There is always a time in life where almost every one of us will need a little bit of financial help. Unless you are born with a silver spoon or you are a gifted genius who has already made your first million in life even before you have graduated.
Although it is common for people to feel nervous, there is actually nothing to be afraid of when it comes to applying for a personal loan. The anxiety that you felt is most probably because you are stepping into unknown territory for the very first time. You may be worried that applying for a loan will change the course of your life or getting a loan from a private lender will be the last wrong decision you have made in your life.
The truth is, none of the above mentioned is true at all. If you know what you are doing and made the decision after careful consideration, then applying for a loan from a private lender can even be beneficial to you. Getting a loan from a private lender provides you immediate access to instant cash, clears up your pressing expenses, and gives you some room to breathe.
If we have not convinced you enough, here are 6 more reasons why you should loan from private lenders.
1. Have total control of your own loan
When borrowing from a private lender, you will always have the final say on the loan terms. You have full control throughout the loaning process and you can make any decision without compromising. The private lender will decide on a suitable interest rate to charge the borrower, while you are given the leeway to discuss any terms of the loan structure. This is where you should take the opportunity to foster a greater relationship with your private lenders.
2. Clear your ever-mounting debts
Debts are the number one slow pace killer of your financial health. It may not seem like it will do any harm at the beginning, but if you allow the debts to accumulate, after a while it will turn into a giant pile of madness. It may be at a point of no return when you realized the debt situation that you are in,
Hence, getting a loan from private lenders to clear off your debts can be a rather good decision as private lenders usually charge a much lower interest rate. It will improve your cash liquidity and financial health, allowing you to move on instead of being tied down by the debts of the past.
3. Improve your credit score rating
If you are getting a loan from private lenders, you have a very high chance of improving your credit score. This may seem odd, but it is true. Depending on the debt situation, borrowing money can greatly impact your future financial history. If you always borrow and pay on time, you will increase the trust that other lenders have in you. Although private loans do not always appear on your credit history, many lenders may request up to 12 months of payment history from you to ensure a positive track record.
Having a good credit score increases your chances of getting another loan in the future. Just make sure you do not miss any payments if you’re keen on improving your credit score.
4. Quick loan approval time
The speed at which your loan application gets approved and the money shows up in your account makes private lenders your best option. In some circumstances, it takes as little as ten working days for you to get your loan approved and a few hours to get the money. This is what Finsource Credit can do for you. All you have to do is ensure everything is in order at your time of application and get your appraisal scheduled as soon as possible.
Private lenders will consider things like your property, down payment, equity, and experience when working on the loan process. They will also look at the exit strategy for the property and some cash reserves for the monthly loan payment. If all of these look good to them, then you will receive the money in the matter of days.
5. Has fewer terms and conditions to meet
One of the things that deter people from applying for loans is the dreadful paperwork and the requirements involved. When compared to traditional lenders, private lenders have very few requirements. If you are getting a loan for a property, all you need is sufficient equity, enough cash for monthly payments, and a good exit strategy.
With lesser requirements, you will have a high chance of getting your loan approved. Traditional lenders with lengthy lists of requirements are always known to decline loan applications. The main goal is to push borrowers away by making it hard for them to qualify. This is not the case with private lenders.
6. Use it as capital to fund your business
Getting the fund to start or expand your business may not be an easy decision but sometimes, it is necessary if you want to survive and thrive among the competition. The pros of applying for a personal loan to finance your business include an easier application and quick approval.
However, please be very careful about the loan amount that you are applying for. Bear in mind that if your business fails, the risk and responsibility will be on you, not your business. Hence, the bigger the amount that you’re planning to take a loan on, the higher the risks will be.
Does any of the reasons above match what you are going through currently? If your answer is yes, Finsource Credit is your place to go.
Finsource Credit offers up to three types of loans that suit your needs, such as clean loans, property loans, 2 in 1 financing. Contact us and get your cash today.
: 03-2712 4333