What Is A Direct Lender?
If you’ve needed to get a loan, you’ve probably asked what is a direct lender and what does it have to do with the loan. People are used to the idea of going to banks whenever they need to borrow money. However, that’s not the only way to get a loan. Knowing what a direct lender is can open up a whole new option for you to consider when you need a loan. So, if you aren’t familiar with direct lending, use this guide to learn some important information.
Use This Guide To Learn About Direct Lending
What Does It Mean To Be A Direct Lender?
A direct lender is any institution that finances a loan from its own funds. As the name implies, you work directly with them instead of going through a middleman. The opposite of a direct lender is a loan broker, who helps you find lenders from its network and then “matches” you to one that is most likely to approve your application. You’ll then have to learn the process of this new vendor and speak with their representatives.
When you think about it, there are many different kinds of direct lenders that include banks, credit unions. private companies, and peer-to-peer platforms. All of them own the funds they lend out, and set their own rules for approval and application. However, the term “direct lender” is typically associated with private lending companies. One lender you should consider is us at Fast Auto Loans, Inc. to get direct loans against car title.
Private Direct Lenders Vs Banks
Most banks will already disqualify borrowers who have a credit score that is lower than 610. If you have a borderline score, they will ask for additional financial documents. They may also check your employment record for any history of unemployment or job instability. For example, many contract workers or freelancers are denied loans because their work doesn’t fit the mold of what they think a regular job should look like.
When it comes to us at Fast Auto Loans, Inc., we offer direct loans against car title and registration loans for people with bad credit. Both let you use your vehicle as security for a loan, but title loans are for people who own the car outright and registration loans are for people who are still paying off their car. Do keep in mind that for registration loans, we will definitely do a credit check and there is always the option of needing a credit check for title loans. We just won’t automatically disqualify you.
Benefits Of Working With A Direct Lender
Aside from knowing what is a direct lender, it’s also important to understand what benefits you get when you choose to go to a direct lender for your loan. When you come to Fast Auto Loans, Inc., we do our best to make things easy and quick. We want to be a direct lender you can trust to get direct loans against your car title. Here are some of the following benefits you’ll get when you come see us:
- A short list of requirements to get through our car title loan process. Since we don’t have to deal with multiple vendors for title loans, you only have to focus on our list of required items to find out if you qualify for approval. And when it comes to our list, you only have to show the following three items:
- Your driver’s license or state-issued photo ID,
- Your lien-free title as collateral,
- Your vehicle for a quick inspection.
- Faster approval processes. Banks can take weeks to approve a personal loan, especially if you don’t have a perfect credit score. Meanwhile, our process can last a minimum of 30 minutes. And if you are approved, you can get the money that same day or the next.
- Easier communication. When you work with a broker, you are essentially playing the game of “Pass the Message.” You aren’t speaking directly to the lender from the very beginning, so there’s a lot of room for miscommunication and mistakes. Aside from being frustrating, it also causes unnecessary delays.
- Your information is kept private. We will need to look at your personal information and financial documents when you get here, but we are the only ones that see that information. When you don’t use a direct lender, your information is sent to other vendors – meaning more eyes on your information.
Where Can I Find A Direct Lender Near Me?
Now that you know what is a direct lender and the benefits of working with one, the next step is how to find one when you need to get a loan. Fast Auto Loans, Inc. is a registered and licensed direct lender in Arizona. We have branches all over the state for you to choose from and we’ve made it simple to get in contact with us. If you need to get a loan, just fill out the inquiry form on our website.
- The form is instantly sent to the nearest Arizona title loan location and one of our loan experts will call you to explain our process for direct loans against car title. If you have any questions or need clarifications about what is a direct lender, feel free to ask during the call.
- The loan representative will also schedule an appointment for you either at the store or somewhere else. During this visit, you will submit requirements and the loan representative will inspect your vehicle to help determine how much you could get if you are approved.
- Again, this process takes a minimum of 30 minutes to complete and you’ll quickly find out if you are approved. If you are, we will help you finish the paperwork and go over the loan terms. Once that’s done, you can get the money either that same day or the next.
Start Working With A Direct Lender To Get Your Loan
After reading this guide, you should be a little more familiar with what is a direct lender. Fast Auto Loans, Inc. wants this to be a convenient process for you to get the title loan you need. So, the next time you are going through an emergency and need quick money, come to us as a direct lender of title loans. Once you are ready to begin, go to our website and fill out the online form to begin the process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.