5 Advantages for Choosing a Private Lender vs. a Bank

When you need money for any reason, and you don’t have what you need, there are only a few options available to you.  Some people choose to use credit like cards or lines of credit, but that option isn’t available to everyone.

Some choose to borrow from family or friends, but again, that option is only open to some.  A lot of people who need money opt for a loan, either from a bank or a private lender.  The bank might feel like the more ‘official’ place to borrow money, but it certainly isn’t always the best or most accessible, especially for those with less than stellar credit histories.

1.  Fewer Regulations
It’s easy to get bogged down in the application process when you’re trying to borrow money from a bank or other financial institution.  Paperwork and documentation and multiple steps can make the process seem like it will take forever, and it’s often due to regulations.  The banks and financial institutions are often forced to follow regulations that private lenders aren’t.

2.  More Personal Service
When you opt for a private lender, you’ll usually get a much more personal, one-on-one kind of service than you will at a bank.  Whether you’re applying for bad credit loans or any other type of loan, dealing with one person without the red tape can almost make it seem as if you’re borrowing money from a friend.

3.  Faster Service
Since the process often consists of more steps, and there’s more of a ‘corporate’ kind of feel, you may have to wait longer for your money when dealing with a bank.  Sometimes, a private lender can have your money in your account within 24 hours, and in the case of bad credit loans or similar situations, fast service may be precisely what you need.

4.  Flexible Options
Not having to adhere to such strict standards allows many private lenders to offer you deals and packages and options that are a lot more flexible than you’d find elsewhere.  Sometimes, it’s this flexibility that makes the difference a lot of the time.  Instead of telling you what you qualify for and leaving it at that, a private lender can often dig a little deeper to find a solution that may be less than traditional.

5.  Higher Approval
When you really need money, a private lender typically results in a higher approval rate than a bank or similar institution.  A bank with tight lending criteria may not be interested in your personal credit situation, and they often make you wonder why someone who actually qualifies for a loan would need one at all.

For bad credit loans or loans where you feel like the approval is in doubt, trying out a private lender first can mean the difference between getting the money you need quickly and going home empty handed.  Contact Fast Access Finance today to apply for a no-hassle loan that can get you the money you need – fast.