Why using a direct lender is better than using a traditional bank

A direct lender is an independent financial institution that lends to individuals and small businesses, not banks or credit unions. They offer low interest rates and flexible terms, which means you can get the credit you need without paying any fees. In America alone there are more than 3 million direct lenders providing over $1 trillion in financing each year.

The best thing about direct credit? It’s fast! When you apply for a loan from a direct lender, it can be approved within 24 hours. And if your application isn’t approved, you won’t have to wait weeks for your money.

Direct loans also allow you to take out multiple loans at once, so you don’t have to pay anything extra. For example, if you want to buy a company car, you might be eligible for two loans: one for the down payment and one for the remaining purchase price. You’ll pay less interest on both loans and still be able to afford to make all payments on time.

Another great thing about using a direct lender is that you can save even more money by refinancing your existing loan. Refinancing means taking out a new loan with a different term (usually between five and ten years) or a lower interest rate. This allows you to extend your original loan while saving on interest payments.

Say you already have a $10,000 car loan from a bank. Then you decide to refinance into a $15,000 loan from a direct lender. This saves you $5,000 in interest costs, putting more money in your pocket.

You may think that applying for a second loan isn’t worth it, but there are many reasons why it’s beneficial to do so. Here are just a few:

– You can keep your business instead of having to sell it.

– You can buy a larger property or more effective business equipment with less upfront payment.

– You can invest the money you would have paid in fees elsewhere.

– You can grant salary increases and bonuses to your employees.

– You can save taxes.

– You can start investing in yourself.

– You can pay off your debts faster.

– You can consolidate multiple loans into one.

– You can pay for renovations, vacations and other expenses.

– You can build equity in your home.

The benefits of using a direct lender are numerous.