2 Ways a Direct Lender Can Help You

As of 2015, a new statistic came out shedding some light on the plight of many families. 62% of families would not be able to cover an unexpected expense of $500 dollars or more. If you fall into that statistic and your car breaks down, would you have a plan in place to take care of it? There are good options available for those that need a short term loan and while the media does not have favorable things to say about those options, they are good options. Here is a quick list of some of those options.

The media will have you believe that a payday loan is one of the worst things you could do. On the contrary, in the right circumstance, a payday loan could be the best option. These are very short term loans, typically lasting no longer than 30 days. The limits allowed are usually much lower and the rate is higher than a traditional installment loan. The intent is to simply help the borrower get a small amount of cash for a very short time and the full balance is usually due by the next paycheck.

Short term loans are also another great option when you are in need of some extra funds. These loans are installment loans that are paid over a longer period of time, usually about 6 months or so. These loans offer a little bit more flexibility in the amount and it’s easier to pay back installments rather than a full balance in a short amount of time.

Another important question to ask is how long the approval process will take. In an emergency, a few days to approve your request may be too late. It is best to work with a lender than can make a decision quickly to help you as soon as possible.

Any time you are considering borrowing money, the most important thing to do is to work with a reputable Direct lender that will be very transparent with you about the fees and interest rates involved. Take the time to ask the right questions and have a full understanding of the agreement you are entering. A reputable lender will want to help you and will very upfront and honest about the terms.