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Person trying to find a direct lender for a bad credit personal loan.

How To Find a Direct Lender for Bad Credit Personal Loans

So, you’ve got some blemishes on your credit report. You ran into bad luck and complications in the past. But you still need to borrow money or get a loan to cover larger purchases and the unexpected.

Poor credit or black marks on your credit report make it tough to get personal loans, especially from local or national banks. Traditional lenders usually require specific credit scores and may not overlook blemishes like recent bankruptcies.

However, direct lenders have less stringent credit requirements and restrictions. That’s why many with less-than-ideal credit reports look for loans from direct lenders. That being said, it can be challenging to find reliable direct lenders.

This guide explains locating one and how a direct lender can help.

What is a Direct Lender?

Direct lenders are companies or individuals that provide private lending without a bank or intermediary. Because direct lenders operate without an intermediary and are private, they don’t have to follow stricter lending guidelines.

A direct lender can be an individual investor or someone willing to provide a loan to another person. Sometimes family members and friends who loan a person money are seen as direct lenders. In addition, you may negotiate a repayment plan or sign an IOU agreement.

However, loans from friends and family are usually unofficial and not on the books. They’re verbal agreements that can lead to conflicts and future problems. Direct lenders that are private companies or investors usually involve formal or written agreements.

What Type of Loans Do Direct Lenders Provide?

Direct lenders typically provide personal loans. A personal loan’s amount usually ranges between $200 and $3,000. You qualify based on how much you earn and your budget. In addition, different states have various maximum borrowing limits.

So, say you earn $2,000 monthly and want to take out a personal loan for $1,000. You may qualify for that amount if it doesn’t exceed your state’s borrowing limits. But, you’ll also have to demonstrate you can pay that $1,000 back with your income.

A personal loan is unsecured, so you don’t need to put up any collateral. Direct lenders may conduct a credit check or obtain a copy of your credit report. However, direct lenders are usually willing to loan money to those with below-average or less-than-stellar scores.

Where Can I Find Direct Lenders?

You can usually find direct lenders online, or you might find them in local shopping centers or strip malls. Some direct lenders also operate as payday loans or cash advance businesses. Neighborhood and social media apps may also lead you to direct lenders. Just be wary of lenders that want to scam customers.

However, the easiest thing to do is to search for direct lenders online. You can use search terms like “direct lenders near me” or “bad credit loans near me.” The search results you get should pull up local lenders, but you might also see some national companies populate.

Simple Fast Loans is an online direct lender providing quick decisions on personal loan applications. You can qualify if you live in one of the following states:

  • Alabama
  • Arkansas
  • Arizona
  • California
  • Delaware
  • Florida
  • Idaho
  • Wyoming
  • Washington
  • South Carolina
  • Texas
  • Indiana
  • Mississippi
  • Louisiana
  • Minnesota
  • Missouri
  • Montana
  • Nevada
  • Nebraska
  • Ohio
  • New Mexico
  • Oklahoma
  • Utah
  • Kentucky
  • Michigan
  • Utah
  • Alaska
  • Kansas
  • Wisconsin

Our application process is done digitally and requires a picture ID, such as a passport. You must also submit proof of income, be 18 years old, and include your social security number. However, you’ll get an immediate decision.

What Financial Needs Can Direct Lenders Help with?

Direct lenders often give smaller loans to help reduce their risk. Yet, emergency expenses usually don’t demand the amounts a mortgage or car loan does. You might be short on cash for one month and need a bit more to cover all your bills.

Or, you might have to make an unexpected trip to the emergency room. Your medical insurance might cover some of that, but not all. A personal loan can help you pay off the hospital or urgent care center.

If someone in your household loses their job, this can also be an emergency. While they’re in-between employers, a personal loan can help. Sometimes people also receive higher than average utility bills. Personal loans can cover you for that, too.

Unforeseen car trouble and repairs are more examples. You need your car to get to work and home again. But not everyone can afford the cost of what it takes to fix those vehicles. Personal loans can prevent you from quitting or going without a car.  

How Long Do Direct Lenders Take to Send the Funds?

Simple Fast Loans gives applicants an immediate decision and ensure they quickly get the money they need. You can deposit your loan funds in your bank account the same day you apply. Alternatively, you can choose to get those funds the next day.

You don’t have time to wait when you need an emergency loan. Simple Fast Loans understands this, and we provide you with flexible options. So, you don’t have to worry about getting evicted from your apartment or home if that’s what you need the money for.

Other examples are threats of car repossession or bills about to go to a collection company. So are utility bills and other balances that can’t go a day or two more without getting paid. You don’t want your heat or electricity turned off during a cold winter or hot summer.

It’s also not fun to have your water turned off. But with an immediate decision and access to funds, that won’t be a problem. Also, unlike banks, Simple Fast Loans doesn’t make you go through a lengthy underwriting process or wait weeks for your money.

Final Thoughts

Working with direct lenders like Simple Fast Loans eliminates the need for drawn-out loan approval processes and excellent credit. In addition, because we are not a traditional bank, approval requirements aren’t as strict.

You can apply for a personal loan online and get a decision within minutes. We will send the money to your bank account as soon as the same day you apply. That way, you can pay emergency expenses related to a job loss, utilities, or medical costs.

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