Installment loans are a great way for borrowers to get fast cash so they can fund a larger expense or cover essential costs. If you’re comparing options, you may be wondering if you can get installment loans from direct lenders. Direct lenders, or lending institutions that approve and fund loans directly without any third parties involved, can be ideal for borrowers that want a simpler application process and potentially less fees. Let’s dive deeper into how installment loans work, whether borrowers can get them from direct lenders, and how to apply.
What is an installment loan?
An installment loan is a short-term loan for a fixed amount that you can repay over time in fixed monthly payments. The interest rate for installment loans is also fixed, so borrowers know exactly how much they’ll need to pay each month. With these loans, repayment terms can last from a few months to a few years.
Can borrowers get installment loans from direct lenders?
There are many installment loans from direct lenders at your disposal. With direct lenders, borrowers can enjoy easy applications and quick funding. Better yet, there is no middleman, and the direct lender will keep your information secure. Unlike indirect lenders, they won’t share your data with other companies, and may not have as many fees.
How to get an installment loan from a direct lender
Here are some steps you can take to get an installment loan from a direct lender:
- Compare direct lenders: Do some research online to find direct lenders that offer installment loans. Then, compare their interest rates, fees, terms, and credit score requirements to find a loan that works for your needs and budget.
- Gather all necessary information: Before applying for the installment loan of your choice, make sure you have all necessary documents to apply. This may include a government issued ID, employment information, and your bank account and routing number.
- Fill out and submit an application: Applying for an installment loan from a direct lender may only take a few minutes. Provide all personal and financial details needed, and double check to make sure everything you filled out is correct before submitting your application.
- Receive your funds: Many direct lenders have a quick decision process, so you may find out instantly whether you’re approved for an installment loan. If approved, you may receive the funds the same day you apply or within 24 hours.
The bottom line
Working with a direct lender can simplify the process of getting an installment loan. Direct lenders are convenient, easy to apply with, and can often get you better deals than third-party lenders. When shopping around for an installment loan, it’s smart to compare lenders and loan options. This can help you easily find the right loan for your financial situation.
Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.