Personal Loan Direct Lender
There are any number of reasons you might find yourself short on cash: an unexpected bill, increased rent, price hikes at the grocery store . . .
Hey, it happens. What you need is a quick solution. A direct solution.
What is a direct lender?
A personal loan direct lender is someone who lends money directly to you. There is no intermediary or “middleman” like a loan broker or other third-party entity.
With a direct lender, everything happens in-house – from filling out your application to receiving your funds – which often results in a near-instant loan approval process and quick funding.
How do personal loan direct lenders work?
Direct lenders provide personal loans to individuals or businesses. Unlike loan brokerage companies and other indirect lenders, direct lenders handle the application, funding, and payment processes on their own without utilizing an outside financial institution.
Here’s how it works:
- You find a personal loans direct lender offering the type of loan you need.
- You apply directly with the lender and wait to receive your approval decision.
- If approved, the lender will deliver your funds to you, usually in the form of cash or direct deposit.
Direct lenders like Advance America tend to have more lenient credit requirements, as well. Traditional lenders like banks and credit unions perform hard credit pulls, so they use your entire credit history and credit score to determine your eligibility. As a result, getting approved for a traditional loan can be more difficult if you have poor credit.
Types of personal loans from direct lenders
Payday Loans
Payday Loans are a good option when you need a small amount of cash to get you to your next payday. Also known as Cash Advances, Payday Loans are small-dollar loans, usually less than $1,000. The amount for which you qualify will depend on your lender, income, current debts, and other financial factors.
Installment Loans
If you need slightly more money than you can borrow via a Payday Loan, consider applying for an Installment Loan. Installment Loans are so named because you repay the loan amount in smaller monthly installments spread out over a period of months to years.
Lines of Credit
Lines of Credit provide ongoing access to a recurring line of funds. You could typically borrow more money over time with a Line of Credit than with Payday or Installment Loans, but this will vary depending on your financial situation.
When you open a Line of Credit, you’re approved for a set credit limit or “credit line.” You can then draw any amount of funds from your credit line up to your approved borrow amount. The nice thing about having a Line of Credit is that you only pay interest on the money you draw and not on the entire credit line.
Title loans
If you’ve paid off your vehicle and have the title in hand, you may consider applying for a title loan. Title loans require you to offer your car as collateral to receive the funds. The amount of your loan depends on a percentage of your car’s value, which typically amounts to several thousand dollars or less.
The downside of a title loan is that the lender can keep your car if you fail to make your payments on time.
Key benefits
Easy to apply
If you value simplicity and an easy application process when it comes to personal loans, consider applying through a direct lender. Personal loan applications will vary from lender to lender, but the application process is often much easier than going to a bank or credit union.
You can apply online or in-store, depending on your preferences. Either way, the application process takes only minutes, and your lender can assist you if you have any questions.
Receive funds quickly
How quickly you receive your funds is one of the biggest advantages of applying for a loan from a direct lender. Personal loans through banks and credit unions can take days or even weeks to process, and you won’t receive your money until the process is complete.
With a direct lender, however, you won’t have to wait long. At Advance America, we offer same-day funding for our direct loans approved before 10:30 AM EST. If you apply after 10:30 AM EST, you’ll typically receive your money on the morning of the next business day.
Good credit not needed
Depending on who your direct lender is and the type of loan you need, you might not need good credit to qualify. Instead of looking at your credit score, direct lenders consider other factors during the loan review and approval process. These factors include your job status and sources of income.
How to find the right personal loan
If you think that a personal loan from a direct lender sounds like a good option, it’s important to choose the right loan and lender. Here are some things to consider when making your decision:
- Interest rates – All personal loans have interest rates attached to them. It’s important to compare interest rates from different lenders so you can find one that fits your budget. Remember, the lower the interest rates and fees are, the less you’ll pay for the loan.
- Online reviews – Make sure to do a little research on any direct lenders you’re considering. Reading online reviews on Google and Trustpilot is a great way to find out if a lender is honest, reliable, and easy to work with.
- Repayment terms – It’s essential to find a personal loan with repayment terms that work for your situation. Otherwise, missing any payments or defaulting can put you in a worse financial position.
How to apply
Here’s how to apply for a personal loan from a direct lender:
Step 1: Compare your options and find the loan and lender that are right for you.
Step 2: Gather all the necessary documents and information you’ll need, including bank statements, your driver’s license or passport, your Social Security number, and pay stubs. There may be additional requirements depending on your state, loan, and lender.
Step 3: Fill out the online application or go to the lender’s physical location and complete the loan application in person.
Step 4: If approved, review the repayment terms, and sign the loan agreement.
Step 5: Wait for your funds to drop and spend them accordingly!
Get a personal loan from Advance America
If you like the sound of personal loans from direct lenders, consider choosing one from Advance America. Our personal loans could help you make ends meet when money is tight.
Whether you need a Payday Loan, Installment Loan, or Line of Credit, we offer a fast online application process and fast funding. We’ll even work with you to find a loan option with repayment terms that suit your needs and budget.
