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Look for Flexibility When it Comes to Your Next Loan

No matter who you are, the chances that you’ll run into some financial problems at some point in your life are very high. Sometimes these difficulties are the result of a major life-changing event like divorce or health problems. In many other cases, the causes to your financial woes are much less dire. A mechanical problem with your household’s only car or a breakdown of a major appliance can be a serious drain on your finances. Unfortunately, these kinds of surprise expenses rarely happen when your savings have enough cushion to cover them. When you find yourself responsible for unexpected bills you can’t afford to pay on time, don’t panic. A direct online lender is there to help.

Direct online lenders are America’s fastest growing alternative to traditional lending companies. You know the traditional type; they usually ask for a lot of information regarding your financial and credit history, with enough hoops to discourage you from applying all together if you have poor credit. They also take too much time reviewing and approving your application, as they need to communicate with their associated companies in order to facilitate your loan. When the due dates of your bills are looming, you can’t afford to wait.

Comes to Your Next Loan

Direct online lenders, on the other hand, don’t require the same kind of financial data as their traditional counterparts. You typically have to provide proof of income and your bank account details, as well as a valid email address for communication purposes. As the ‘direct’ in their name suggests, these lenders review, approve, and facilitate your loan directly, so they don’t waste valuable time communicating with other lenders to get you the money that you need.

This application will take very little time in your day and you can complete it wherever you have access to the Internet. By virtue of filling out an application online, you’ll know if you qualify instantly. If your information checks out and you agree to the contract, approval can be yours. Once approved, your loan may be in your bank account in as little as one business day.

The amount you can expect to see, should you be approved, varies from state to state; however, typically direct online lenders provide small dollar loans. This means you can secure a loan between $200 and $500. The loan’s repayment will also depend on the state that you call home, as each state has specific laws about the fees, terms, and conditions involved in small dollar loans. For those living in Delaware, Illinois, South Dakota, Texas, and Utah there are installment loans available from lenders like MoneyKey that allow you to repay your loan in segments over the course of several pay periods. To see how these loans differ from typical payday loans, read up on the flexible payment loans from MoneyKey. As a state licensed lender and broker, they provide flexible repayment programs for those that find paying back their loan in one lump sum difficult.

A small dollar loan with a flexible repayment terms is a simple way to find the money you need without endangering your financial future. When you can break up your repayment into installments that fit your pay schedule, you can easily integrate your loan into your monthly budget. That way, you’ll have the money you need for immediate expenses without dooming yourself to debt.

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