When most people think of a direct loan, they probably think of a bank - the original direct lender. But banks cut back on their direct lending activity following the 2008 financial crisis. It’s still possible to get an installment loan from a bank, but you’ll generally face a demanding application process, tough underwriting requirements and a lengthy wait for a personal loan approval.
Many desperate borrowers facing financial emergencies end up applying for instant approval loans from payday lenders. They usually end up regretting it in the end.
The short term relief evaporates as they realize they need to repay that money in full within weeks. Many borrowers are stuck right back in the same situation after such a short period. In fact, according to the CFPB four out of every five payday loans are either rolled over or renewed. Each renewal comes with a fresh set of fees along with the original balance and high interest rates. Borrowers wind up with instant approval loans – but with highly unfavorable lending terms.
As a direct lender, LoanNow can be a financial lifeline – providing personal installment loans that give you the time you need to pay them back.
Be Careful of Installment Loans With No Credit Check
A website might try to disguise itself as a direct lender of installment loans with claims like “No credit check!” or even “100 percent acceptance rate!” Sites like this claim to offer direct lender installment loans, but you may not actually be dealing with a lender at all. Instead, they are lead generators that sell your personal information to third parties. These aggregators only reveal their true nature in fine print disclaimers like “THE OPERATOR OF THIS WEBSITE IS NOT A DIRECT LENDER”.
So when you submit your financial information to an online aggregator site, where does it go? The answer may surprise you. It’s true that some online aggregators work with a specific group of institutions that offer direct lender installment loans. But others simply distribute information randomly to third parties, many of which are little more than scam operators that prey on desperate borrowers. Some online aggregators even share borrower information with other aggregators!
An installment loan is a loan that is repaid over time with a set number of scheduled payments. The term of loan may be as little as a few months and as long as 30 years. A mortgage, for example, is a type of installment loan.
The term is most strongly associated with traditional consumer loans, originated and serviced locally, and repaid over...
Money Mart is a Canadian payday loan and cheque-cashing company. It was founded in Edmonton, Alberta in 1982, and grew steadily. It was purchased from the founders in 1996 by Dollar Financial Group. Money Mart currently owns 412 stores across Canada with an additional 53 franchised stores. The head office is located in Victoria, BC.
On Dec. 23...
Semiannual installment 5 1/2 per cent amortization tables for use of the federal land banks, joint stock land banks, and national farm loan associations
Book (University of Michigan Library)