With an increasing number of people deciding to go the direct lenders no brokers route, you will need to learn all you can about this borrowing option before making a decision. A direct lender could be of big help when you are trying to get the money you need. While it is true that can always apply to your bank for a loan, it can be difficult to get approved. This is just one of the reasons why a lot of people are going with direct lenders.
A direct lender is someone you deal with one-on-one for a loan without anyone in the middle, whereas a broker is a third party that helps people with finding someone to give them the money they need. While it used to be that most people would hire a broker to help them get a loan, this is no longer the case. Direct lenders make getting the loan you need simple, so there are no complications.
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When you choose to go with direct lenders no brokers, you won’t need to worry about waiting longer than necessary for the loan you need. If your car has broken down or there is a serious problem with your home, the last thing you want to do is wait a matter of days or even weeks to get your funds. Direct lenders make it incredibly easy for you to get your emergency expense taken care of right away. Going through a broker just slows down this whole process quite a bit.
Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 30 days. Total amount repayable is £310.00. Interest charged is £60.00, annual interest rate of 292% (fixed). Representative 669.35% APR (variable).
You will find that direct lenders rarely ask for any collateral to be put down for the loan, so you won’t have to worry about losing any of your property if you are unable to pay it back for whatever reason. These lenders usually give out unsecured loans, which means that you won’t have to risk your house, car, or anything else.
There are certain things that you will want to look for in a direct lender, including:
There are certain people who are eligible for quick loans, and you will need to get this information before moving forward.
You could qualify for one of these loans if you:
Qualifying for a loan from a direct lender, even with bad credit usually isn’t all that difficult, which is why so many people have started applying. After a credit check these lenders try their best to make sure that you get approved by working with you, which is something that doesn’t happen when you go through a broker or middleman. If you need cash quickly, this is the best borrowing option you have overall.