What Are the Benefits of Direct Lender Installment Loans?
You aren’t always prepared for a financial emergency. Sometimes, you’ll face an unexpected expense when you’ve already maxed out your credit cards, you have zero savings, and payday feels like an eternity away. But that doesn’t mean you can put your head in the sand and hope it all blows over. Life moves on, no matter how prepared you may be!
When you can’t afford to take on important medical bills or urgent repairs on your own, direct lender installment loans may provide an essential backup to your savings. But why these loans over all the other kinds of financial products available? Here are some of the reasons why direct lender installment loans (DLILs) make it to the top of the list.
1. Convenient Applications and Disbursement
When you’re smackdab in the middle of a financial emergency, you don’t always have the time to leave work, go to a bank, and sit in a meeting with a financial advisor. Sometimes, you need an easier option.
Many DLILs are available entirely online, meaning you don’t need to leave your house or speak with anyone face-to-face to apply. Some direct lenders for installment loans provide simple online applications that take relatively no time to complete.
If you’re approved, you’ll receive your funds as a direct deposit in the account you supplied in your application. This convenient delivery means you won’t have to cash a check before you can tackle your unexpected expense.
2. DLILs Are Available with Bad Credit
Some installment loans online direct lenders are willing to work with customers who have bad credit. While they may still check your credit report, it’s one of many data points they assess while going over your application. They may also look at your income and payment schedule to get a better sense of whether their DLIL is an affordable option for you.
This gives options to a group of consumers who are typically locked out of mainstream borrowing options.
3.. They Provide a Flexible Repayment Schedule
DLILs aren’t the only borrowing options for people with bad credit. They join online cash advances and direct payday loans as financial products available despite a less-than-stellar credit score. However, DLILs stand out from cash advances and direct lender payday loans due to their repayment schedule.
Online cash advances and direct lender payday loans are due back in one lump sum, usually by your next payday. Having to repay what you borrow (plus fees) only a couple of weeks after getting it can be a challenge if you’re living paycheck to paycheck.
By contrast, you pay DLIL back weeks, months, or even years after taking them out. It depends on your lender and the terms they offer you. In any case, the longer terms may be more manageable to insert into your budget as you’ll breakdown the cost of your loan over multiple payments rather than one.
The takeaway? If you need to borrow money to cover an unexpected emergency expense, consider DLIL carefully. Its benefits include a flexible repayment schedule, options for bad credit, and a convenient online application. If this sounds like something you need, take a deep dive into installment loans online direct lenders and their rates to find an option that fits your needs.
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