When faced with a financial emergency it can seem like finding the money you need to pay off the outstanding finance can seem like an impossible task. However, by going direct to a direct lender, you can get the best possible APR and finance for your chosen loan type. In this article, we will be providing you with insight into some of the loans you can get from direct lenders.
What Is A Direct Lender?
A direct lender is a financial institution or a private entity that are on hand to provide you with the funds you need in the case of a financial emergency. This cuts out the middle man and allows you to get the best possible APR and loan term for the funds that you need, directly from those that are providing them.
The Impact Of Your Credit Score On Loan Application
When looking to understand your credit score, it is important to first understand the FICO system that is used by Experian and other major reporting agencies as this will allow you to see what bracket you fall into. Though it is still possible to get financial aid with a poor credit score, it is important to make sure that your credit score is the best that it can possibly be. Though this will take time, making sure that all your debts are paid and all incorrect information is changed will aid you in the long term when it comes to being accepted for your chosen loan.
Providing Short Term Loans
One of the loan types that are available from a direct lender is a short-term loan. A short-term loan is a loan type that lasts for a year or less and the amount that you can borrow is different from every lender. With several short term loans UK direct lender options out there for you to choose from, there are several companies that you can choose from to get the right price for your chosen loan type.
Pay Day Loans With Direct Lenders
In addition to short-term loans, there is also the option for Payday loans with a direct lender. In some cases when getting a loan from a third-party lender the payday loan interest rates are likely to be higher. Therefore, going direct to a direct lender will make sure that you are getting the best interest rate for your loan type regardless of the term. This is a huge benefit for many that are looking for a quick loan that they can pay back within the next payday with minimal disruption to your credit score as a result of the loan.
No Guarantor Loans With A Direct Lender
The final loan type that can be provided by a direct lender is a guarantor loan. This is a loan that is specifically designed to help you gain the emergency funds that you need even with a poor credit score. A guarantor is typically a family member that applies for this loan alongside you and are responsible for paying off the loan if you are unable to meet the payments of the loan.
Regardless of whether you are in the need of a loan at this time, or you are just looking for the options that are available to you, there are several options out there for you in the long-term.
