Private money lenders are the money lenders who provide money when the banks can’t. Private money loans are easier and quickest to get as compared to the loan from banks. Private money lenders are a complete solution when the money is needed in days, not in weeks or when the money is needed in the sensitive times. Although they might look for the credit scores or credit history but there are several private money lenders who offer money even if there is poor credit score. Depending on the time, they offer money either for 6 months or sometimes 1 year. People think that private money lenders cost a high rate on interest on their money and in return, almost want double of their money. But it is not the actual truth. It is true that the private money lenders also require interest rates on their money just similar with the banks. But there are several companies which offer money at very genuine and reasonable rates.
There are several reasons to decide the private money lending company like licensed money lender Singapore for the urgent money-
- The private money lending companies can offer the money in 3-5 days or if the company is already known to the client, they can avail the money on the same day while on the other hand, the banks require a minimum of 60 days to complete the whole documentation process.
- The private money lending companies also need documents but they do not go into the details of the credit history, the major requirement is the papers of the property.
- There is absolutely not need of a good credit score. It means that if anyone is having bad credit score then do not worry. Go to the private money lending company and they will provide the loan. But the traditional loan offerers do not provide loans in case of bad credit history.
- Private money lending companies offer loans to the foreign people if they want loan but the traditional loan providers do not offer loan at any cost to the foreigners.
- These types of money lenders do not need any personal guarantee while providing the loan.