000 paid out by 08:33am
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Do You Need an Installment Loan?
We can all find ourselves in a need of a little extra cash from time to time.
Maybe you need some money to afford that new car that’s going to get you to and from your new job. Perhaps you’re looking for some extra money so you can update your kitchen and become more energy efficient.
How much would you like to borrow?
Whatever the reason you need a loan, the good news is that there are dozens of options out to there to choose from. The lending environment in the US has evolved over the years, allowing consumers to access everything from Payday Loans to long-term installment loans. You can even get short-term loans that you can easily repay over a period of a few months too!
Today, we’re going to introduce you to the basics of direct lender installment loans, and how they can help you to afford the things that you need.
The first thing you need to know when deciding whether direct lender loans are right for you, is figure out how an installment loan works. Typically, when you borrow money from a lender, you’ll agree to either pay your money back all at once, or in multiple chunks.
When you don’t have the money to repay everything that you owe immediately, you opt for an installment loan. This product allows you to spread the costs of your loans out over a period of time that you agree with your lender. Sometimes it can be a matter of months, like with quick loans, other times, you might spend years on your repayments – which is often the case with a car finance loan or mortgage.
Installment loans have both positive and negative points to consider. For instance, while you can spread out the cost of your loan with this kind of lending, you’ll also be paying interest rates for a little longer than you would be with a payday loan. This can be problematic if you want to get out of debt as soon as possible.
For the most part, people choose installment loans when they know they need to borrow money fast
, but don’t necessarily have the resources available to pay back what they owe just as quickly.
What’s a Direct Lender Installment Loan?
Now that you know what an installment lending option looks like, we can begin to think about what it means to go “direct to lender”. Basically, a direct lender installment loan means that you get the lending opportunity that you need straight from a specific lender, rather than working with third-parties.
Sometimes, in an effort to save some extra money on their loans, people use brokerage companies and online comparison websites to check out the multiple different options available online. While this can be an excellent way to make sure that you’re getting a good deal, it can also mean that you end up spending money on a broker, when you could just as easily do comparison shopping for yourself.
Brokers and loan experts often charge fees for their services, which means that you end up with another cost to think about, along with all the other expenses associated with your loan. Going straight to a direct lender and comparing your options there will make it easier to bypass those costs.
Direct lender loans also mean that you get the benefit of working with trustworthy and reliable companies that have been approved and regulated by the local authorities. You get the chance to compare your options and examine all of the different factors that matter most to you when selecting a lender, such as:
- Costs: Other than interest rates, there can also be other costs to consider when you’re borrowing money in a loan too. For instance, you might need to think about brokerage fees, transaction fees, and late payments.
- Speed: If you’re looking for a loan quickly, then some companies will be able to get your money into your bank account faster than others. Some direct providers even offer much simpler application processes than their counterparts to speed things along too.
- Customer service: Speaking of applying for your loan, the whole process of getting the money you need should be as quick and painless as possible. Checking the reviews for different lenders will give you an insight into customer service.
- Terms and conditions: Different lenders will have specific terms and conditions to consider. Some might require you to pay your loan back faster than others, for instance.
- Flexibility: It’s important to find a loan provider that can give you the flexibility that you need. This includes lending you the right amount of money and adhering to your schedule when it comes to repayment.
Is a Direct Lender Installment Loan a Good Idea?
Choosing the right loan product for your needs can be a tough process. There are a lot more options to choose from today, ranging all the way from payday lending to peer to peer loans. However, only you can decide whether you need an installment loan, and whether you want it to come directly from a lender.
For instance, applying for a direct lender installment lending solution means that you can save some time and money on getting your loan product. However, it also means that you could miss out on great deals that are only available through brokerages. You may also find that you can only apply for loans with hard checks, rather than using soft checks to see if you’re likely to be accepted for a loan first. This could have an impact on your credit rating.
The people who are best suited to direct cash loans
are usually the people who already have a good idea of where they want to borrow from and why. You’ll also benefit from an installment lending option if you need to borrow more money than you could get with a payday loan or a short-term cash advance. Installment products are generally designed for people who want to spread the cost of something out over several months.
With an installment loan, you can enjoy the benefits of having the flexibility to pay your loan back at a time that suits you. The longer you choose to spread your loan out for, the more you’ll pay in interest, but the lower your monthly repayments will be.
There are even loans available from the installment environment for people with bad credit. However, these loans are likely to come with extra stipulations. For instance, you might need to opt for a secure loan where you agree to give over your house or car if you don’t make your repayments. You could also consider something like a guarantor loan, where someone agrees to step in and pay what you owe if you can’t.
Are There Alternatives to This Kind of Lending?
If you decide that an installment loan from a direct lender isn’t the right choice for you, then there are multiple alternative options that you can consider. For instance, you may decide that you want an installment loan, but you want to go through a broker that can help you to pick the option that’s best suited to your lending needs. If so, you just need to look for a local trustworthy broker in your area.
Altenratively, you might decide that the problem you have with your installment loans is how long it takes to get out of debt. While it’s becoming a lot quicker and easier for people to apply for installment lending these days, it can be stressful to know that you have a debt that’s waiting for you to pay it back every month.
If that’s the case for you, then you might find that it’s a lot easier to opt for a short-term or payday loan
instead. Although you may not be able to borrow as much money this way, it can be a good choice for people with limited need. With a short term loan you pay everything off in one chunk at the end of the next month.
This means that you don’t have to change your budget at all after that month has finished. Additionally, there’s no need to worry about what you’re going to do if your situation suddenly changes and you’re left with less money each month than usual.
Is poor / bad credit accepted?
Do I pay it all back at once?
Choosing the Right Loan
Ultimately, choosing the right loan is all about doing your research.
We’re living in a world where there are more loan solutions available to Americans than ever before. That means that you need to educate yourself about the kind of products you can reasonably apply for, and the benefits and negatives of each option.
If you’re the kind of person who wants to spread the cost of their loan out over an extended period of time, or you want to borrow more than you can afford to pay back in one month, an installment loan may be the best way to go. Just make sure that you compare your options carefully so you can feel confident that you’re getting the best deal.
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