Private money lender provide personal loans at short notice to people who may not be able to qualify for loans provided by banks. Personal money lenders impose high interest rates because of the higher risk of default involved in providing these loans.
If you have a steady income and need a small amount of money for a short period, you can get a payday loan without any credit check. You will have to provide proof of identity and employment, and will need to have a checking account. The private money lender will ask you to provide a check covering the full loan amount and interest, which is payable on your next pay day.
On the maturity date, you can buy back the check or let the personal loan lender cash it. You can also roll over or extend the loan for another month after paying the interest. Additional fees and / or a higher interest rate may be payable if you extend the loan a few times.
Credit money lender charge very high interest rates on payday loans, which
can become prohibitive if you keep rolling the loans over.
If you have a high
credit score you can also obtain a personal loan with a lower interest rate from
a bank, though you may be asked to provide some collateral, and it may take some
time to process your application.
You can get a secured personal loan with a lower interest rate by providing some collateral like a home in which you have equity. Bear in mind that you risk losing your home if you are not able to keep up with the payments. Talk to the loan officer at your bank to find out if you can get secured finance.
If you have a poor credit history, you may have to approach bad credit money lender, who are known to impose exploitative rates and terms on applicants. Read the fine print carefully before you sign up, and remember that if a money lender makes an offer that seems to be too good to be true, it probably.
Research your options on the Internet and shop around for the best offers before you take an unsecured personal loan. Check the credentials and reputation of the money loan lenders before you make up your mind. Use an online loan calculator to assess your options.
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