Direct Loan Lenders for Bad Credit – Get up to $5000!
No matter how well you plan your life, financial investments, monthly budget, and savings, there comes a time in everybody’s life when things go out of control. If you have defaulted your loan repayments in the past under any circumstances, then the chances are that you end up with an impacted credit profile.
The traditional banks and financial institutions will not lend you money if the credit report dips below 579. The bank will reject the application as soon as they check your poor credit score and write you down as an unreliable borrower.
So, what would an individual do in such circumstances? Thankfully, there are still ways out of a financial mess, and one of the accessible sources is direct loan lenders. These are a group of individuals who offer quick and instant loan approval with no credit check, no hassles, no paperwork.
They will only consider a few basic requirements, such as your employment, age, nationality, to send the money to your bank account as quickly as within 24 hours. The direct lenders offer cash advance ranging from 100 dollars to 5,000 dollars to cover all types of small and large emergencies.
Where to Look for Bad Credit Loans From Direct Lenders Only?
One of the most significant advantages of taking bad credit loans is the convenience you get to apply for it and receive the money in your bank account. The entire process takes place online without you having to step out of the house. Let’s take the process of payday loan step by step.
First, you need to open your internet browser and search for poor credit loans direct lenders in your location. Google will give you a list of direct payday loan lenders, along with their websites.
When you visit direct lenders website, such as Massat Loan, check the company information from About Us, contact details, policies, interest rates, fees, and other information to ensure it’s an authentic lender.
Before choosing a lender, don’t forget to check the real customer reviews as this can save you from a lot of headaches later on. We don’t mean the ones on the lender’s website but from other reliable sources by reports.
Next, fill out the online application form on the lender website. You will need to enter some necessary information such as your name, age, physical address, phone number, social security number, bank account details, and so on.
It would help if you had an Internet connection and computer to apply for the payday or installment loan, and it takes hardly 5 minutes or even less to fill up the application. You can also apply for loans using your mobile phone.
What Is the Eligibility Criteria for Direct Lenders for Bad Credit Loans
The good news is that the eligibility criteria for a payday loan are incredibly lenient, due to which a lot of people with poor credit ratings also become eligible. While there is mostly necessary information needed on the payday loan application, the direct lender usually checks a few things before granting it. As you probably know, a direct lender does not run any credit check of your profile, but a few things that are are as follows:
- The borrowing individual should be an adult, 18 years of age, or more.
- The person should be employed or have a steady source of income.
- He should be a resident of the country in which the lending company operates.
- The borrower should have a permanent physical address.
Benefits of Online Payday Loans for Bad Credit From Direct Lenders
When people with poor credit struggle to get personal loans, the direct lenders come across as the savior to give everyone a fair chance at getting a loan. Despite having slightly higher APR or interest rates than traditional loans, payday loans are still prevalent among modern customers. Here are the key benefits that make them so sought after:
- No credit history check for approval is, of course, the most significant benefit of all. Even if a person has a poor credit score, his installment loan application is still approved if he is employed.
- No paperwork involved, which means there are no papers to sign or document photocopies to furnish. As a result, the payday or installment loan processing time is less.
- Borrowers can apply for personal loans online without visiting a traditional bank, meeting with loan managers, and doing any formalities for approval.
- This type of installment loan gets approval within 24 hours, and you get the amount in your bank account on the same day or next business day.
- If you need the money urgently, try to apply as early as possible, preferably before 11 am, and you can get cash the same day without a credit check.
- Unsecured installment loans. You get the loan only based on your regular income, i.e., your employment details.
- Direct lenders offer two types of loans – payday loans and installment loans. You may either opt for payday, wherein you have to repay the loan amount plus interest rates in 30 days or the next day. Alternatively, you may apply for installment loans that you must pay back along with interest rates in a period of 3, 6, or 12 months times.
Why You Must Choose Bad Credit Payday Loans From Direct Lenders Only
If the benefits mentioned above are not enough, then we have more for you. Compared to the other traditional banks and financial institutions, these types of payday loans are available 24/7. So, whether you need money on the weekend or need to apply for it past midnight, the trustworthy online direct lenders are always at your service.
Unlike other ways of getting cash loans where you work with intermediaries or brokers, you directly deal with the direct lender. Although there are no credit checks performed, if you regularly take payday loans for emergencies from a provider, they may rely on and give you approval for higher loans on fewer terms.
In several cases, the direct lender provides certain privileges to their regular customers. After you complete one payday loan, the approval of the subsequent applications may become much more accessible.
The fact that you can get up to 5000 dollars in your account within 24 hours makes payday loans extremely popular. However, the lenders have rights reserved to decide how much credit to pay, depending on their employment and paying ability.
Frequently Asked Questions
Which Loan Company Is Best for Bad Credit?
When looking for the best direct loan lender, we would suggest that you look for the one that has been in business for several years. You should be able to find real and positive customer reviews for their services. The direct lenders must also have contact information with a phone number or live chat to help you with your queries.
Can I Get a Loan With Very Poor Credit?
Some direct loan lenders perform no credit check before granting a loan, saving the case of people who have abysmal credit. However, they check whether you are employed, whether salaried, self-employed, or any other income source enough to repay the loan.
You may even opt for the installment loans that do not require you to pay on your salary date, hence reducing the stress on your next month’s budget. A more natural way out is to pay slowly in equal and easy installments spread across a period of a few months.
Where Can I Get a $200 Loan With Bad Credit?
Even if your loan requirement is just 100 or 200 dollars, you can still get a quick loan, regardless of your credit score. You need to find a reliable direct lender site like Massat Loan and fill the website’s online application form. We know 200 dollars is not a huge amount, but a person stuck with a poor credit rating and a bad financial situation may find it difficult to arrange that small amount. When borrowing from friends seems embarrassing, and there’s no other source to rely on, the direct lending company gives you a helping hand to bounce back.
What Happens if I Am Unable to Repay a Loan to the Lender?
If, under any circumstances, you are unable to repay the lender as per the agreed terms, always make sure that you let the lender know in advance. Please don’t wait until the lender submits the check and it bounces, showing you in a poor light in case of a payday cash loan. Be a responsible borrower and talk to the lending company and seek their assistance to find some ways to help you repay the amount in smaller installments.
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