If life were predictable, we’d always have as much money as we need. But life isn’t predictable, so once in a while we need a personal loan to help cover a shortfall or to consolidate some high interest expenses.
Since this isn’t something that people do very often, we don’t always know how to find private lenders to get the cash we need. Most people just assume that they can go to the bank and get a personal loan when necessary, but this isn’t always possible. Perhaps a loan is needed faster than the bureaucracy of the bank will allow, or perhaps some financial hardship in the past is preventing you from getting any money at all from a bank.
That’s where private lenders for personal loan come in: private lenders lend money to individuals but those lenders are not banks. They can move faster than banks, and they have different lending criteria than banks!
In this blog post you’ll read how to access cash from private lenders for a personal loan. Read the following steps on how to access money from lenders.
Step by step to get cash from private lenders for personal loan
Step One: Look for a lender or lenders
For you to borrow the money you need for your personal loan, consider approaching several lenders and make sure you read though the applications and also the negotiation process.
Look for lenders who are in the personal loan business. Seriously consider private lenders who are working in your local market specifically. You can also look for credit unions or individuals who know you well. If you connect with people who have a good relationship with you, it will make the lending process much easier.
Step Two: Evaluate alternatives
Once you have one or more lenders to consider, evaluate what they are offering you. You might evaluating several different private lenders; or, you might be evaluating multiple loan options from a single lender.
Every private lender is different so there might be different terms for you to weigh. For example, one lender might offer a lower interest rate but need to be paid back sooner; another lender might offer a longer pay-back period but require more interest. It depends on the lender and how much money you need and what the lender’s criteria are.
Step Three: Present credit to the lender of your choice
Once you have chosen a private lender and loan that fit your needs, you’ll need to establish your credit worthiness to that lender. Different lenders will have different requirements: some might want to see proof of income, others will want to see income and a list of the assets you have.
Want to get a personal loan from a private lender fast? We at Sol Mar REI can help you by connecting you with private lenders. Simply fill out the form or give us a call at 1-866-947-2265.