Installment Loans Direct Review

Installment Loans Direct ReviewInstallment Loans Direct says you can get up to $2,500 and that you can have up to a year to pay it off. But they also point out in the details that you can choose between three, six, and nine month payment plans, as well as multi-year plans if you qualify for those.

Having more time to pay off your loan should not be overlooked, because it is perhaps one of the biggest reasons why people get caught up in the payday loan process. When you have to pay off a payday loan on your next payday, it often leaves very little for you to live off for the next two weeks. However, when you have 3 months or more to pay back the loan, it breaks it up into smaller pieces that are easier to handle on your pay day.

What we often see when it comes to installment loans is that they will charge you about the same as a payday loan, but they will spread it out over time so that if you take out a payday loan and kept taking it out over and over again over six months, and also if you took out an installment loan for 6 months, in the end you would have paid about the same. The only difference is with installment loans you have less running around and taking the money out over and over again.

That being said, you also have to factor in that there are no penalties for paying your loan off early when you go with an installment loan from this company. This means that you could take out a loan now, pay it off sooner, and actually save yourself a lot of money compared to going with a payday loan.

Installment Loans Direct Review – The Basics

The first thing you should know about Installment Loans Direct is that they are not a lender, and not a broker either. They are basically in business just to collect your registration information, which they will then pass on to their network of lenders and will receive some sort of payback based on that information. Whether this is a flat fee for sending them a new lead, or whether they get a commission only when you take out a loan with one of their lenders is unknown, but the point is you don’t have to pay for a service like this, it’s paid by the lender.

Not a Lender
The reason they want to make it quite clear that they are not a lender is because they will not be subject to all the regulations that a financial institution is subjected to. They can basically run their business, collect your information over a secure server, and then pass that information along to a lender that has to be registered and follow all of the state guidelines where they are incorporated.

What They Do
Installment Loans Direct asks right away what kind of income you are making and what your credit looks like. They even show you a list of lenders that you can choose from, and apply through their site. It’s important to point out that this is for installment loans, which are a bit different than payday loans, so the requirements are a little more drawn out, and you will need to have your credit checked in order to show some sort of credit worthiness so that they can lend to you over a longer period of time and potentially make less off of you than a payday lender would.

Our Recommendation
When we look at a network of wonders like the one Installment Loans Direct provides, the big thing we are looking for is whether or not these lenders are pre-screened, or whether they are just your run-of-the-mill lenders that anyone could have added to the network. It seems like they are simply sending you a pre-set list of lenders based on very few questions that you answer in order to let them know what kind of loan you need. We like to see more of a customized approach, one that shows that they are adding value to the service rather than just collecting your information and making money off of it.

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