When you need money and you need money fast, it’s easy to make a hasty and unwise decision. So if you’re looking for an installment loan online, please take a moment to pause, breathe, and carefully consider your options. As you begin your search for a reputable, reliable lender, you will find two types of loan websites online: affiliate programs and direct lenders. It won’t take much time or research for you to learn that direct lenders are (by a landslide) the preferred option for installment loans. However, you might be wondering why. What is a direct lender? What benefits do they offer? How do they compare with affiliate loan websites? Let’s find out . . .
What Is a Direct Lender?
A direct lender will collect your application, assess your information, and then provide you with a loan (or respectfully decline). Affiliates, on the other hand, collect leads and information and then sell that information to actual online lenders (who pay the affiliates a commission for their services). The line between direct lenders and affiliates may seem narrow, but in reality, there is a stark contrast between the two. Choose one, and you should have a simple and streamlined lending experience. Choose the other, and you will need to be prepared for frustrating requests from countless lenders, even after you make your selection and receive your installment loan.
This is what you can expect, depending on which type of lender you select:
Once affiliates collect your information, they farm it out to hundreds of lenders, who will then offer you their terms. This might sound acceptable or even appealing at the onset, but in reality it means that your phone will be ringing off the hook and your e-mail or mailbox will be stuffed with inquiries. In fact, don’t be surprised if lenders from call centers all over the world are soon interrupting your dinner, offering to lend you money. In addition, using a cash broker will typically result in higher interest rates because of the commission involved in the process.
When you send a direct lender your loan application, the company will carefully consider its merits and shortcomings. Based on the information provided, the lender will either decide to offer you the loan or politely decline. Ideally, acknowledging the time crunch involved with most installment loans, they will approve or deny your request within 24 hours. Direct lenders are also more likely to hold required licenses, so you will feel safer, knowing you’re in the hands of an organized and legitimate business. Plus, because they aren’t paying any commissions, their savings are generally passed on to you in the form of lower interest rates.
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For the best loan experience possible, do yourself a favor and seek out a direct lender for your next installment loan. Not only will this prevent hoards of eager lenders from receiving your contact information (and harassing you with offers), but it will also give you a simpler loan experience with a higher level of trust. In addition, remember to research your contenders carefully to compare their terms and conditions, services, and fees (including any hidden charges).
Finally, if you’re seeking an installment loan from a direct lender, check out Advance Paycheck Online. We offer short-term advances and installment loans online to the residents of three states: Illinois, Utah and Wisconsin. Our flexible payment schedules will help you pay off your loan as soon as possible, and we prorate the fees involved so that if you pay off the loan early, you will have very few fees to pay. To get started, please contact us online or give us a call at 1-815-436-4242. We would be happy to help!