Learn How To Identify A Credible Direct Lender


It’s hard not to panic when you’re facing down a pile of past due bills. Desperate for fast cash, you can apply for the very first loan you come across. Unfortunately, it may not be the loan you should have according to your financial profile. Don’t let your anxiety cause you to accept terms and conditions outside of your means. It’s worth spending a little extra time exploring options. Learn the difference between a predatory campaign and a practical financial tool. Here are a few tips to help you distinguish the difference on your  own.

  1. Official Accreditation &  Association

A license is an easier way to eliminate less than savory opportunities from your options, as this certification was put in place to protect consumers from predatory companies with rates guilty of usury. A lender will only receive their license if they follow state-wide laws regulating their rates and terms. It also helps to confirm your state licensed lender is an active member of the lending community. Take, for example, the lenders at MoneyKey. They retain memberships in both the Online Lenders Association (OLA) and the Community Financial Service Association of America (CFSA). Both their accreditation and affiliations should be easily found on their website, as it is on the Moneykey.com homepage. You can always double check by looking up the lender in question on  Google.

  1. Streamlined  Process

Financial assistance through traditional means comes with a lot of red tape that can take a long time to navigate. Between lengthy in-person interviews and invasive reviews of your financial history, these formalities have criteria you can’t meet, making these kinds of loans unrealistic for your circumstances. An online direct lender operates differently from most traditional routes. They and they alone facilitate their small dollar loans, so they don’t need to defer to another financier in order to review or approve your application. This can significantly cut down the time it takes to secure a loan. Meanwhile the application process itself is very simple. It shouldn’t take any longer than 20 minutes, as you only need to provide basic contact and financial information over their  website.

  1. Online  Availability

Your application shouldn’t be the only thing you can submit online. A convenient loan can be received and paid electronically, too. A direct lender should allow simple e-payments as you’ll have a greater chance at paying your loan back on time when you’ve schedule automatic payments. They should also provide access to a crew of knowledgeable loan specialists should you have any questions or concerns at any point of the borrowing process. From just getting started to paying off your loan, there should be someone available to help you  out.

Keep these three points in mind and not only will you simplify your search for a lender, you’ll accelerate it, too. Resist the urge to accept the first loan you can find. You’ll find assistance that meets your capabilities without wasting time — which means you’ll be able to get to that pile of bills without missing a due  date.

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.