Direct Lenders Approve Bad Credit Borrowers for Thousands in Cash in a Tight Credit Market The Credit Crunch Has Made Conventional Bank Loans Almost Impossible to Access for a Growing Segment of Consumers. Direct Lenders Are Now Stepping into the Void Created by Increasingly Tighter Lending Requirements.
OAKLAND, Calif., July 30, 2013 /PRNewswire-iReach/ -- Since 2007, traditional banks have tightened their requirements for a loan approval. They place a huge amount of emphasis on credit scores. This hinders many consumers from accessing the credit they need. Unlike a traditional bank, direct lenders do not look at credit reports. Instead, they verify that you have a consistent income and active bank account. Also, to access the available cash, a borrower must be at least 18 years old, and a U.S. citizen.
If you meet these requirements, it is likely you will be approved for a short-term loan from a $100 to $1,500. This is good news for the bad and poor credit borrower. Many of these borrowers had better credit scores before the economic crisis hit in late 2007, but now are having to dig out of an economic hole without the benefit of credit.
How can poor and bad credit consumers find these lenders? Many companies have sprung up in the last few years to facilitate this process. One of the leading websites that matches poor and bad credit borrowers with flexible lenders is Badcreditpersonalloans.net. This is a resource site for those who may fall in the poor to bad credit classification. Visitors can access information on bad credit lending in many categories: personal loans, car loans, unsecured business loans and student loans. Prospective borrowers can complete a simple application and gain access to hundreds of pre-screened direct lenders.
"Our mission has always been to locate the best direct lenders available," stated Badcreditpersonalloans.net spokesman Peter Myers. "We utilize a rigorous pre-screening process to identify the trustworthy lenders who treat customers right, as well as those who will provide the best interest rates and terms."
Badcreditpersoanlloans.net helps borrowers who have experienced credit issues locate the cash they need by providing a secure online application that takes a few minutes to fill out. This information is then sent to the pre-screened lenders who are most likely to approve and fund the loan. Almost instantly, the applicant can find out if they are approved or not. If approved, they can normally have the cash in their banking account within 24 hours.
Most borrowers with poor or bad credit understand that they will pay higher fees and interest rates for these loans, but since the loan terms are shorter, the overall interest payment can end up being less than what would be paid over multiple years of carrying a conventional loan.
When dealing with multiple offers from different lenders, the borrower needs to review fees, terms and rates carefully so they can choose the loan that fits their need best. Regulations require that these direct lenders spell out the fees, rates and terms clearly so borrowers will know exactly what is expected of them.
To learn more and to access direct lenders who can approve your loan, visit www.badcreditpersonalloans.net.
Media Contact: Peter Myers, BadCreditPersonalLoans.net Ltd, (872) 222-9076, email@example.com
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SOURCE BadCreditPersonalLoans.net Ltd