Whenever you are short of cash and require emergency funds for meeting unexpected expenses, it is a good idea to get in touch with a licensed moneylender. Most people seek financial assistance for meeting the cost of any real estate purchase from a conventional lending institution such as a bank to obtain approval for their mortgage loan. But on many occasions, we have noticed earlier that the bank loan may not be the right choice for all borrowers even though the interest rate is relatively lower.

First of all, banks are known to have various types of red tape criteria which could actually contribute to retarding the entire loan approval process for real estate investors. Moreover, several self-employed people find it really tough to obtain financing when numerous write-offs are shown by tax returns. There could be certain credit problems that may be responsible for denying or delaying the loan approval process.

When you fail to get a conventional loan due to poor credit rating or history or if you fail to obtain loan approval due to the specific kind of property you wish to buy, you may seek financial assistance from private moneylenders. Here are some of the amazing benefits of working with licensed private moneylenders.

Quick Approval Is the Name of the Game

Quick loan approvals are undisputedly one of the most important benefits of transacting with a licensed moneylender. Consequently, there are several investors who could be giving loan approvals within a day or a couple of days. This would be possible when the mandatory documents are submitted to the concerned lenders.

Flexible Payments Are Always Welcome

As per http://goldfacts.org, “In terms of working with a private lender, there has always been freedom to the creation of a customized repayment plan. This is unlikely to transpire if you are teaming up with a really established financial institution which normally sets own payment terms. Agreeable terms may be discussed this way.” Private moneylenders do not have stringent policies so they can adjust the repayment schedule or rate of interest as per your affordability and convenience. This utterly flexible nature of the way money lending operations are conducted, prove to be a viable alternative to strict banking policies. Get in touch with reputable lending companies such as https://libertylending.com.  

Easy Requirements

A loan application that you need to fill in for a conventional financial institution such as a bank would necessitate several crucial information and important data that are difficult to get. You need to furnish detailed income history and experience. You would have to go through a lot of hardships before you get a bank loan approval. However, you would be getting fast and easy loan approval from private moneylenders.

You Would Encounter No Harassment

Only a licensed and legitimate money lender would be providing a stress-free, seamless, and efficient loan approval experience. The entire process including the submission of the loan application, the waiting period while the documents are being reviewed and evaluated, and the last stage of obtaining the feedback from the moneylender including the signing of the loan agreement, all are expedited thanks to the expert, experienced, and licensed moneylenders.

There are no harassment issues as they comply with all the standard existing rules while conducting their legitimate money lending business. Moreover, if the legitimate moneylenders fail to practice as per rules, regulations and in a legal way, they may be subjected to huge monetary fines and their licenses would be revoked in extreme cases of misconduct.  It is best to choose a licensed moneylender if you wish to avoid any kind of harassment. A legitimate moneylender would provide convenient repayment schedule and reasonable interest rates.

Interest Rates Are Generally Reasonable

Illegal or fraudulent moneylenders are used to charging exorbitant interest rates and offering unreasonable repayment schedules. Furthermore, if you fail to make the payments on the designated date of payment, you may have to face certain high penalties from these illegitimate moneylenders.

On the contrary to this, a legitimate moneylender would be complying with the regulations and rules existing in the United States. They need to follow existing guidelines as per the law of the land. They would be following strict rules in terms of payment schedules and interest rates. The amount they could lend to you actually depends on your overall income.

No Penalties to Face

When you obtain a loan from a reputed and established traditional bank or financial institution, you may be compelled to encounter prepayment penalties during the date of maturity. There are several flip & fix lenders who generally do not charge any penalties. Whenever you get some additional cash, it is essential to pay off your existing loan before the due date. However, you could do this even without getting disturbed and worried about penalties.

Poor Credit History

Most traditional institutions would not like to entertain you if you have a bad or poor credit history. This would be having an adverse impact on the client’s loan approval. Once you identify the best lender for your business, you would observe that he would not mind your poor rate of interest. You must essentially follow all the simple ways

Efficient Way to Take Out a Loan

Thanks to a licensed money lending business, there is no need to wait for a long period of time before your loan application is approved and the requested loan amount is ultimately given to you. Everything happens smoothly and efficiently within just a few days. There is no tedious process involved here unlike the traditional banks and other financial institutions that necessitate a huge amount of documentation and there is red tape at almost every step. The entire loan application and the approval process is a seamless experience for you. There is no worry even if your credit history is not perfect.

Conclusion

You must think of the special features that would be differentiating a legitimate and licensed moneylender from an illicit one. By choosing a legitimate moneylender, you could be enjoying a stress-free and smoother transaction all through the loan application, as well as, the loan repayment process. A licensed moneylender is your best partner because obviously, you are not looking for any type of additional burden while you are handling a financial crisis in your life. On the contrary, if you choose a traditional bank loan application and approval process, you would have to fulfill many criteria that would prove to be quite challenging for you!