If you find yourself needing cash fast, you are better off choosing a state-licensed direct lender for short-term loans. Choosing one who isn’t licensed, is asking to pay higher fees.
There are direct lenders and indirect non-lenders. Indirect non-lenders are a middleman who will sell your information to the highest bidder. If you read the fine print on the website, it will tell you they aren’t a lender and they will put you in contact with several options. The problem is, they can sell your information to 20 different lenders, which is exactly what you don’t want.
When you need cash quickly, you don’t want to waste time waiting for approval. A state-licensed direct lender will make the transaction fast and usually at a lower cost.
When you apply for a short-term loan with a direct lender, you find out right away whether you have been approved or not. You can apply online and receive a decision within a few minutes.
If you deal with an indirect non-lender, your personal information will now be in the hands of numerous lending companies. If you’d prefer to not have dozens of solicitation emails, texts, and phone calls, then choose a direct lender from the start.
The process of applying for a short-term loan is much easier when you choose a state-licensed direct lender. You can fill out the application, online or in-person, which only requires ID and proof of income.
You don’t have to worry about going into the store if you would prefer not to. You can apply online and fill it all out any time that is convenient with your schedule. If you work shifts or only have access to your personal devices at certain times, that makes it easier for you.
With a state-licensed direct lender, you can pick anyone you like. There are going to be several to choose from, and that should give you all the options you will need. Every state will list its licensed lenders on the state website that handles consumer lending, so a little research can go a long way.
If you get turned down by one company or if you had a bad experience with one in the past, you simply apply with a different one. Also, different lenders will have different conditions, and some may suit your needs a little better.
An indirect lender will require more work from you, and as there is another level involved, usually higher fees. The more people involved between you and your money, are just more people trying to be paid.
You get the same service from a direct lender without the wait, the personal information exposure, or the extra fees. You should receive state-licensed rates from any short-term lender you choose as those will be the best.
Getting money from an indirect non-lender can come with some unfavorable terms. Your state-licensed direct lender can usually offer you different payment plans and loan conditions.
You may need only a certain amount of money or you may need a little longer paying it all back. If you have a bad credit score, don’t waste your time at a bank.
A direct lender will work with you even if you don’t have a lot of assets for collateral. Depending on how much cash you require and how long you need to pay it back, will determine what type of loan you can receive.