Borrow from a direct short-term lender
You might want to use a direct short-term lender in the following situations:
You need money today. When you don’t have time to shop around, working with a direct lender that you trust could get you the money in the easiest way possible.
You want to avoid broker fees. While there are some connection sites that can help you find a short-term loan for free, brokers can charge fees that make an already-expensive product even more costly.
You want to avoid lender calls. One of the main drawbacks of working with a broker or connection service is that you might receive calls from lenders, well after you’ve taken out your loan.
You don’t have a bank account. It can be hard to filter for lenders that don’t require a bank account through connection services or brokers — you might have to do that research yourself.
Direct lenders are often cheaper and safer to use than brokers. That’s because brokers typically work by giving your information to multiple providers.
Eligibility and how to apply
For many short-term lenders, applications can easily be completed and submitted online. In order to secure a loan, you’ll need to meet some qualifications, which generally include:
Be a US citizen or permanent resident.
Meet the age requirements — usually between 18 and 21 years old.
Have a steady income.
If all of the requirements are met, there are usually just a few steps to apply. While the actual application will vary by lender, you’ll generally need to:
Provide your name, date of birth, address and email address.
Fax your state-issued ID or enter the information if applying online.
Give details about your employment status and income.
Direct lenders vs brokers
Direct lenders are often cheaper and safer to use than brokers. That’s because brokers typically work by giving your information to multiple providers to find out which lenders you can qualify with. Generally you don’t get a chance to review all of their privacy policies first. Many broker or connection service users complain about getting a barrage of phone calls from lenders.
But a broker can be useful if you’re having a hard time finding a loan you can qualify for. They might have connections to lenders that you hadn’t heard of or loan options that you weren’t aware of. If you’re new to borrowing, a broker could be a good resource to help you through your first application.
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