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If you have ever been frustrated at how long it takes to get a bank loan approved, and you don’t want to take out an expensive payday loan, there is an alternative source of finance that is easy to manage and one that you can get instant approval for.
When you find yourself short of cash in an emergency and you have some urgent bills that just can’t wait, it can be every frustrating to find out it could take several weeks before a loan from a bank will be approved. You could, of course, turn to a payday lender for instant approval on a loan, but payday loans are very expensive and payday lenders are often not he nicest of people to deal with as well.
An alternative to the long wait for a loan from a bank or the high cost of payday loan is an installment loan from a direct lender. These loans are available to anyone with a regular income, and they are usually available with instant approval. If you do need a loan fast, and you don’t want to go to payday lender, bank, or loan store, here are some of the benefits of direct lender installment loans.
An installment loan lets you spread the repayment of the loan over a period of time, which makes the repayment of the loan much easier to manage and much more affordable. A payday loan has to be repaid in full, on the next payday, so it is assumed that you will have sufficient spare cash to do this. The truth for most people, though, is that if they didn’t enough cash this week or month to pay an expense, they probably won’t have enough spare cash next week or month to repay the payday loan, and that is how the payday loan cycle begins. What’s more, each time a payday loan is rolled over or paid late, the cost of the next loan increases.
A direct lender installment loan breaks down the repayment in more affordable installments, so you don’t end up in the never ending cycle of borrowing.
You can complete the entire application process for a direct lender installment loan online, so there is no awkward meeting at a bank and no embarrassing waiting in line at a loan store. The fact that direct lender loans can be applied for online is one of the reasons that installment loans of this type are becoming so popular. The whole process can be completed in the comfort and privacy of your own home.
Fewer barriers to acceptance
Another reason that so many people are turning to direct lenders for installment loans is that there are far fewer barriers to acceptance than there are with a bank loan. While banks and some other financial institutions will insist on a near-perfect credit history, direct lenders will be more interested in a person’s current financial status than they are in what may have happened before. If a potential borrower can demonstrate that they have a reliable and regular income, they are likely to get approval for a direct lender installment loan, even if they have bad credit.
Most banks require you to be an existing customer of theirs before they will even consider you for a loan. If you go down the loan store route, you will be restricted to the loan stores that are in your area. If you broaden your search for a loan to include online direct lenders, you will get a lot more choice in the lenders that you could choose to accept a loan from. That means that you won’t have to jump at the first loan offer you get, so you can shop around until you find the best loan deal for you.
The easiest way to apply for a direct lender installment loan is through an online loan matching service. You will simply have to complete a very simple online form and then your details will be checked against the requirements of a number of different lenders and, should a match be found, you could receive the offer of a loan from one a more lenders, almost immediately. Once you accept a loan and you sign the relevant loan agreement, funds from the loan could be transferred into your checking account as fast the next business day.
Whenever you take out any type of loan, you need to be sure that you fully understand the terms and conditions of the loan and you need to be sure that you will able to make the repayments. It is also important that you shop around for a loan and you take your time deciding on which lender can provide you with the best deal. Direct lender installment loans provide you with the affordability of having repayments spread over a period of time and they also offer you more choice of lender as well. With instant approval and the fast transfer of money directly into your checking account, direct lender installment loans also give you more time to consider the terms of a loan carefully and still get your cash when you need it.