Online Direct Lender Loans
Have you been searching for hours and hours online to find the best online direct lender loans? Well, there is no need to look any further! Online lenders, like us, here at BingoLoans can offer you exactly what you need. So let us help you find the ideal loan for your financial circumstances.
What are Online Direct Lender Loans?
Online direct lender loans can be any type of loan which is processed online. But, the key factor is that you are able to apply directly for a loan through the click of a few buttons and the input of some important information. After this, if you are approved, the direct lender is then able to lend you the funds you applied for. Online loans are repaid monthly in smaller instalments including interest.
Am I eligible for a Short Term Loan?
Online direct lenders like BingoLoans all have very specific criteria’s. This is to ensure that both the lenders and the borrowers are comfortable with the process. For example, it would be very difficult, if not impossible for borrowers to repay a loan if they don’t have any specific, reliable source of income. This is why lenders will require you to be in employment or have some sort of stable income e.g. disability benefits or pension income.
So, similarly to any type of application, there are some criteria which you must meet before we can accept your application, or even pass it onto our panel of direct online lenders. Here at BingoLoans, our criteria are as follows:
- Be over 18 years old & a UK resident
- Have a bank account and an active debit card
- Be in permanent employment or receiving various allowances
- Meet our credit and affordability criteria.
- Agree to provide accurate information about yourself and your financial situation
Can I Apply for a Loan with Bad Credit?
BingoLoans offers online loans for those with bad credit. We believe that your credit score doesn’t define you, so we take multiple other factors into consideration when deciding if you’re suitable for a loan. Many people believe that if you have bad credit, you automatically have no chance of getting a loan but that isn’t the reality.
The lower your credit score is, the less likely you are to be accepted as a borrower. If you are accepted, it’s likely that the amount range is limited and that interest rates may be higher than usual as you are a higher risk to lend to, but you still have a chance of being accepted.
Should I apply for a loan?
When you are considering a loan, you need to think about both the pros and the cons. You need to ensure that you can comfortably repay the loan and that it is the best option for you. You don’t want to be placed in further financial difficulty in the future.