What are Direct Lender Loans? How to Get These Loans Approved?

What are Direct Lender Loans? How to Get These Loans Approved?

- in Finance

In today’s world, money gets you just about everywhere and everything you need. Some are necessities and some are luxuries. Necessities, like getting your own house or buying your car, can often be a burden on your pocket. In situations like these, loans are a temporary way of getting some relief. Similarly, direct lender loans generally refer to the loans that are given out to small or mid-sized companies. Those who are going through any kind of corporate debt, look up to these kinds of loans for some financial support. These loans are known as ‘direct’ because these are given out either by wealthy individuals or management firms directly to the borrower. These loans are generally payday loans or short term loans and can be of different denominations and for different durations.

Most of the direct lender loans are unsecured loans (without guarantors). However, some lenders provide for loans with guarantors, if it is done online. You can apply for loans for free either through email, call, visit or online application. A bad credit score, below 580, is a huge factor in getting these loans. The approval of the loans can vary from one lender to another. Depending on the approval, you can expect to receive the amount either in direct cash or via online transfer within fifteen minutes to thirty five days. Weekends and holidays are usually the reasons behind the delay in giving out the amount. They do not charge any extra amount for transferring the amount to your account and provide safe and reliable services.

direct lender loans

There are a few prerequisites that you require to fulfill before applying for these loans. Majority of them have been listed below:
1. You can expect to get a loan of fifty to fifteen thousand pounds per application/per person.
2. The loan durations are generally of two to thirty six months.
3. You will be charged an interest of upto 12% on the amount you borrow. It might be charged on a daily basis or on the overall amount at the time of repayment.
4. Since these are all UK based lenders, you need to be a resident of the United Kingdom.
5. You need to hold a bank account in UK.
6. You should be eighteen years of age or older.
7. You must have a regular source of income, either from a part time or full time job.

Please remember, people apply for loans only when they are in dearth need of it. So, fill up the forms honestly to avoid any possibility of rejection or delay. Though direct lender loans are a good way of relief, the interest charges can be a massive headache for you in the long run as you would eventually end up paying more than you had actually borrowed. It is advice-able that you repay the amount as early as possible, irrespective of the duration you agree upon, to pay lesser interest. Once you have repaid the amount, you can always reapply for a loan.

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