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Direct Private Lenders For Personal Loans

If you are in need of fast cash, you are likely considering seeking out a loan. While unplanned expenses and emergency costs are an unfortunate inevitability of life, the loan industry is ever in flux. You will be pleased to learn that the process of seeking out a personal loan is easier than ever before, and the old-fashioned route of begging the bank for money is no longer your only option.

If you are dealing with cash flow problems, emergency car or home repairs, or a family emergency, a payday loan could be the best option for you to get back on top of your finances. With a personal payday loan from a direct private lender, you could access up to $1500 cash within minutes, making it a great solution for Canadians dealing with a stressful money situation.

A payday loan is a type of short-term personal loan that essentially acts as an advance on your next paycheck. This type of loan, however, is separate from your employer, and is generally much easier to obtain than a traditional bank loan.

A payday loan from a direct private lender is unsecured and unrestricted, meaning you don’t need to put down any collateral, and you are able to spend the secured funds on anything that you like. This valuable financial resource has helped countless Canadians get on top of those stressful, last minute expenses that just can’t wait until payday.

What Is A Direct Private Lender Anyways?

A direct private lender is a non-bank creditor that is licensed in Canada to extend credit to an individual. A borrower can apply to these lenders directly, bypassing the traditional bank loan borrowing route. You likely know direct private lenders as a “loan shop” or “loan agency,” and these days reputable lenders can be found both in person and online.

Why Choose A Direct Private Lender Over A Bank Loan?

Gone are the days of having to set a meeting with your local banker, only to have to beg for a line of credit. Hard to obtain and with generally tight loan terms, bank loans can be a slow and difficult process in an already stressful financial situation.

With modern technology and more sophisticated, inclusive ways of deciding if a borrower is a good candidate for a loan, direct private lenders have revolutionized the short-term personal loan industry. These days, instead of having to wait for days for approval from a bank, you could have access to emergency funds within minutes.

To make the process even easier, most of this new wave of reputable lenders have moved their processes online, making the admin side of seeking a loan easier than ever before. No more paperwork, no more bank queues!

Advantages Of Modern Online Lenders

When comparing these modern online lenders to a traditional bank creditor, there are many differences that make the former the best option:

  • Apply faster: The application process for online loan agencies has been streamlined to be as fast and as simple as possible. Without the need to print, collate, and cart around all your personal information, you could have your application finished within minutes.
  • Get your money sooner: With advanced online technology, the money transfer happens instantly after your signed loan contract is received. With a secure email transfer, that means you could access your funds today.
  • Higher approval rates: Unlike banks, modern online lenders take more than just your credit score into consideration when deciding whether to approve your loan request. Other factors such as pay schedule, employment, and alternative income sources are all included in your application, making it much easier to be approved from an online lender.
  • 24/7 access: Unlike a bank or a brick-and-mortar loan branch, you are able to apply for an online payday loan everyday, including on weekends and holidays. Emergency expenses don’t abide by business hours, so why should your access to quick cash?
  • Peace of mind: With the whole process being online, you can feel empowered throughout the entire loan process. You have the ability to compare lenders, read the fine print, and make the decision that’s right for you, all without the pressure or hassle of branch staff.

How To Apply For An Online Personal Loan

If you’ve decided that an online payday loan from one of these new, modern online lenders is the right choice for you, the application process is luckily very easy:

  • Research lenders: A search of the internet will likely return many online lending options. Make sure to look through them, and decide which one is right for you, taking into account their license, history of positive reviews, and intuitive user experience.
  • Fill out the application: Once you’ve found the right lender for you, take the time to fill out the application for your chosen loan as thoroughly as possible. The more information, the better! You can do this all online very quickly.
  • Sign your contract: Upon approval, you will receive a digital loan contract. This will contain the specifics of your individual loan, so take the time to read it through. If it all looks good, e-sign it and return it with a few easy clicks.
  • Get your cash: Once your signed contract is received, an automatic payout will be sent to your bank account. You could have the money within minutes, giving you peace of mind to get on top of those looming costs.
  • Make your repayments: The agreed repayment(s) and fees will be automatically deducted from your bank account, usually scheduled in tandem with your next paycheck.