The one thing that borrowers despise and wish was different about traditional installment loans is the fact that they do not come with instant approvals, thus making it quite difficult for borrowers to receive their funds soon enough to be able to address their financial emergency.
Since the past few many decades, payday loans have been popularised as funds that one can receive in quite a short span of time- mostly within just a day/ 24 hours, making it rather easy for borrowers to deal with their emergency situation without much of a delay.
However, payday loans are known to be difficult to repay for most, due to their repayment terms that suggest that their borrowers repay their loans in lump-sum (including interest) on their next pay date, i.e. the next date that they are due to receive their salary on. Unfortunately, this situation could make for a double-edged sword for many, since on the one hand (if one chooses to apply for a traditional loan) a borrower may have to wait for days before receiving a loan while on the other hand he may find it difficult to repay an entire loan just a couple of weeks after receiving it.
Contemplations of this kind are bound to happen, which is why lenders then decided to come up with a better solution- direct lender installment loans.
What are Direct Lender Installment Loans?
As the name suggests and as you may have figured by now, direct lender installment loans are installment loans offered by direct lenders. But, the question here is whether or not they are similar to traditional installment loans.
The answer to the posed question would be both yes and no. The certainly are some similarities, including the fact that these loans are expected to be repaid in parts over the course of a few months, just like traditional installment loans are. On the other hand however, installment loans offered by direct lenders do not take too long to get approved for. Just like payday loans, even these loans are processed and transferred within a day.
Direct lender online installment loans come with instant approvals, thus reaping the benefits offered by both- traditional installment loans as well as payday loans. Basically, these loans come with the concept of having the best of both worlds. They can make for the perfect financial solution for those borrowers who are looking at receiving quick yet small funding solutions, that are also easy to repay.
Why Borrow Direct Lender Installment Loans Online?
The simple and fairly obvious reason why one should choose to apply for an installment loan from a direct lender online is the fact that they are easy and convenient to apply for. Neither does one have to take a day off from work to visit a store-based lender just to borrow a couple of hundred dollars, nor does one have to waste time and money travelling to a store.
Are Direct Lender Installment Loans Online with Instant Approvals the Solution to All Cash Problems?
No. There’s a reason why there are different kinds available to people- to cater to everybody’s needs.
If one needs a huge amount, they cannot rely on a direct lender for help. For example, if the idea is to purchase a house or to expand a business, short-term cash loans offered by direct lenders cannot come handy in any way. That’s when one must choose to apply for a traditional loan.
On the other hand, if one is looking for a quick cash solution and needs a small amount of cash to deal with an emergency or to get through the month, payday and installment loans offered by direct loan lenders could be the ideal choice. However, which kind one chooses shall depend on the borrower itself. If an individual is confident of being able to repay a payday loan on time and without disrupting his/ her other monthly expenses, s(he) can choose to go forward with the idea since that will help the borrower get rid of the debt situation sooner than any other loan would.
However, if a borrower is unconfident about being able to repay a payday loan on time, or thinks that having to repay this loan in lump-sum can cause some major difficulty with other necessary expenses, s(he) could instead consider applying for an online installment loan. This will certainly make repayments much easier on the pocket and will not majorly interfere with other expenses.
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