Direct Lenders for Bad Credit
If you need fast cash to cover an expense but don’t have a great credit score, consider getting a loan from direct lenders for bad credit. These lenders can provide you with the funds you need directly so you won’t have to go through a third party. Better yet, you can get funds as quickly as the same day you apply. Let’s dive deeper into what direct lenders for bad credit are, how they work, and some types of loans direct lenders offer.
What are direct lenders for bad credit?
Direct lenders for bad credit are lenders that can give you quick access to the funds you need to cover expenses. With these lenders, you won’t have to go through a middleman to find the right loan for your needs. A direct lender handles every aspect of your loan, from start to finish. You can expect them to review your application, check your credit, and distribute your funds.
Types of loans for bad credit from direct lenders
Direct lenders for bad credit offer a variety of loans, including:
Payday loans are short-term, small dollar loans you repay when you receive your next paycheck, usually within two to four weeks. These loans are designed to hold you over until you get paid next.
Installment loans give you a lump sum of money upfront. You’ll pay them back over time (anywhere from a few months to several years) via fixed monthly payments, or installments. You may want to consider installment loans if you need a larger amount of cash all at once.
Car title loans are secured loans that use your car as collateral. Upon approval, you’ll give the lender your title in exchange for a lump sum of cash, based on the value of your car. You’ll be able to drive your vehicle as you pay back your loan. If you own your car, a title loan might be a good option.
Lines of credit
Lines of credit are flexible loans. You can withdraw funds as much or as little as you’d like up to your set credit limit, and you’ll only pay interest on the amount you borrow. If you’re unsure of how much cash you need, a line of credit may be a smart choice.
How to get online loans for poor credit from direct lenders
To pursue loans from direct online lenders for bad credit, follow these steps:
1. Compare direct lenders
Not all direct lenders for bad credit are created equal. Shop around and find a few options that meet your needs. Then, compare their interest rates, terms, and fees.
2. Choose a loan
Once you’ve done your research, figure out which loan for bad credit is the best choice for your unique budget and needs. For instance, if you only need a few hundred dollars to tide you over until your next payday, a payday loan may be right for you.
3. Fill out and submit an application
Next, visit the lender’s website and fill out an application. Be prepared to share basic personal details like your name and birthday as well as financial information like your monthly income.
4. Wait for approval
Many direct lenders for bad credit offer fast approvals. Depending on the lender, you might get approved the same day you apply, within 24 hours, or in a few business days.
5. Receive the funds
After you’re approved, the lender will likely distribute your funds via direct deposit. In some cases, you might receive your money via a check or prepaid card.
Which direct lender for bad credit is right for me?
Since there are so many direct lenders for bad credit, you may be wondering which one is right for you. The right direct lender for bad credit depends on your budget, how much money you want to borrow, and when you need the funds. By comparing interest rates, fees, and repayment terms, you can find the ideal lender.
Advance America offers loans for borrowers with bad credit
Advance America is a direct lender offering loans to borrowers with bad credit. These include payday loans, installment loans, title loans, and lines of credit. You can fill out an application online or in store in just a few minutes. If approved, you may receive the funds quickly, sometimes within 24 hours. Visit Advance America today to learn more about the products we offer.