All Of Your Direct Lender FAQs Answered
You may have a few questions about direct lending, which we will try to answer here. Many people seem to believe that direct lending is synonymous with payday loans, but that is certainly not the case with Credit Fair-E. We set ourselves apart from payday loans that are designed to trap you in a cycle of debt. Instead, we help you with loans that you can repay so that you don’t have to keep borrowing again and again. This kind of system allows the borrower to rebuild their credit profile with successful loan payments.
You can clear many of your doubts and have your queries answered by going over the direct lender FAQs below.
Let Us Help You Answer All Of Your Direct Lender FAQs
If you’re thinking about a direct lender loan, you’ve come to the right place. Read on as we try to answer some direct lender FAQs that we get the most often.
Are You a Payday Lender?
No, we are not. We work differently through installment loans. With payday lenders, you have to pay off the entire principal plus interest in one transaction. This could be problematic. With us, you can pay back loans in easily manageable installments. Hence, our loans are easier to pay back and are not another debt trap.
Is Credit Fair-E a Legitimate Business?
We are fully licensed in Kentucky and Ohio to lend money and have passed multiple license reviews and examinations with no fiend or borrower restitution.
Are You a Direct Lender? What Does That Mean?
Yes, we are direct lenders. Since we lend directly, there is no go-between through which you have to reach us for loan approval. This eliminates associated middleman costs so that you can get cheaper loans. With direct lenders, loan approval is faster.
Can I Improve My Credit Score with You?
Yes, you can. We send reports only to Transunion. Since we report to credit bureaus, you can build your credit score with timely payments on our loans. This will be most useful if banks refuse loans on account of your credit score. You can repair your credit score once more through our loans.
This is a significant advantage that payday lenders cannot provide to you since credit bureaus do not work with them. When you consistently make on-time payments, you’re letting credit bureaus know that you are responsible, and in turn, you can increase your credit score.
Will I Be Trapped in a Debt Cycle?
We consider your financial scenario when lending. We will suggest a monthly payment according to your budget. At Credit Fair-E, we specifically will not give you more than you can afford. Thus, monthly payments may be easy to manage. As long as you pay on time, you should have no problems.
What Are Your Minimum Requirements?
Minimum requirements are unsurprisingly minimal. You will need to fulfill the following.
- Be at least 18 years old
- Possess your own checking bank account
- Prove a verifiable income source
- Should live in Kentucky or Ohio
With such minimal requirements, you have brighter prospects of approval as compared to banks.
Are There Any Hidden Charges?
No, we explain all charges upfront. You will not have to pay any hidden fees or charges with us. We believe in open and honest communication with our valued clients.
Do You Approve Loans Quickly?
Yes, we approve loan applications far more quickly than banks. With us, you can get an answer in days rather than months. Fill out your application today, and you’ll get a response back almost immediately if you’re qualified, and you can even get access to funds within 24 hours.
Is Loan Payment Easy?
With our e-payment service, loan payment can be very convenient. You can authorize us to debit your account to pay the amount due each month. This way, you can pay on time with maximum convenience. We will even send you an email to confirm the transaction. Our goal is to make it easy to pay back your loan so that you can finally start to get out of the debt cycle.
Credit Fair-E Can Get You The Help You Need
At Credit Fair-E, we’ve made ourselves the preferred alternative to a payday loan and can potentially save you hundreds of dollars in fees in both Kentucky and Ohio. We are very passionate about providing fair installments loans right when you need them most. Unlike traditional loans that set you up for failure, we designed our loan process around you.
We created our business for responsible borrowers so that you can finally break the debt cycle of debt. Our mission is to give you access to fair, affordable loans designed so that you can pay back the loan without the need to re-borrow. When you’re in a sticky situation and need cash fast, we might be able to help.