Bad credit is one of the major hindrances in getting a loan. If you have one, then you probably have existing financial troubles as well. This means that you must be need of money and could be looking for loans.
Banks are totally out of the question as they hardly entertain individuals with poor credit scores. They have strict rules and regulations and a complicated approval process for loans.
Your next option for loans, if you want instant approval, is either loan brokers or direct lenders. In this article, no matter if your credit score is bad or good, we discuss why one could need instant approval and how direct lenders are the smarter choice than consulting a loan broker.
Why People Seek Instant Approvals?
Emergency situations can occur to anyone. You may need money immediately and the loan could be the best option. However, loans can fairly take time to get approved even if you meet the eligibility criteria without problems. Unfortunately, your car repair, home improvement or utility bill can’t wait that long. And if you are seeking a loan to resolve existing debt, then you simply need an instant approval no matter what your credit is: bad or good.
It is possible to get instant approvals and that too without having a good credit score. There are many direct lenders nowadays, both online and otherwise, that specialize in bad credit loans. They have relaxed regulations and instant approval process to follow.
Why Choose Direct Lenders over Loan Brokers?
When you need things to be done quickly, it is easy to have a lack of attention. You will seek any source that can approve you with bad credit. If you come across loan brokers who promise to get you an instant approval, then you are likely to take the bait. However, you can never completely trust the process of these brokers.
- You don’t know how many lenders they hand out your information to and what kind of lenders those are. Therefore, your information becomes vulnerable and the risk of getting scammed increases.
- On the other hand, if you deal with direct lenders on your own, you can research yourself. You can control what companies you shortlist and who to finalize and share information with for a loan approval.
How Do Direct Lenders Work?
Direct lenders are not difficult to find so you don’t have to worry about that hassle. These lenders openly advertise their special loan offers for individuals seeking to borrow with a bad credit. The approval procedures are specifically designed to work almost instantly, to accommodate those who are in need of immediate money.
Direct lenders are typically found online. You will be able to access an online application that takes a very small amount of time to complete. You will then receive the loan contract in an email. You will sign it and forward it in just one click. Once the contract is received back by the lender, the loan money will be directly deposited to your account.
Improving your Credit Score
With these loans, you don’t just get instant funds but can also improve your bad credit score. If you resolve existing debt, pay back the loan money on time, learn to manage your expenses, and save for future unexpected expenses, you can turn around your financial situation. The timely payments will be reported to a credit bureau by the lender, which will improve your credit report.
Paying back on time can be managed as these lenders can offer flexible payment schedules. For example, you can get a long-term installment loan and pay over a long period of time quite conveniently. Meanwhile, you should try your best to improve personal finances.
Please take a look at locations where we offer loans:
Greater Toronto Area (GTA): Toronto, Scarborough, North York, Etobicoke
Region of Peel: Mississauga, Brampton, Caledon
York Region: Vaughan, Thornhill, Richmond Hill, Markham, Aurora, Newmarket, King, Whitchurch-Stouffville, East Gwillimbury, Georgina
Durham Region: Pickering, Ajax, Whitby, Oshawa, Uxbridge, Scugog, Brock, Clarington
Halton Region: Oakville, Milton, Burlington, Halton Hills