Online Installment Loans Direct Lenders with Nation21
When financial emergencies hit, no one can claim to have it easy. This is why at Nation 21 we help you by linking you with lenders who offer direct loans in installments. With that, you’re assured of getting that great relief you’ve been looking for.
These are different from payday and online installment loans. Why? The application process is shorter, less demanding and doesn’t have those tough requirements imposed on by many lenders.
Why should you look for Bad Credit Installment Loans From Direct Lenders?
With many banks having cut back on their levels of issuing bad credit installment loans following the 2008 global financial meltdown. It is now quite a challenge to be able to apply and get one. This has forced many a borrower to be at the mercy of payday lenders, which most often than not leaves one worse off than they were before. As a result of the high interest accrued or in some cases, charges arising should one decide to roll over repayment to a later date than agreed.
This is where it becomes easier, cheaper and more flexible to borrow from a direct lender. You get the freedom to choose a loan that you can repay comfortably, at your preferred duration.
Having said that, it is important to be on the lookout for websites that try to pass themselves off as direct lenders of installment loans. These are mostly run by people who then pass on the information to third parties who are the supposed lenders. This doesn’t guarantee the security of the information you disclose, leaving you vulnerable to identity thefts among other challenges.
Some of the information can be misused to prey on you as a desperate borrower or even spam you.
Application Process for Online Installment Loans from a Direct Lender
Because most financial emergencies require a quick solution, the process of applying for an installment loan is usually shorter, easier and requires no paperwork. You only need to make your application by simply filling out the required information. This includes your name, state, reasons for the loan, your physical address and US military status. This all takes about five minutes as there is no faxing or any paperwork needed.
Once the application is filled, you get the approval decision fast. This is quite often than not done within 24 hours. This is all made possible because you are borrowing from a direct lender and therefore, you don’t have to wait for long to know if your application has been approved. If you are successful, the funds are quickly deposited to your bank account, almost instantly.
The repayment is also structured such that the installments will be made from the same account, saving one the hassle of having to transfer funds from one account to the next to facilitate payment.
Benefits of Installment Loans Direct Lender
First of all, the application and approval process takes minimal time and is mostly done online, thereby reducing or doing away with paperwork altogether. Being a service that requires no collateral as a basis for approval, this also reduces the time to approve the requested amount.
You can, therefore, have the funds in your account 24 to 48 hours after application, leaving you ample time to sort out the financial dilemma that you were in.
From the term installment loans for bad credit , one can deduce that the loan is to be repaid in installments. This is almost similar to payday loans. However, the repayment is scheduled either weekly or bi-weekly, unlike payday loans that require one to make a one-off payment on payday. This makes it easy to repay the loaned amount without default or having to roll over to the next payday.
In case one is unable to make the required payments, you can liaise with the lender to have the installments tailor-made to suit your payment capabilities.
The repayments are also made such that with each payment made, the amount covers the principle lent plus interest, thereby reducing the overall sum. This enables the borrower to clear the loan on time when the final installment is paid.
One can also access the loans in spite of a bad credit rating as most lenders consider the overall financial health of the borrower, not just relying on the credit score.
Difference between Installment Loans and Payday Loans No credit Check (Be Careful)
It is important to note that while payday loans may seem similar to installment loans, there is actually a difference between them. While payday loans are structured to ensure the borrower repays the loaned amount in full on the next payday, installment loans direct lender are designed such that the repayments are done in installments say weekly, biweekly or monthly, depending on the amount borrowed.
Payday loans also charge a higher interest to the principle, mostly as they don’t require assets as security, thus acting to cushion the lender from the amount they would lose due to defaulters. This is not the case with installment loans. Their interest rates are relatively lower in comparison.
Some lenders also are ready to work with borrowers in case one is unable to make payment on the due date, thereby reducing the rate of rollovers. This, in the end, reduces the overall cost of borrowing as there will be no or minimal charges unlike in the case of a payday loan being rolled over as this leads to increased interest rates or service charges.
As mentioned earlier, it is important to be on the lookout, especially when applying for loans on websites, of the many pitfalls that lie therein. Most prevalent is the case of websites that rely on traffic that masquerade as lenders while in the real sense, they just pass your data to a third party with little or no regard for security for your personal information. This may result in unwarranted spamming or in worst case scenarios, identity theft. Always exercise caution when giving personal information online.
Also, some lenders may be purporting to offer direct loans but in essence, they operate similarly to high-interest loans whereby the repayment period is shorter with installments scheduled close together thus inconveniencing you in the end.