Have you ever heard from people with bad credit that they got that a loan through a DIRECT lender? Ever wondered who is a direct lender? Well, I'm going to get you in the loop. In this article I'm going to share with you all you need to know about direct lenders - and if you're looking for loans with bad credit, pay close attention.
What is important first is to understand who a direct lender is. As confusing as it sounds, it's just a term used by lenders to distinguish themselves from mortgage or loan brokers. So, while a mortgage broker gets you information on a number of options for the loan from different lenders; the direct lenders for loans are actually the investors with the money to lend you.
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So, now we can understand better that a mortgage or loan broker is like a wholesaler - a middle man so to speak - with a number of options for you from various direct lenders for loans with bad credit. Direct lenders are NOT middle men - they put up the money for lending and are the ultimate decision maker to grant or deny a loan.
Though it is a popular belief that if you have bad credit and you're looking for a loan, your only option is through direct lenders. That is not true. Truth is the lender should obviously be able to offer you lower rates; you should consider the fact that the broker has products from a large number of direct lenders, he may sometimes be able to offer you a much better deal than direct lenders.
Many direct lenders for loans with bad credit advertise their services through local and national publications - particularly in industry publications where they may provide funding. Some are even turning to the Internet. But, when looking for the best interest rates on your loans, make sure you exhaust both options -- direct lenders and loan brokers. It can be time consuming. But, think of all the money you will be saving in the long run!
So, begin by taking quotes from all the direct lenders for loans with bad credit and then move on to ask for quotes from brokers as well. A patient comparison of the rates offered can lead you to the best deal and make sure you make a sound decision.
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