Money can’t buy happiness, but not having enough when surprise expenses happen can cause more than just stress. There are lots of times when unexpected costs cannot be put off. From medical bills to auto repairs, life is expensive and full of surprises. When unexpected but necessary expenses pop up, finding a solution isn’t always straightforward.
Many people will search for help online and find that payday loans, installment loans or lines of credit are all options that can help with their short-term financial problems. These online products are made available through a loan matching service or an online direct lender. Many people don’t realize that these often similar looking websites offer a different means to securing a loan.
A loan matching service does not fund your loan. Instead, you’ll fill out a loan application on their website and they’ll shop this application around to a few third party lenders, to find one that will accept and fund your loan.
Online direct lenders are companies that both receive your online loan application and fund your loan. Reputable online direct lenders are state licensed which means they follow, and are accountable for, all the lending rules and regulations set out by each specific state.
Benefits of Online Direct Lenders:
- Their website will mention all the types of available loans (Payday Loan, Installment Loan or Line of Credit) and clearly explain all the rates and terms associated with these loan products, allowing you to be a more informed borrower.
- Direct lenders will accept your application and fund your loan so your information will not be sent to third parties without your consent. You will have peace of mind knowing who is receiving your private financial information.
Benefits of Loan Matching Services:
- A loan matching service will shop your application around in order to find an interested lender, so if you do not qualify (based on the state of residence, income, type of loan required, etc.) with one lender you may with another. This can save you time and effort.
If you prefer to apply for a loan with an online direct lender there are ways to make sure the company is, in fact, a direct lender and not a loan matching service. The easiest way to find out is to check their website. An online direct lender will mention all of the loan rates and terms. They will also have links that display their state licences showing they are legally allowed to lend within that state.
MoneyKey is an online direct lender in the following states: Delaware, Illinois, Kansas, Maryland, Missouri, South Dakota, and Utah. We offer Single-Pay Loans, Flex-Pay Installment Loans, Substantially Equal Payment Installment Loans and Lines of Credit so you can choose the option that best suits your needs*. You can feel secure knowing that, from start to finish, you will only deal with MoneyKey’s friendly Customer Care Representatives. MoneyKey is also affiliated with other state regulated direct lenders in Ohio and Texas. We are partnered with third-party lenders in Ohio and Texas to act as a Credit Services Organization (CSO) and a Credit Access Business (CAB) in these two states, respectively.
We care about our customers and want to make sure they are well informed before committing to any contract. When an emergency arises and you need to make ends meet, thoroughly researching can take a back seat to finding fast access to cash. We understand this and this is why we try to provide our customers with easy access to lending information so they can make the best choice for their unique financial situation.
*Types of loans available vary depending on the state of residence.