When it comes to instalment loans working with direct lenders somehow sounds like a better idea compared to the indirect lenders. We are all predisposed to thinking that direct is always better in every situation. Is it really so, though? How many of us can actually claim that they know who the direct lenders are and who are the indirect lenders? How many can prove that one is better than the other? Hence, we decided to shed some light on the subject, starting with defying who is who and who does what.
Who are Direct and Indirect Lenders?
In the arena of instalment loans we are dealing with companies and/or individuals that are offering funds themselves, therefore they have total control over the contract terms and conditions, including rates and repayment. These are direct lenders.
Indirect lenders, on the other hand, offer a loan connecting service. They basically forward your loan requests to a network of direct lenders, but not just that. If you want to find a good offer you will have to request a quote from several direct lenders. You will have to search for them and contact each one individually. In other words, direct loans require you to do extensive research that an indirect matching service would do for you.
The biggest advantage of indirect lenders, however, is that members of their network may compete to offer you the best deal, or the loan service may select the best direct lender for you. Plus, skipping the research may save you tons of time and effort. Let’s not forget that these types of loans are created as a response to critical financial emergencies. Emergencies are rarely offering you the luxury of time to do quality research. So, when they strike you better utilize all the services available to act quickly.
Are all Indirect Lenders created Equal?
The short answer to this question is-no! Let us now go into details and explain how exactly loan connecting services are not created equal. First and foremost, a loan connecting service is as good as its network of partners. The wider the network of direct lenders they work with, the better the chances for the borrower to find a suitable offer. At the same time, wide doesn’t always mean reliable. It’s far more crucial for the matcher to work with qualified direct lenders. And by saying qualified, we mean reliability and integrity.
Instalment loans have notoriously high-interest rates. When direct lenders lack integrity, they tend to take advantage of that. The job of the matching service is to create a platform for them to come up with competitive rates in order to be selected, to create a system of checks and balances where the borrower is protected from abuse. The basic economic rule of “competition evolves the product” works in the instalment loan market as well.
What makes Shinycash stand out?
Shinycash offers borrowers the option to choose their lender themselves. We have done meticulous research and created a network of highly qualified lenders for you. Still, after forwarding your request to direct lenders we don’t select your lender. You get the chance to review all the available offers and make your own selection. We believe that this is the only way for the borrower to ensure that they are getting the best deal out there and to feel totally comfortable accepting it. At the same time, we offer loans without relying upon credit scores. Our lenders work with all types of credits and situations. This puts installment loans within reach for those with bad credit or a short credit history. We also pride ourselves in getting you a loan decision fast, and if your loan application receives approval, the lender will deposit the funds directly into your bank account in a matter of days.
Shinycash is a connecting service for installment loans ranging from $100 to $2500, depending on the lender and state. The interest rate may vary based on the borrower, but we guarantee that no matter the situation you find yourself in, we’ll do our very best to match you with a direct lender who will make you a decent offer.
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