A direct lender is an independent financial institution that makes loans to individuals and small businesses, rather than banks or credit unions. They offer low interest rates and flexible terms, which means you can get the loan you need without paying any fees. There are more than 3 million direct lenders in America alone, and they provide over $1 trillion in financing each year.
The best part about direct lending? It’s fast! If you apply for a loan with a direct lender, it could be approved within 24 hours. And if your application isn’t approved, you won’t have to wait weeks for your money.
With direct lenders, you can also take out multiple loans at once, so you don’t have to pay anything extra. For example, if you want to buy a business car, you might qualify for two loans: one for the down payment, and another for the rest of the purchase price. You’ll pay less interest on both loans, and you can still afford to make all payments on time.
Another great thing about using a direct lender is that you can save even more money by refinancing your existing loan. Refinancing means taking out a new loan with a different term (usually between five and ten years) or a lower rate. This way, you can stretch your original loan while saving on interest payments.
For example, let’s say you already have a $10,000 auto loan from a bank. Then you decide to refinance into a $15,000 loan from a direct lender. By doing this, you’ll save $5,000 on interest charges, which will put more money in your pocket.
You might not think it’s worth the hassle of applying for a second loan, but there are many reasons why it’s beneficial to do so. Here are just a few:
– You’re able to keep your business instead of having to sell it.
– You can buy a bigger property, or more effective business equipment, with less cash upfront.
– You can use the money you would’ve paid in fees to invest elsewhere.
– You can give your employees raises and bonuses.
– You can save money on taxes.
– You can start investing in yourself.
– You can pay off your debt faster.
– You can consolidate multiple loans into one.
– You can pay for home improvements, vacations, and other expenses.
– You can build equity in your house.
The benefits to using a Direct Lender are numerous.
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