Whether you have a good or bad credit, private loans can sometimes be preferable to those of the big banks – mainly because private lenders take several factors into consideration to determine your eligibility (rather than just looking at your creditworthiness ). In addition, private lending companies often offer the same products as banks.
Offers of loans between individuals are increasing and research money will confirm this trend. Faced with these increasingly numerous PAP loans, the questions concerning a request for credit from individual to individual will go crescendo, recurring mainly concerning the seriousness of the particular lenders and the terms of the PAP credit.
A special loan to individual responds to a growing demand, that of those left behind by credit, like the unemployed or students to read also: the best banks for students ) who want to finance their studies. Difficult to apply for a loan when you are unemployed, where our parents can not be a special surety.
The reasons for credit between individuals are therefore primarily social, but not only, since to do without banks is also sometimes a political act.
hard money loan rates in california also offer term loans that can compete with those of large financial institutions. But while the bank examines your creditworthiness and uses the credit report to make its decision, the private lender combines this information with other information about your business – your sales results, as well as the number of months or months of your business. years in business. Overall, private lenders are more concerned with your ability to repay the loan than with your credit report. For this reason, their interest rates and fees are often higher than those of banks.