The Pros of Online Loans with Direct Lenders
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Direct lenders offer a convenient advantage to traditional lending methods in several ways. Here are all the pros you can look forward to if you choose a direct lender for your quick cash needs.
- A faster application process
- Centralized communication
- Privacy
- Simpler approval process
- A personal connection
- Credit consideration
There are several benefits to getting a loan through the online application process on your trusted direct lender's website. Getting an online loan through Simple Fast Loans is viable if you need quick cash as soon as possible. This article will discuss the pros of getting an online loan from a direct lender.
Key Takeaways:
- Direct lenders offer a quick and streamlined application process, often providing immediate decisions.
- Online direct lenders have easier and quicker approval processes than traditional lenders, and they often accommodate those with lower credit scores.
- Easier and quicker approval processes compared to traditional lenders, often accommodating those with lower credit scores.
Fast Application Process
The problem with traditional ways of lending is that both parties need to talk to each other all the time so they can share information.
When you apply for a traditional loan, you could be waiting days, if not weeks, for your loan application to be approved. It's even worse if you wait that long just to be denied the quick cash you need. On the other hand, there are many ways in which direct lenders are better than traditional lending methods.
Direct lenders have autonomy over how they loan their money, and your loan terms will likely be much simpler and easier to work out.
Banks and other established lending companies using intermediaries and third parties must wait for your approval and calibrate your credit score, loan availability, and several other factors before approving you.
Direct lenders have simple, consistent criteria across the board, allowing you to get an immediate loan decision on whether you're approved.
When it comes to emergency repairs or bills, direct lenders can get you the fast cash you need to handle emergencies when they happen, not 4-6 weeks later.
As a bonus, most online lending is done digitally. This means less paperwork you have to keep track of.
Direct contact with your lender lets you, as the borrower, have a more streamlined loan experience, so you don't have to worry about juggling your expenses while you're waiting, which can be a real nuisance with traditional, established lenders.
Centralized Communication
One of the best features of direct lending is that you always know you're communicating directly with the party interested in lending you money. There's no third-party nonsense or intermediaries; it's just you and the lender.
As such, you can work out terms, go through the loan process, and streamline your borrowing—something that's just plain impossible with traditional lending options.
If you have questions about the loan process, your obligations, or what you need for your application, you can communicate directly with the lender. Because, let's face it, the bigger a business gets, the more interdepartmental mishaps tend to happen.
Borrowing from a traditional lender can be a major hassle because many departments are involved in processing your application, establishing your eligibility, and setting up your repayment terms.
It can become a nuisance, which is why many borrowers appreciate the centralized communication available with direct lending.
Privacy
Confidentiality is a big deal when it comes to borrowing money. A lot of personal information is required for you to get a loan, which is why your privacy matters.
Direct lenders generally respect your private information. With Simple Fast Loans, we conduct all of our loans online. As a result, you can rest assured that your personal information is safe and secure and is never shared with third parties.
If you read the fine print on your loan agreement with a traditional lender, you will find that the same principle does not hold true.
Banks and other financial institutions care about your well-being, but they need to work with many third parties to process your loan, get it funded, and keep track of your payments.
While doing so is all well and good to ensure compliance across the board, it dramatically increases the risk of becoming a data breach victim.
Because your information must be stored through several parties, your personal information can be compromised if any of these companies experience a data breach.
When you work with a direct lender, you interact with a single entity that manages your customer experience and fields your questions. You're also entrusting your data to a company that prides itself on confidentiality and security.
Simple Approval Process
Another great benefit of direct lenders is their effortless and straightforward approval process. But, again, financial institutions and banks must process the necessary information through several channels before they approve you for a loan.
This can take valuable time away from you when you need quick cash for an emergency. On the other hand, direct lenders have much more availability to process your application and approve you quickly.
A more extensive clientele spells out longer wait times and less customer service. It's another reason direct lenders might be the right choice for you if you need a quick loan decision made for an emergency.
In the same way, direct lenders often (but not always) have easier approval requirements than traditional places.
Banks may require the right credit score before you are approved for a loan. On the other hand, direct lenders can offer resources to people with poor credit or lower incomes.
Most Americans don't have the money stored away to cover an emergency, which is where direct lenders shine brightest.
Their approval process can factor in your situation and eligibility for a better chance of getting you the quick cash you need than you would have at a traditional lending establishment.
A Personal Connection
One of the traditional lenders' best advantages was speaking face-to-face with a banker who could listen to your needs and set you up with the right loan. However, online lenders increasingly provide excellent customer service to those who need it, incorporating the human element into the loan process.
Online lenders will also consider external factors, adding another personal touch to your needs.
Direct online lenders also have greater transparency. They use clear terms and conditions without hidden fees, fostering trust and confidence.
Credit Considerations
Creditworthiness has been a longstanding indicator of whether you'll get a loan. For many traditional lenders, a credit score below 680 is problematic and will likely result in a denial.
On the other hand, direct lenders may be more willing to consider the bigger picture and still issue you a loan, depending on how much you're looking to borrow and what you use it for.
Of course, direct lenders will still run credit checks and may deny you based on your credit, but you'll have a much better chance of securing one of these direct loans than you would with a traditional lender.
When To Consider Direct Lenders Over Traditional Lenders
You should only invest in a loan if you need emergency cash flow. Loans are a short-term cash flow solution for bills, expenses, and other situations where you immediately need quick cash. If you don't need emergency cash, it's better to borrow from friends or avoid loans altogether.
They won't fix poor money habits and should be kept strictly for emergencies. You might consider choosing a direct lender in the following circumstances:
- You need quick cash for an emergency home or auto repair
- You need money to cover medical expenses
- You have important business travel costs to consider
- You can't meet your monthly rent or utilities
A direct lender is often a better resource if you aim to get emergency money immediately. This is because they offer much faster application and approval, which you need when you are facing a financial struggle.
Of course, direct lenders may also offer installment loans, which can be a valuable resource for getting precisely the amount you need to cover your expenses.
What Does Simple Fast Loans Offer?
Simple Fast Loans has the best of both worlds: it is a well-known, trustworthy company with a simple, easy-to-understand process.
With Simple Fast Loans, you never have to worry about getting caught up in the process; our representatives are always here to answer any questions.
Our simple application process takes less than 30 minutes to complete, and you can receive an instant loan decision.
Installment Loans
You might choose an installment loan when you need quick cash for an emergency. These loans give you a fixed amount of money that you'll pay off regularly. You can get up to $3000, depending on your state, with the following benefits:
- Flexible repayment periods
- Loan amounts range from $200 to $3000
- Fast application process
- Instant loan decisions
You will need a credit check to qualify, proof of identity, proof of income, and a social security number.
Apply with Simple Fast Loans Today!
In many ways, direct lenders have a more personal connection than traditional lenders. As a result, our application process is much more streamlined, and you can instantly know whether you're approved.
You can chat with a loan representative about your terms or extenuating circumstances; they'll always be happy to listen. Are you facing a financial emergency? Then, apply with Simple Fast Loans to get the critical cash you need right now!
