The internet is covered with ads and websites that claim to be able to get nearly anyone a loan in a very short amount of time. The only point in time you will see those claims disappear is when you need a direct lender loan. This is when you want to find a lender to work with directly for the loan, allowing you to go and get the money, instead of working with brokers who mediate your information between companies. Sometimes figuring out which companies are actually brokers and which are the lenders themselves can be difficult, but direct lenders and their optimal rates make the work to figure out who you are dealing with worth the effort.
Why Pick a Loan from a Direct Lender?
Direct lender loans are often simple to get, as this allows you to circumvent agents and brokers. Since these other parties often work on a commission based system, going without them can save you time and money! Some brokers get a commission paid to them by their company, but others require the borrower to pay one as well, so avoiding a broker can save you quite a large sum when your loan is paid off. You can also save time by avoiding the hassles that come with having to bicker over loan terms with a middle person and work with the lender directly. Know and understand all of the terms of your loan straight from the lender instead of an agent telling you what he or she thinks you need to know.
What Makes Loans from Direct Lenders Different?
The problems most consumers face when it comes to using direct lenders is actually locating the lenders themselves. Using a search engine will typically return a mix of results, because of the words brokers and agents tend to use on their websites. You may also stumble across websites full of lists of places, which really won’t help you find much unless you contact each directly. The goal of these websites is simply to make extra money, so you can easily bypass these as solid sources to locate direct lenders. Any website you work with, make sure you check out first. Giving your personal information out to just anyone is dangerous and could leave you in worse financial shape than you want to ever have to deal with.
The fastest way of determining if you are contacting a lender directly or an agent or broker is to look over any contact information you can find on the website. You want to see landline telephone numbers listed instead of Skype numbers, plus you want to see an actual address of a brick and mortar location instead of a P.O. Box address that anyone can rent for a few dollars each month. Any website mentioning multiple direct lenders should be avoided as well, because that is a big clue you are about to contact a broker.
Are You In Search of Direct Lender Loans?
Occasionally consumers will make the assumption they can get lower interest rates through brokers, but that can depend on multiple variables. Many lenders of direct loans will be able to work with you to get lower fees than a broker could manage due to the decrease in fees, interest rates, and deals that direct lenders can offer. Plus, in an attempt to protect consumers, direct lenders often carry a rating with the BBB (Better Business Bureau) and have licenses to prove their education and abilities. That way you can be sure you will deal with people focused on the utmost professionalism before you put your signature on any documentation or even give out your personal information to a stranger. Brokers and agents are unable to provide these protections to consumers, so in a situation like this, buyers must beware.
The Oklahoma Department of Consumer Credit (ODCC) is an agency of the state of Oklahoma. The Department regulates the consumer lending business in Oklahoma by overseeing non-commercial credit, small loans, installment sales and usury. The Department also investigates and licenses creditors of the state.
The Department is led by a Consumer...
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