Direct Loan

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What is a Direct Loan?

There are so many different types of loan available that sometimes it can be difficult to determine exactly what loan you are looking for! So much jargon, so many abbreviations and loan names. There are also lots of umbrella terms like a direct loan that can be thrown into the mix just to confuse things. Hopefully the articles on our site are helping to unravel the mysteries on loan terms for you, but as we haven't looked at a direct loan yet, lets see what this means.

A direct loan is really an umbrella term and covers all loans that are made from the lender to their customer without the need for a third party like a broker.

This means that you will take out a direct loan directly from the company that is offering to lend you the money. Thus all your questions in regards to the loan, all your repayments and any correspondence will be directly with the lending company. This company could be a bank, credit union, thrift or specialist lender.

To clarify this, here are just some of the direct loans available:

  • Car loan a loan to purchase a car
  • Consumer loan an unsecured loan that you can use for whatever purpose you see fit such as home improvements or vacations.
  • Debt consolidation loan if you have mounting debt you can apply for this loan to pay off all your existing debts and you will be left with one loan and one affordable monthly repayment.
  • Home equity loan a loan secured against the equity in your property that you can use for pretty much anything including tuition fees, car purchases or debt consolidation.

Of course, this list is not exhaustive as the term direct loan is so general it can be applied to any loan available that you can get directly from a lender. Simple really!