Direct Lender Loans

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Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).

  • Fast Quote
  • Bad Credit Considered
  • Safe and Secure
  • 24/7 UK Service

What are Direct Lender Loans?

A direct lender loan is a kind of loan in which the lender lends their own money without the involvement of a third party like a broker.

Direct lenders include banks, government, or specialized loan agencies. These loans can be made quickly because they can make an instant decision based on their own criteria.

Are There Any Differences Between a Lender and a Broker?

  • A lender uses their own source of funds and makes their own criteria for lending, enabling them to make fast decisions on loans.
  • A broker does not lend money themselves but arranges loan transactions between lender and borrower.
  • Loans can take longer through a broker since the broker will contact various lenders to find the suitable one for you in terms of interest rate, repayment schedule, and general flexibility.
  • A direct lender can also tailor the terms of the loan to suit you, and again this can be quicker since you are only dealing with one agency.

How to Find the Most Suitable Direct Lender in The UK?

To find the most suitable direct lender, it is important to do thorough research, checking out all the direct lenders. Being sure to compare short-term loans from various direct lenders in the UK is a good way to ensure that you get a loan from a reliable lender.

Having a good credit score is very useful to get the best terms from lenders since borrowers with poor credit records usually end up paying a higher rate of interest. When researching lenders you should also look for those offering discounts for example for first-time borrowers, since this may result in a lower rate of interest for you.

However, the most effortless way to find a suitable direct lender is to find a broker specializing in the loan business first. With its knowledge in the industry, a broker will save you many hassles while still get the loan you need without other fees.

How Can CocoLoan Help Me Find A Loan?

  • Partnered with Industry-Leading Lenders

    As a broker, we work with the leading direct lenders in the industry and can always find you the loan terms that best suit your financial situation.

  • Instant Decision in Minutes

    With our knowledge of the best direct lenders and already established relationships with them, we can quickly guide you through the application process so that the lender can make an instant decision on your loan.

  • No Surprising Charges

    Our partnered lenders make everything transparent and all fees and charges are fully explained upfront, so there will be nothing in terms of charges that come out later when you do not expect them.

  • Bank-Level Security

    Any loan arranged by Cocoloan is always through the most reliable and reputable companies and institutions so you can be sure the loan is completely bank-level safe.

Do I Need a Credit Check When Applying for a Direct Lender Loan?

The law states that all direct lenders must carry out credit checks on all loan applications. Usually, after an online application, the lender will carry out a soft credit check that is not recorded on your credit records, and before the loan is finally approved the lender will do a hard credit check which will be recorded on your credit history. With this information, the lender can make a final decision even if you have a poor credit record.

Frequently Asked Questions

Can I Apply for a Direct Lender Loan with Bad Credit?

You can apply for a direct loan with bad credit. After a credit check, the lender may decide to loan the money based on your current ability to service the terms of the loan, although it may be at a higher rate of interest to account for the risk factor.

Is the Online Direct Lender Loan Best Option for Me?

  • An online loan is more convenient than going to banks and institutions, having meetings in person, although some people prefer this.
  • It is also easier and quicker to compare online loans with their rates and repayments, although in the end, the best loan is the one with the lowest interest rate and greatest repayment flexibility.

What are the Pros of Working With a Direct Lender?

Direct lenders use their own money and ensure their terms are very clear. They can make fast decisions and can be more flexible in terms of lending to people with poor credit or no credit history, basing their decisions on the borrower's ability to service and repay the loan.

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