Direct Money Lenders - Pros and Cons
Posted: Jun 24, 2019
Sometimes you are in an urgent need of financial aid or sometimes your bad credit score refrains you from getting loans from many sources especially banks. In the United Kingdom, almost half of the people suffer from the issue of loans and its repayments, according to the statistics. You can also get 12 months loans direct lenders who can assure you loans within minutes along with proper security. This article will guide you how you can get the financial aid from the direct loan lenders. Despite having a bad credit score you can avail the loan benefits.
Who are direct money lenders?
Direct money lenders are people or organisations who provide you with a direct loan without any middlemen in between. They offer you a loan without much documentation and within minutes or hours. They lend you money with some fixed interest rate, like a bank, and with a fixed return period.
Why money lenders?
- The processing time of direct money lenders are much faster than others.
- It becomes difficult for an individual to maintain a positive credit score failing which it becomes extremely difficult for them to get a loan from many organisations. But most of the direct money lenders provide loans to such people. With some basic information and a steady income, one can approach for loans.
- Direct money lenders can provide you a loan even without a guarantor which is rarely possible in a government bank. This is a serious benefit of direct money lenders.
- Generally, you need to go for a due diligence process of receiving a loan but with direct funds lenders, getting a loan granted becomes much easy as they do not require hectic documentations process.
How does it work?
The process of direct money lenders is very easy to understand and follow. It's not at all painstaking unlike many loan granting institutions. You will be able to receive a loan within minutes. Nowadays, most of the direct money lenders have an online process. You can even approach the loan brokers for better results. How does it work?
You need to fill up the form (online/offline).
; You will receive a quick quote soon after you fill the form.
Money in your hands within minutes/hours, depending upon the time your bank takes in processing it.
Conditions for borrowing direct loans-
There are some basic criteria you need to fulfil in order to borrow money from a legal direct funds lender. These are-
- Age- 18 and above.
- Must be a U.K resident
- Must have a fixed income
- Proper address
With these, you can approach loan lenders. Depending upon the lender, you may require a few more criteria.
Bad Credit Score
Yes, even with a bad credit score you're eligible for this benefit. Why? Because they basically care about their returns from the loan provided and generally interest rate on such loans are high. So, you can go for 12 months direct loans regardless of bad credit score.
How to Approach Direct Money Lenders?
You have both online and offline modes to find direct money lenders. There are few banks and institutions in this regard. Many organisations in U.K are registered under FCA for this purpose. Finding loan lenders on your own and that too offline may take much of your time. So, for money seekers and especially for bad scorers, online platform for finding a suitable 12 months loans for bad credit score is the best. The easiest and fastest way to find one is through the loan brokers agencies. They will serve you the results in less than 15 minutes.
Thus, there is an alternate universe of capital and loan available if you end up reducing your credit score. Only care has to be taken to make interest payments on time to avoid heavy penalties.
Doris Brown writes blogs and articles for the top notching blogging platforms. Reading her articles is indeed about gaining the knowledge particularly of the UK finances. My sole purpose is to provide the right information to the people.