We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.
Compensation may factor into how and where products appear on our platform (and in what order). But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates.
Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.
Competitive starting APRs
Requires several types of income documentation to apply
You may be able to compare multiple loan offers at once
No guarantee you’ll qualify for any loan offers
Available in only 15 states
What you need to know about a Credit Direct personal loan
Credit Direct is an online lender that offers unsecured personal loans ranging from $5,000 to $40,000. If Credit Direct operates in your state, you can apply for a loan directly from Credit Direct or through its partner network. This is unusual for a lending marketplace, but it may give you access to more loan options.
If you apply on Credit Direct’s website, the company says it will send you personalized offers (if you prequalify) to review within minutes. Applying for prequalification to check your potential offers won’t hurt your credit scores. But if you decide to move forward with a prequalification offer, the lender may perform a hard credit check that could lower your credit scores by a few points, and your final loan terms may be different than what you prequalified for.
And remember, applying for prequalification doesn’t mean you’re actually approved for a loan — it just gives you an idea for whether you might be approved.
Competitive starting rates
Credit Direct advertises a competitive starting annual percentage rate, or APR. But its upper APR range can be on the high side, and the company says its rates “can vary based on your credit profile.”
There are no minimum credit scores required to qualify — but in general, if your credit is shaky or you have little or no credit history, you likely won’t qualify for the lowest APR.
May be able to review multiple loan offers at once
Credit Direct lends directly and through a lender network. That means you may receive more than one loan offer, so you can directly compare the estimated rates and terms that work best for you.
If you’re comparing offers, you should consider the interest rate, loan term, total amount paid and any fees you’ll be charged.
But keep in mind that you may not receive any loan offers — and if you do prequalify, your final rate and terms could change after you officially apply.
Available in only 15 states
Credit Direct doesn’t operate in all 50 states. But you may qualify for one of its loans if you live in the following states: Alabama, Arizona, Arkansas, California, Florida, Indiana, Iowa, Maryland, Michigan, Missouri, North Carolina, Oklahoma, Pennsylvania, Texas or Virginia.
A closer look at a Credit Direct personal loan
Here are a few more details to know about Credit Direct’s loans.
- Loan uses — You can use a Credit Direct loan for a variety of purposes, including debt consolidation, financing a vacation, home improvements and other major purchases.
- A promises of no hidden fees — Credit Direct says it doesn’t charge any hidden fees, including application fees, origination fees or prepayment penalties. But if you accept a loan offer from one of its partners, it’s important to note that may not be the case, so be sure to read the loan terms carefully before you apply.
- Flexible loan terms — You’ll have between 12 months and 60 months to repay your personal loan if you’re approved. Just remember that the longer your loan term, the more interest you’ll typically pay.
- Allows co-signers — Credit Direct lets you apply with a co-signer. That may help you qualify or get a lower interest rate if the person you apply with has strong credit.
Who is a Credit Direct loan good for?
If you want to take out a personal loan, Credit Direct may be a good option if you want to tap a network of lenders. You can apply online, the company doesn’t require any collateral and you have the option to apply with a co-signer.
Applying for prequalification through Credit Direct won’t hurt your credit scores if you just want to check potential rates. But you should still shop around and compare other lenders to make sure that you’re getting the best loan for your situation.
How to apply with Credit Direct
If you want to check potential offers with Credit Direct, you’ll apply for prequalification on the company’s website and it will perform a soft inquiry on your credit. That means your credit scores won’t be affected.
If you prequalify, you’ll receive any potential loan offers. After you review your offers, you can complete the formal application process if you’re ready. (Just remember that the lender may perform a hard credit check afterward, which can lower your credit scores by a few points.)
You’ll need to submit a few documents to finish your application, so make sure to have them on hand.
- Two months’ worth of bank statements
- One month of pay stubs
- Most recent W-2 form
- Copy of a government-issued ID, such as a driver’s license
If you’re approved for a loan, the funds will be deposited directly into your bank account. Credit Direct says you may receive your funds in as little as 24 hours — but the lender notes that it typically takes 48 hours to 72 hours after your application is approved to receive your money.
Not sure if Credit Direct is right for you? Consider these alternatives.
- Fiona: Fiona is another personal loan marketplace that offers the ability to apply for prequalification. With this lender, you may also be able to compare multiple loan offers quickly.
- SoFi: SoFi offers personal loans with competitive interest rates and doesn’t charge any fees, such as origination fees, late fees and prepayment penalties.