Besides banks and credit unions, you can also acquire loans from other sources like a direct lender. Direct lenders are one of the most popular sources of a loan in the United States as most people favored this option over the others.
People tend to acquire loans from direct lenders because it can give them more benefits compared to other loan institutions such as banks or credit unions.
Here are the benefits that customers are enjoying, and you would too if you opt for this option.
Higher Chance Of Approval
Traditional lenders such as banks tend to have a more strict loan process than direct lenders. Banks do not want to face such risks of providing their service to people they think would not meet their financial obligations.
However, direct lenders such as Creditninja.com provide additional options for consumers who may not have an outstanding credit score. Cash Advance or a Payday loan is a kind of Personal Loan offered by direct lenders for individuals with a bad credit score.
Cash Advance loan is like taking your next paycheck in advance through a loan and already with interest. Payday loans need to be paid on your next payday schedule, which decreases the risk lenders take in providing a loan service to people who have a bad credit rating.
Direct Lenders offer more flexible loan terms than traditional lenders. Banks, for example, are stringent when it comes to the loan requirements and process before they consider giving their service to a customer. They also have fixed loan terms that their customer must live by if they choose to work with them.
On the other hand, direct lenders can provide flexibility to their customers and are willing to work things out with you. Once you let them know what you need, they will then lay out the best loan program that suits your situation and needs. They will look for ways to get financial help even with a bad credit score.
Direct lenders can give you a fast approval process compared to traditional lenders as you can get the answers within 24 hours from the time you submitted your application. Once approved, they will deposit your money directly into your bank account allowing you to access it quickly.
With direct lenders, the process from application to actually receiving your loan funds takes as little as 24 hours. This is also the most common reason for choosing direct lenders over other financial institutions, especially if you require quick cash.
Traditional lenders may require you to provide several documents before they even start assessing your application. This is one reason why acquiring a loan front traditional lenders takes more time than a direct lender.
Besides the documents required from you, you will also need to fill out and sign numerous documents throughout the application process. This also means that you will sometimes need to appear at the bank in person to complete this process. Imagine how many times you will come back to their office because they require you to sign or complete documents.
When applying for a loan with direct lenders, whether for a personal loan or business loan, you can be sure that you will be given one-on-one attention. This can allow you to communicate with them better than having multiple people talking to you about a single loan you applied for.
With this one-on-one attention, the lending company also improves service. You will have the chance to have fast and easy communication with the person handling your application. You will be guided properly and answer your questions with ease in return.
Competitive Interest Rates
When working with direct lenders, you can acquire a loan with the best rates available. How much interest rate a lender imposed on your loan term will significantly impact how much you will be paying monthly.
If you can acquire a lower interest rate and low closing costs, then you should better choose to go with that lender. You will have to consider how much money you can save if you opt for a direct lender compared to your traditional lender.
Acquiring a loan is not an easy decision an individual has to make as it can overwhelm their finances and end up not meeting the obligations a loan requires. Before deciding whether to take a loan to help you with your financial difficulties, it is best to look for the best options available for people like you.
Do not rush in deciding where and when to take a loan. You are here reading this article because you are wise enough to consider other options for yourself.
Contact A Direct Lender Now!
If you plan to acquire a loan, then this is a sign to opt for a direct lender over your traditional lender. You can start by researching for the best direct lender online or within your state and start communicating so that they can arrange the best program for you.