Whenever you went out of your house to find a loan provider present in the market you would listen to different voices. Some people will just ask you to get help from direct lender payday loans as it is convenient and considered a better option. On the other hand, some people would be suggesting you get help from installment loans as it would not burden you.
The reality is that both direct lender payday loans along with installment loans would be easy for you if you have chosen the right platform. On the other hand, if you have selected the wrong option then both the facilities would be devastating for you in all ways. Now first you need to choose a platform that provides you with maximum benefits and then choose a loan type accordingly.
For the selection of a loan-providing platform, you can get the assistance of a broker who will facilitate you at its maximum. In these scenarios, CocoLoan would be a better option and connects you with the lender of your own choice without any restriction. It is better to first have a look at CocoLoan and then move forward toward both types of loans.
CocoLoan – Best Broker For All Types Of Loans
CocoLoan is an online platform that provides you with all the facilities on your couch without any single moment. You don’t need to fax anything to use the platform of CocoLoan. The platform will not ask you about fees but rather facilitates you as much as you desire. You can have the security of your data along with working on a loan procedure.
The platform has connections with a complete variety of loan providers that are always active in assisting borrowers. Sarah Ross, Co-founder of CocoLoan, advises you to find suitable payday loans here. This platform serves you with its brokerage services in both direct lender payday loans as well as in installment loans.
Pros And Cons Of Direct Lender Payday Loans
Payday loans are considered small dollars and need to be repaid on payday. A person cannot enjoy high amounts of money in this type of loan rather it gives you a quick delivery of the amount. In the type of payday loans, you can have direct lender payday loans in which you directly access the loan provider for the discussion of the loan procedure.
If you take help from a broker, CocoLoan then it connects you directly with the loan providers so that you wouldn’t find anything confusing here. To give you help we have provided a list of positive as well as negative aspects of direct lender payday loans.
Pros:
- Easy Procedure: Direct lender payday loans help you to directly access the lender and then the procedure becomes simple. You don’t need to meet two or three people to apply for a loan.
- Few Requirements: In direct lender payday loans, a person always faces fewer requirements as the lenders are personally accessing the borrower. You can ask for adjustments from the lender.
- No Credit Check: In most situations, a person can ask lenders to perform a soft credit check. In this way, your credit score is not affected and the lender also becomes satisfied with the procedure.
- Without Collateral: If you are applying for direct lender payday loans then you are not required to provide collateral. The lender will approve the amount and hence consider it to be an unsecured loan.
Cons:
- Expensive: Sometimes direct lender payday loans charge extra money from the loan seekers in the name of interest rate. The high-interest rate makes such types of loans expensive for borrowers.
- Predatory Loans Type: It is also considered a predatory loan type as some lenders misleading by explaining unaffordable terms and conditions. Due to this a borrower could not repay the loan amount and gets trapped in a continuous cycle.
- Easy Trapping: In the procedure of direct lenders, if you have not selected the authentic platform then it is the easiest way of trapping a borrower. A borrower gets trapped by scammers easily through this type of.
Pros And Cons Of Installment Loans:
When a person cannot repay the loan amount on payday or even in a short time. Then the only solution in these scenarios is to get the assistance of installment loans. This type of loan helps you to make small installments of your loan amount so that it would be convenient for you to repay the amount.
CocoLoan connects you with lenders through which you can make installments according to your desire. We have written some pros and cons of installment loans for you so that you can get to know more about them.
Pros:
- Easy Installments: It is always convenient for a person to repay the loan amount in installments. Installments make the procedure of a loan easy so that the loan is not a burden for you.
- Simple Application: If you have selected CocoLoan or any other reputable platform then loan-taking gives you a simple interface. Even with the help of basic information, the application would be done, and no more requirements.
- Fixed Repayment: Installment loans do not require paying an extra amount besides the interest rate. The amount would be fixed at the start of the procedure and the lender will not increase it in the future too.
- Without Discrimination: Installment loans work without making any discrimination between borrowers of any kind. No matter if you have a good or bad credit score the facilities would be provided to you irrespective of it.
Cons:
- Complicated Terms and Conditions: When lenders are providing installment loans most of them make the terms and conditions very complex. The reason for complex requirements is to have security on the side of the lender.
- Maximum Chances Of Hidden Payments: As we have discussed above installment loans, have complex procedures and hence become the cause of hidden fees. The lenders can charge extra hiddenly to the borrowers.
- High-Interest Rates: Whenever a borrower asks for installment loans the loan providers take advantage of the name of the interest rate. It is a basic reason that a borrower needs to pay a high-interest rate for installment loans.
Wise Words
A person needs to listen to a lot of things, especially for indulgence in a loan procedure. Most people always remain confused between direct lender payday loans and installment loans and hence would never get out of this chaos. It is better to get help from a broker like CocoLoan which will guide you in all the ways and save you time and energy. Everything is written above.
