What to Look for in Installment Loans Direct Lenders Only
What is the most important thing to consider when looking for installment loans direct lenders only? This type of information is crucial to borrowers who need it to avoid wasting time or ending up with the wrong lender.
How to Select Installment Loans Direct Lenders Only
Before delving deeper into this topic, it would be good to look at the reasons for seeking installment loans in the first place. The direct lender requires you to repay the loan within the stipulated period. Monthly repayments are the norm here. The reliable interest rates in these types of loans make them attractive by making monthly payments more predictable. The loans are long-term, hence allowing borrowers to make lower monthly payments. Additionally, the borrower can look forward to faster approval.
It offers borrowers wide selection of loans to choose from, which include:
- a) personal loans
- b) car loans
- c) mortgage loans
The application process is fast and easy, thus making this loan good for almost everybody. It is affordable too. It is also available for individuals with poor credit who would normally have to worry themselves sick about loan approval. Nevertheless, that doesn’t mean you should not work hard to improve your credit scores. After all, several direct lenders consider the credit scores an important factor when evaluating the applications. A refusal from the lender is always possible.
How to Select a Direct Lender
Now that you know all that, the next step is to help you identify the lenders.
Normally, it should be the direct lender looking for borrowers. Lenders have their own set of criteria they use to determine whether the borrower is worth the risk. Borrowers should also formulate their own list of requirements. They should never have to rush to the first direct lender they see to get a loan from for a financial emergency. Here, you can be as selfish as possible. Use a list that ensures you get nothing but the best. Continue reading to learn how to do this.
The search for installment loans direct lenders only should start with customer service. What you need is a direct lender who is always ready to answer your questions. Find a lender who responds to your emails and calls on time. One who ignores your correspondence is not worth the hassle. Online direct lenders offer some of the best customer service in the industry. Read customer reviews before settling on your preferred lender though since not all of them are similar. Inquire if the lender offers customer service during the business day only.
Paying on Your Terms
As previously stated, monthly payments are applicable in installment loans. Therefore, approach the lender with this bit of information at the back of your mind. That said; it doesn’t mean that you have no say in this matter. On the contrary, you should make your voice heard. You will repay the money you obtain from the loans lender. Let the lender know your terms too. The lender doesn’t know your actual financial situation. You know this better than anyone does. Relaying your terms also sets you apart as a not-too-desperate borrower.
This may seem obvious but it isn’t to a lot of borrowers. Always confirm the lending source. Some lenders give you the money through third parties. Some of these lenders are the actual third parties. Borrowing directly from the lender assures you of good rates and terms. Third party lenders, on the other hand, have to increase the margins to factor their profits in and this is bad news to you. Furthermore, borrowing directly from the lenders guarantees you a hassle free loan process devoid of complications and barriers designed to make you feel like giving up.
Borrowing from direct lenders assures you a fast, secure, confidential and convenient process.
Some lenders are brokers representing banks that may ask you to open a bank account first.
Compliance with Regulations
Installment loans direct lenders operate in a properly regulated industry. Genuine, legally registered and licensed lenders have no issue complying with these regulations. Dishonest lenders are a different matter altogether. They want nothing to do with the regulations. They are not ready to subject themselves to the requirements the relevant laws have put in place. The regulations are designed to protect the borrowers and lenders alike. Lenders who aren’t ready to comply are not worth your time.
Borrow only from an authorized, regulated and licensed installment loan direct lender.
Cost of the Installment Loan
Never borrow out of desperation to a point where you avoid reading the terms and conditions. Study the fine print closely. Stop doing everything while in a hurry. Submit your loan applications only once you know its actual cost. How much will the loan cost you financially? Ask yourself this question. Genuine loans direct lenders are an honest lot. Some bad apples exist though. Look at all the applicable loan fees. That and the monthly payments represent the true cost. The fees to keep an eye on include:
- late payment charges
- application fees
- administration fees
- all manner of fees listed under various names
Take Your Time
Use this guide to help you choose the best installment loans direct lenders only. Limit yourself to lenders who offer the terms and amounts that interest you. Failure to adhere to this warning could take you into the fire. Choose lenders who can customize the loan terms to suit your current situation well. This would enable you to repay the loan in relatively comfortable rates without messing your finances further. Loan repayments can be quite painful and inconvenient if not customized well.