20 October,2023 06:49 PM IST | MUMBAI | Advertorial
Direct Loan Lenders No Credit Check: Federal Direct loans are offered by the government to students who do not have enough financial strength to cover their education costs. Usually, undergraduate and graduate students and their parents are eligible to apply for this loan type. The loan amount is determined by the college or university, as per the fees and other expenses.
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Direct loan lenders with no credit check offer numerous benefits to borrowers, such as a grace period on loan repayment after graduation, affordable interest rates, and more. However, there are certain disadvantages associated as well. Read on to know about all the benefits, drawbacks and other details of this credit type.
Below are the 5 best types of direct loan lenders no credit check who can guarantee your loan approval.
|
Loan Type |
Loan amount range |
Annual percentage rate |
Loan term |
|
Green Dollar Loans |
$100 to $5,000 |
5.99% to 35.99% |
Up to 24 months |
|
Low Credit Finance |
$100 to $5,000 |
5.99% to 35.99% |
Flexible tenure |
|
Loan Raptor |
$500 to $50,000 |
5.99% to 35.99% |
Flexible tenure |
|
Fund Finance |
$500 to $50,000 |
5.99% to 35.99% |
Flexible tenure |
|
Heart Paydays |
$100 to $5,000 |
5.99% to 35.99% |
Up to 24 months |
Flexible Personal Loan Tenure of up to 24 Months. Green Dollar Loans are a popular credit platform from where students can get additional funds to pay for their educational expenses. One of the primary reasons for its popularity is the availability of substantial loan amounts. The application process for this loan is also quite simple and can be done in only a few seconds.
Moreover, there are no upfront fees or costs that you will need to pay when applying for this loan type. So, you can easily calculate the total cost of the loan beforehand and accordingly make an informed approach. People having both good and bad FICO scores are welcome to apply for this credit type.
Step 1: Move to the official website of the online lender at greendollarsloan.com
Step 2: Select the amount needed from the options available
Step 3: Click on the "Request Funds" button on the home page
Step 4: Next, enter all your essential personal details
Step 5: After that, review the inputs to ensure there are no errors
Step 6: Finally, click on the "Submit" button to complete your request
Step 7: Confirm the lending terms with your chosen lender
Quick Cash Loans Starting from $100. This is a 100% secured credit platform where numerous borrowers, even students, can apply for loans. The interest rates on this type of credit usually start from 5.99%. Also, you can repay on the terms that suit you. These factors ensure that you pay the monthly instalments on time without facing additional hassles.
The application process for the emergency loan from this platform is quite simple and can be done in only a few easy steps. Once done, the lender will review your application, and based on your eligibility, they will approve or reject your loan application. Also, you can contact their support 24/7 whenever you face any hassle.
Step 1: Move to the official website of lowcreditfinance.com
Step 2: Select the range of amount needed.
Step 3: After that, enter all your essential personal details.
Step 4: Review the inputs to minimise the errors.
Step 5: Finally, click on the "Submit" button to complete the application.
Receive Funds in Your Bank Account within 24 Hours. The Loan Raptor platform helps students and their parents access additional funds needed to cover their educational expenses. Borrowers can receive loan amounts as high as $50,000. This amount is usually enough for undergraduates and postgraduates to fulfil their dreams of studying in one of the top colleges in the United States.
Apart from sumptuous loan amounts, there are several other advantages of this platform. These include various alternative options, no paperwork associated, instant credit approval, and so on. However, you should note that the borrowers must fulfil the minimum eligibility criteria to complete the process and get credit approval.
Step 1: To apply for a loan, first go to the official website of loanraptor.net
Step 2: Select the amount from the available option
Step 3: Next, select your approximate credit score
Step 4: After that, enter all your essential personal details
Step 5: Finally, review the inputs and click on "Submit."
Disclaimer: The eligibility criteria, interest rates and other details can vary from one to another loan companies. So make sure to verify all these details from the website of the lender before requesting a loan.
