Do you need fast cash? Planning to take a loan? When it comes to a loan, you can either choose a direct lender or a loan broker. I am sure many of you don’t have any idea about these two options. The main difference between direct lender and loan broker is the middle man. When it comes to the direct lender loans, a middle man will not be involved between the lender and borrower.
On the other hand, a loan broker helps the borrowers to find a lender. In short, a loan broker acts like a middle man between the lenders and borrowers. Which one is more beneficial? Is it your question now? Continue reading to find an answer to your question.
- Most of us aware that every lender asks the borrowers to submit few mandatory documents like identity proofs and etc. When you choose direct lenders, you have to submit your documents to them directly, which can actually save your time. When you choose a loan broker you have to wait until your file is submitted to a lender. Because, you will be submitting your documents to the loan broker and not to the lender directly.
- When you choose a loan broker you may not get a chance to discuss with their staff about the ROI. However, when you choose a direct lender you will have scope to discuss about ROI. Most of the direct lenders can offer some discounts to you if your credit rating is good.
- Most of the loan brokers charge certain amount for their services. You can avoid paying those extra charges by choosing a direct lender.
Banks are the first choice for many people, who want to apply for a loan. However, they don’t offer small amounts to the borrowers. Moreover, they may ask you to open a bank account to avail their loan. You should have good credit rating as well to avail loans from them. On the other hand, super market loans are not a great choice if you are looking for short term loans. The minimum tenure of a supermarket loan is one year.
Worried that you don’t have a good credit score? Stay relaxed, because we have online direct lenders now who offer short term and payday loans to the candidates even with bad credit rating. One of the best direct lenders in online is LoanPig, and they offer payday loans at a very attractive ROI. LoanPig is also a loan broker as well. Do check their website today, to know how beneficial their loans would be.
How to apply for a loan online?
Applying a loan online is very easy now. Here are the steps for you.
- Visit the website of the lender you have chosen.
- Open the application form and fill it without leaving any fields.
- Once you are done with filling your details, submit your application form.
Sounds very easy right! Apply for your favourite loan online now sitting in the comfort of your home!