Understanding the different terms and methods of the lending world is difficult for the average citizen. Just like any field, there are multiple facets that need to be considered before moving forward with big decisions. The same thing happens in the world of finance, except there’s more pressure because it’s dealing with the hard-earned money of people. So, you may not know what to expect when you hear about online installment loans direct lenders, but don’t worry. At Bonsai Finance, we’re here to help you through the process from start to finish.
What are Online Installment Loans Direct Lenders?
To the average citizen, that phrase may just sound like a mouthful, but it actually covers very important concepts in financing. It’s easier to understand when you break it down, starting with online installment loans.
Online installment loans are a specific type of loan. People who take out loans make up a significant portion of the population. According to statistics, it’s estimated that people owe $1.3 trillion dollars in student loans alone. So, everybody is in the same boat.
When you look into loans, you have many types to choose from. Installment loans, variable-interest loans, secured loans, unsecured loans, and the list goes on. When you think of online installment loans, you should think of a very well-designed payment plan, as this is what makes up the heart of an installment loan.
Who Is It For?
Almost anyone can get an online installment loan. Installment loans are the most popular choice for borrowers because they make the payment process easy and pain-free. Many people also choose installment loans because they work for those with poor credit as well. To better understand this, you need to understand how the loaning process goes.
A lender that considers loaning to a person first checks their credit score. A good credit score gets the loan through, while a poor one does the opposite. People who have poor credit can find online installment loans with direct lenders that don’t look at credit scores. This means they get a loan in the bag and no hassle for having poor credit. At Bonsai Finance, it’s our mission to find a pool of reputable lenders who meet your loan needs and never ask for credit checks.
Why Direct Lenders?
So why is it better to work with a direct lender? In the world of financing, financial security is everything. No one knows the capability and qualities of a business better than the people who work for it. With direct lenders, everyone who works with you on your loan is thoroughly versed in the business. They provide statements, payment plans, and rate options based on what they know their business can do. These people are more knowledgeable about their loans and financing and can walk with you through the whole process without a problem.
Working with a middle man isn’t a poor choice, but you do have to pay a little extra for them. A bank representative can only offer to you what the bank lays out for them. There’s no room for negotiation, and the services they provide are very limited. With direct lenders, they work with you more closely and often give you better rates for their services and loans. However, finding these direct lenders on your own is difficult.
What Bonsai Finance Does
Instead of you doing the hard work to find online installment loans direct lenders, Bonsai Finance has already done it for you. You don’t have to scour the internet. Your Bonsai Finance representative finds the best lenders for your financial needs. All you need to do is answer some basic questions and you’re well on your way to a reputable direct lender.