Installment loans direct lenders only – fast and secure
Are you looking for an installment loan, only for your bad credit score hindering your progress?
You know well that traditional financial institutions are hesitant at giving individuals loans when they have bad scores, yet you may require the money. Enter direct lenders dealing with guaranteed installment loans – these may be a better solution for you in this case.
Note to readers: We would like to clarify that we are not advocating payday loans as the only possible solution to address your financial stress. There are multiple other options that can also help in certain situations. One example might be credit protection on a checking account.
However, if you do decide to opt for a payday loan, then be informed that Green-Touch is not a lender, does not lend money, does not influence the actions of the actual lender, and is neither responsible for any decisions or actions that payday lender might take.
Always ensure that you are fully aware of all the terms and conditions that a payday lender has put forwards in your contract. Read every line carefully before signing anything.
Who is a direct lender?
These online services are responsible for lending you the money that you require until your payday.
That also means that they eliminate the need of going through many lenders when searching for short-term loans.
The direct lender instead takes over all parts of the lending process, beginning with the approval of the borrower until the loan funding and its repayment.
This is different from some other lenders that involve other entities in the lending process. For example, you send your application to the lender, and then the lender sends your information to another company to verify.
That means you get several calls and emails from several people in the process, and not all this results in the lender approving your loan request anyway.
Why choose direct lenders for installment loans?
instant and fast approval with easier conditions compared to traditional financiers – no-credit-check installment loans from direct lenders can be a good idea.
The advantage here is there are no brokers involved in the process. You want to reduce the number of fees you pay as much as possible.
Some advantages include:
- Various loan amounts – state laws and your financial situation will regulate the amount that you can borrow. You can borrow more in installment loans than payday or short-term loans, and specific regulations differ. For instance, some lenders may require more details in the application process than others do.
- Different terms of the loan – this depends on the state that you live in. However, keep in mind that the longer your repayment period (can last up to 24 months), the more you pay due to fees and interest rates.
- Different charges and fees – this is also due to state laws. Some lenders will also charge you lower fees than others do.
- Different times for processing applications – if you need the money instantly, you can choose lenders that will get the funds as soon as possible, as different lenders have different times.
Choosing a suitable direct lender for bad credit installment loans
Banks may come as possible lenders because they give you very good options available. However, the problem is the strict regulations for getting installment loans, and the reliance on traditional credit scores.
After you make the choice of getting a short-term loan, the next question is getting the provider of the service. The lenders can provide certain benefits when you choose to use their services, though the choice is yours as to the lender you choose to go with.
- High credit scores are not a necessity with these lenders
- You can be assured 100% that money will be transferred securely
- One of the most standout features is quick processing of application and transfer of money. (especially true if conducting the transaction on a weekday during regular work hours)
- The lender does not seek any collateral from you
- The flexibility and conveniences score over traditional borrowing
- Data privacy and confidentiality are maintained.
- It is a direct source of funding
- Financial emergency needs a quick solution, and these loans are quick
The acceptance rate of these installment loans is higher than conventional loans. Additionally, there are no extra fees involved either. Conventional lenders ask for plenty of information, but there is no extra information required with these loans. The process is a lot quicker and simpler.
The application of these loans often takes place online. As you have to enter your personal information online, there is always the concern of data privacy and user confidentiality. There are strict laws in every state about this data that you provide the installment loan lender. They have to make sure it remains secure. The entire process is designed to be fast, safe, and secure.
Things to remember when dealing with lenders
- Try to stay conservative with your finances. Even though money is available for borrowing easily, it is important to borrow within your limits. Do not be tempted to borrow more money than you can repay. Know what your income levels are and how much debt you can handle. Being saddled with eternal debt is not desirable.
- Be aware of your local or state laws regarding borrowing of payday loans. There may be restrictions on the amount of money that you can borrow. Also, make sure that the lender you work with complies with the law.
- Lastly, read every line on the documentation. Understand the terms and the fine print. If something is not clear, ask the lender to clarify. As a thumb rule, always ask when in doubt. Get all the information that you need about the lender and the contract. It is the best way to protect yourself from any unexpected surprises.
Advantages and disadvantages of installment loans
- You can choose from multiple lenders
- You have a longer repayment period
- You can apply, regardless of your credit score
- The rate of approval is higher than that of banks or credit unions
- The interest rates are higher, especially compared to other financial institutions
- You need to do more long-term budgeting
- There are higher chances of getting disreputable lenders
Direct lenders can be a good source of funds for installment loans, but like with all financiers of loans, you need to be careful when dealing with them.