Are you in urgent need of money? Do you need a lender to provide you with a fast and easy loan? You’ve come to the right place.
When nearly 30% of Americans have to deal with job loss, pay drops, and layoffs due to the pandemic and a significantly larger majority worry about feeding their families, finding a lender can be hard.
Source: Freedom Relief Debt
Here’s a complete guide on how to find, choose, and sign a loan with the right lender.
What is private money lending? What can private moneylenders offer you that banks cannot?
Private money lending firms are those which practice legal loan lending operations. They fall outside the domain of standard banks, however, they are still under the jurisdiction of their national financial ministry as non-banking financial companies.
- Unlike banks, private money lenders will be able to offer you loans even if you have a lower credit score. Private lenders give loans based on your current assets and your salary which gives you freedom from the banks’ strict credit system.
- Private players allow you the freedom of a more flexible pay structure. This is impossible in both private and public banks as they adhere to very strict policies.
- A private lender will have your loan delivered in an incredibly short period as compared to banks which take forever to have a single loan processed. This may vary between 72 to barely 12 hours!
Such benefits make private lenders quite a promising means of securing a loan.
The difficulties caused by banks are easily worked around by working with a private loan provider. However, not all lenders are perfect, here are things to keep in mind when choosing a suitable lender:
- Certain countries have dedicated laws governing private lending institutions. If you plan to borrow money, doing it in one of these countries would be safest. Private lenders in Australia, Canada, and the United States fall into this category.
- Providers can be judged by their experience. Well established lenders may be much easier to work with than ones just starting out in the field.
- Licenses and certificates stating that these institutions are legal will be crucial in picking the right lenders. Getting a bad lender and then finding out they are operating outside the law can be quite a pickle.
- Ensuring they are flexible is a standard way to find out whether they care about customers or are in the business simply for profit. Most good lenders are open to some degree of flexibility.
- Paying the right rates for your loans is a cause for worry for most individuals. Thankfully, most lenders offer affordable rates for any type of loan. So finding the perfect lender is essential.
Where can you find the right lender?
Most countries have private money lenders or money lending firms. However, not all of them are legal. There exist loan sharks and black market lenders. Taking a loan from such organizations will take away your legal protections.
Thankfully, many countries allow for the existence of NBFC’s which allows people to safely borrow money without leaving the protection of their respective governments.
Private money lending firms in Australia,Canada, Singapore, most of the EU, and the United States fall into this category.
These lenders can be found online in a single search and can be dealt with physically, over a call, or through the internet. They provide easy to use interfaces and interactive websites making your loan taking process a snap.
They can provide you with any type of loan ranging from Construction loans and bridging loans to personal loans and second mortgages.
What are the requirements to be eligible for such a loan?
Most applicants over the age of 18 with a permanent income source and residential address can get a loan regardless of their credit scores.
Private lenders will, however, check up on your payment history, ask for information regarding your recent loans, are an authorized user, and whether you have committed any serious offenses that could put the money at risk.
Searching for a lender may be quickly done online, but making sure you pick the right lender for your particular need is just as important. Remember to pick right!
