What Is A Direct Lender Installment Loan?

A direct lender installment loan allows anyone to borrow a large amount of cash in quick period of time. These loans are issued by a direct lender and you repay the loan over a set amount of time. The repayment term is often 6 months or greater. People turn to direct lender installment loans when they can’t qualify for a payday loan or when they’ve been turned down by a bank lender. These loans are unsecured and come with high interest rates, and there will likely be a minimal credit check

Ways To Find A Direct Installment Loan Lender

There are several ways you can identify a direct installment loan lender online. To start, look for companies that offer funding options online and avoid those that have vague lending terms. Lastly, do you understand the payoff schedule and the full amount of interest that will be paid? A good way to identify a direct lender is to see if their licensed and regulated in your state. Most companies will need to follow state laws that limit the amount of interest and fees they can charge.

Apply For Direct Lender Installment Loans

Most direct installment lenders will let you apply online and the process takes less than one hour. The process is similar when applying to any companies from our list of tribal loan companies as well. These loan providers may not all be licensed in your specific state, but they open up access to cash for people who otherwise would have limited options.

When you finish the online lending application, you will usually need to verify some employment and personal information. Fill in all information in the box and enter your credit info. This information must be accurate, as the account will check this. There are processes in place for the information to be put in and the application will usually be processed within a few minutes.

What Are The Benefits And Risks Of Installment Loans From A Direct Lender

Direct Installment loan lenders will have lower fees and better payment options than other loans like a cash advance or direct lender online payday loan. You can also expect a higher loan amount with an installment loan as there’s often a credit check and more in-depth underwriting your application.

When an applicant first applies with a loan company the underwriting department comes up with a loan term and payoff and this loan offer is set. It’s difficult to renegotiate a lower payoff or interest rate if money becomes tight. You also run the risk of damaging your credit score if you fall behind on payments. Some creditors will seek aggressive collection actions a few weeks after you fall behind. Your credit score can drop significantly after missing one or two payments and it’s best to avoid a scenario where the loan becomes delinquent.

Find an installment loan company near me

Here at Direct Payday Lenders USA, we help all types of borrowers with their financial needs. As many know, our company has for years offered a directory of many of the top lenders who offer payday loans online with same day deposits. This directory also includes many installment loan companies as well. Some of these lenders will only offer installment loans. But most companies in our database offer both loan products to qualified applicants!