Direct Lender Loans Bad Credit

Direct Lender Loan: A direct lender loans are loans in which one can avoid paying brokerage commissions. In such a kind of loan, applicants with a bad credit history will be encouraged to apply. They work with direct lenders and strive to keep the process simple and transparent. Direct lending allows one to communicate directly with the provider of capital. One can also prevent other “middleman” markup costs and fees in direct lender loans.

When one obtains a loan directly from the lender, you are avoiding the problems often associated with third-party entities. If one is approved for an online loan he/she may likely receive the total amount deposited into his/her bank account on the same day that they apply. They are compliant with today’s digital privacy and security requirements that keep one’s personal information safe and secure.

Also Read: Small Loans, Huge Benefits: Online Apply For Quick Money Today

Why Does the Need Of Direct Loan Arise?

Today’s life is filled with unexpected or unforeseen costs and expenses that may potentially and suddenly arise. So people worry about dealing with these sudden problems. They look for a sudden loan or look for individuals who can give them enough money as a loan to meet their problems. People apply for such cash loans and direct lender loans through Fancy a Payday for a host of reasons such as:

Major or big car repairs
Medical bills & electricity bills expenses
To repair or replace important home appliances
To prevent or avoid a utility disconnection
Events such as holidays, weddings, birthday parties or funerals
If poor or bad credit is making it difficult to get a loan or credit card
Unforeseen or sudden child-related expenses
An unpaid phone or water bill has led to a disconnection

Pros and Cons of Direct Lender Loans

The loan application can be completed quickly by use of an electronic device of your choosing from the comfort of any location with internet access. The approval process is quick and easy, applications may be submitted 24 hours a day. The customer service and support team is available to address any questions or concerns that may arise. Even those with bad credit are still eligible for this direct lender loan.

These same-day loans and direct lender loans are not appropriate for those people who need a long-term loan product. Short-term loans generally can have higher interest rates than lending options.

Requirements for This Loan

As we know this direct lender loan is for those who are in sudden need. Some basic and important requirements must be met to qualify for a loan. One should meet the following requirements to qualify for these direct lender loans.

a.) One must be 18 years old.

b.) One must be a permanent resident of the United Kingdom.

c.) One should have verified his/her identity.

d.) One must have proof of employment.

e.) One must have income or verifiable income or other source.

f.) A current bank account that is capable of sending or receiving funds electronically is necessary.

g.) Prior financial activity and credit history may influence one’s ability to qualify for a loan.

Benefits of This Loan

The following are the useful benefits of direct lender loans:

The application process can be completed online 24 hours a day from home, work, or any location you choose.
Applying for direct lender loans can be done by using most internet-connected devices such as a smartphone, laptop, or tablet.
They have created a platform that uses the latest in online security technology to protect one’s personal information.
The loan repayment schedule is structured specifically for one based on his/her pay frequency such as weekly or monthly.
Personal loans can be repaid over three months to help one to maintain his/her other financial obligations.

All applicable terms and obligations like the interest rate are presented upfront.
Those people who have a bad credit history are encouraged to apply.
These are approved and based in the U.K. compliant with FCA requirements.

Eligibility Criteria

A direct lender loan is a loan in which the borrowers can deal directly with the lenders and can get a loan by dealing direst with the lenders. The eligibility criteria for this Direct lender loan are very particular. One should meet the following criteria to qualify for the direct lender loans:

All applicants should be residents of the U.K.
Applicants must be currently employed with proper documentation of their earnings or another regular source of income that may be verified.
Those people who are without current employment or individuals experiencing long-term financial hardship are not appropriate for these lending options.
A current active bank account is required so funds may be transferred electronically.
Payday loans have a 0.10% daily interest rate and a 292% annual fixed rate.

The Overview Of Direct Lender Loans in the UK

The National Audit Office reported that over seven million individuals in the U.K. are currently unable to meet their current financial obligations. Direct Lender loans are an example of financial products available in today’s financial technology or “fintech” sector. They use the latest technology available to financial institutions to operate efficiently, safely, and affordably.

At Fancy a Payday, they source fast loans to those with short-term cash needs. They do not require a long-term commitment and are a much better option than pawning one’s personal belongings. They invite needy people to complete their fast application process online today.