Get a loan, pay in installments
With the high cost of living, managing your finances can be a challenge, particularly when you incur unanticipated expenses. In such circumstances, acquiring an installment personal loan will be useful. However, traditional lenders may limit your chances of accessing a cash advance loan if you have records of bad credit history.
What is an installment loan direct lender only?
Installment loans are long-term, multi-payment loans that you pay over a specified period within a given number of equal installments. The term of payment may be as short as a few months and as long as five years. The best way to acquire an installment loan is from a direct lender. Here, the loan agreement is only between you and the loan lender without middle parties.
Why is an Installment Loan Direct lender only a good option?
The loan process provided by direct loan lenders is secure, simple and direct. A direct loan lender will take your loan request into consideration and simply either deny it or accept it.
- Direct Communication
Working directly with a lending source grants the loan requestor the assurance that brokers do not get into the picture at all. The process is also more streamlined, and certain costs are lowered.
Most online loan lenders guarantee a 24-hour response. They are also open earlier and later than banks, and thus you can access loans after or before you go to work.
- Hassle free
The alternative to direct loan lenders is affiliates. Cash requests through affiliates are frustrating as it exposes your information to many loan lenders in addition to becoming a target for numerous call centers around the globe. It affects your privacy. You get to avoid exposure to bad credit loans and access. Plus, persons with poor credit scores can access the loans.
How do I get it?
Online installment loan direct lending only is done by completing an online loan request process. It’s fast and easy as it does not involve lengthy paperwork. The loan borrower will complete a request form provided online by the loan lenders and an agreement is finalized digitally. Upon approval of the loan request, the loan amount is electronically transferred to your bank account. There are no brokers.
The loan amount will vary significantly across loan lenders. Depending on the loans lender and your eligibility, you can borrow between $1,000 to $100,000. The cost of an installment loan also varies significantly based on various factors such as how good your credit score is, whether the loan is secured or not and the loan lender you applied with. There are installment loan direct lenders who will let you have a rate estimate without affecting your credit score. Loan approval or rejection is communicated within a couple of hours.
Before one is approved of an installment loan direct lender only, one must meet specific critical requirements.
- The loan requestor is not required to be employed. However, they must have a steady source of income with recurring income payments. It helps to evaluate your ability to repay the loan.
- The loan borrower must be residing in the state that he submits the loan application.
- Age is essential for any transaction to ensure that the person taking the loan is aware of the responsibilities demanded. It also provides credibility that you will appropriately manage the given amount and agree to pay loan as per the agreement. Recommended age is usually 18 years and above.
- Online direct lenders require you:
- to present a valid Individual Taxpayer Identification Number or a valid Social Security Number
- Have a savings or checking account that has been active for at least one month.
- Be able to be reached via phone in the case that application verification is required.
- For persons applying in-store, they must:
- Have a valid government-issued photo ID. In this case, a social security number is not a requirement.
- Have proof of income and credit checks.
- You must not be a current debtor in a bankruptcy case.
- You must not be presently intending for a voluntary file for bankruptcy relief.
It is easy to get a loan approval for small amount of money than for huge amounts.
How do I spend it?
Upon receiving your requested loan amount, your installment credit money, you can use the money to fulfill any financial obligation without the influence of the lender. Direct loan lenders do not have any control over how the person spends the money. As for installment loans, however, it is recommended that it be used for emergency financial situations only.