Due to the availability of numerous lenders in 2023, it can appear confusing which loan to select for your financial requirements. Hence, to ease the process, there are some simple eligibility criteria that you can consider.
There are several things that you should consider to find a suitable lender for obtaining direct loans. These factors include:
Once you have chosen the right lender, you can obtain a direct loan. However, you should note that there are numerous benefits and drawbacks associated with availing direct loans.
There are several benefits and drawbacks associated with direct lender loans with poor credit. You should be well aware of them from the beginning to make the best possible decision.
The benefits associated with direct loan lenders with no credit check are as follows:
The drawbacks of loans with poor credit scores include:
For a better understanding and easy selection, you should also be aware of the individualised pros and cons associated with each lender.
Below are the pros and cons of each lender that can help you make the best choices and receive maximum benefits.
|
Loan Type |
Pros |
Cons |
|
Green Dollar Loans |
Completely online application process, simple eligibility criteria, instant approval |
Interest rates can go as high as 35.99% |
|
Low Credit Finance |
Quick application process, numerous lenders and alternative options |
Substantial interest rates on credits |
|
Loan Raptor |
Instant credit approval and loan disbursal, simple eligibility criteria |
High-interest rates on borrowed amounts |
|
Fund Finance |
Easy eligibility, no hidden charges, flexible repayment option, alternatives available |
Substantial interest rates on credits |
|
Heart Paydays |
Simple application process, no credit score needed, flexible loan repayment |
Interest rates can go as high as 35.99% |
You should note that there are various types of direct lenders for bad credit loans, making the best decisions regarding your credit.
Following are different types of loans you can get from direct lenders with no credit checks and direct approval facilities:
1. Direct subsidised loan: This option is open to undergraduates and graduates who are in urgent need of finances. Students can avail of this credit on Standard Repayment Plans.
However, learners have the flexibility of customising it as per their repayment capability. In many situations, even the Department of Education can pay off the borrowed money on the student's behalf.
2. Direct unsubsidized loan: Undergraduate and graduate students can opt for this credit type in case they need additional money to finance their education. Students will need to start paying the interest as soon as the funds are disbursed. They can also choose to go for accrued interest and repay the borrowed funds after completing their education.
3. Direct consolidation loan: This type of credit is applicable to borrowers who have taken multiple direct loans. Through this option, they can consolidate all their existing direct loans into one debt. This step makes it easier for them to repay their credits on time and become free of their debt cycle.
4. Direct PLUS loans: It is not a need-based loan, similar to its other types. To avail of this loan option, a good credit check and an endorser is essential. The endorser assures the Department of Education that they will repay the credit if you default, based on which they will approve your loan application.
Usually, subsidised federal loans offer lower interest rates when compared to PLUS loans, which have the highest APRs. The loan amount for this credit type is set every month. Direct loan lenders with no credit checks are a popular go-to option for students as most of them do not have a good credit score owing to their young age.
However, there are several downsides as well to this credit type. Hence, it is essential for applicants to consider all possible aspects before proceeding to apply for this credit type.
1. Do Direct Loans come from direct lenders?
Direct lenders such as the government, NBFCs, banks and other financial institutions directly offer credit amounts to the borrower. There is usually no involvement of a third party in the loan process.
2. Are no credit check guaranteed loans possible?
Yes, there are several lenders who offer a substantial loan amount to the borrowers. This is beneficial for borrowers having a low or zero credit history. However, the only drawback is that the interest rate can go as high as 35.99% for this credit type.
3. How often can you apply for a direct loan?
You will need to apply with Free Application for Federal Student Aid every year of your graduation or post-graduation that you need funding. Accordingly, they will approve your loan application.
Disclaimer: The views and opinions expressed in this sponsored article are those of the sponsor/author/agency and do not represent the stand and views of Mid-Day Group.Mid-Day Group disclaims any and all liability to any party, company or product for any direct, indirect, implied, punitive, special, incidental or consequential damages arising directly or indirectly from the use of this content.
