What Are Direct Finance Loans?

The need for extra cash can arise at any time. Taking out a loan is an option, but lenders sometimes have lengthy and complex applications, and approval can take forever. You may not be able to avoid this procedure if you plan lending hard money, but if you need a smaller sum quickly, you need a faster solution.

This is where direct finance loans come in handy, which we’ll discuss below.

What this article covers:

Direct Finance Loan: An Overview

Direct financial loans are short-term financial arrangements that can help you get your pay early in Australia and overcome financial troubles before your paycheck arrives. This way, you can borrow anywhere from several hundred to several thousand dollars. 

These loans speed things up because they enable you to borrow money for your short-term needs directly from the lender. As such, there’ll be no intermediaries, additional costs, and hassle with funds becoming available quickly.

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How to Apply for Direct Financial Loans in Australia

The procedure for applying for direct loans in Australia is fairly easy, considering that most lenders offer no paperwork loans and simple application forms on their websites. But before you choose a lender, you must know how much you plan to borrow.

You should take only what you can repay. Most of these loans offer flexible repayment terms, so you can choose the loan tenure from 16 days up to a year or two, depending on the amount borrowed and your financial goals.

The application takes only a couple of minutes. You provide essential information and submit requested documents, and after a brief credit check, you get the response fast. In case of a positive outcome, the lender funds your bank account within a few hours or the next 24 hours.

Costs of Direct Finance Loans

Reputable lenders who provide pay later no credit check loans have transparent rates. 

Loans of up to $2,000 have flat fees and no interest. Usually, you’ll be charged a one-time setup and monthly fee. Bigger loans carry APR, which can be up to 48%, plus fees that can depend on lenders. 

You can get lower rates if you have an excellent credit score and credit history with no bad marks.

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Benefits of Direct Finance Loans

You can access these loans any time from any smart device, but there’s more benefit to these financial products:

  • No third-party costs, which makes the overall loan costs transparent and predictable.
  • Cash arrives fast, usually within 24 hours. But with cash bridge loans, you get almost instant approval and access to funds within a few hours.
  • Flexible repayment terms allow you to set due dates when suit you best and thus avoid late or missed payments.

To Sum Up

Lack of money can disturb you, but direct finance loans allow you to solve financial problems with no hassle. With flexible repayment terms, you can adapt these loans to your needs and capability and pay them back without problems.

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