When you need money quickly, it is not always possible to use a credit card or obtain an express loan within the required time by contacting a conventional bank. An alternative solution must, therefore, be found. Here are 6 reasons to go to a private lender for an express loan.
Today, it is no longer necessary to leave your home to apply for a credit if you apply to a private lender. All you have to do is make a request by phone, email or fill out a file online, attach the requested documents and wait for the response, which generally arrives between half an hour and 24 business hours after the file is submitted. And in most cases, when you are salaried and have good credit, this type of loan is easily obtained.
In addition, most of the time, the self-employed, people on maternity or parental leave as well as beneficiaries of CSST, disability or pension plan programs, and even in some cases the unemployed, people on social assistance, sick leave, sick leave and retirees also have access.
Possible credit with a low credit rating
Another major advantage of the express loan from a private lender is that it can be granted on other criteria than that of the credit rating. In other words, borrowers with a low score are not penalized, provided they meet the acceptance criteria established by the lender.
Indeed, some creditors rely in particular on the amount of income, the debt ratio, prior employment with the employer, and the study of bank statements to establish their decision.
Funds deposited quickly
Once the request is accepted, the loaned money is most of the time deposited within the next 24 to the borrower’s bank account. Some organizations even manage to deposit the money the same day on the acceptance of the file on the bank account.
A delay without common measure with that of traditional banks, which often pay the amount loaned after several days, allowing to deal with emergencies such as an invoice to pay to avoid a service cut, a payment to be made in time to avoid affect his rating , payment of non-reimbursed medical expenses or the repair bill for his vehicle.
As soon as the repayment of the initial loan has gone well, renewing it is simple and quick since it is generally sufficient to apply by email.
No account to report
Unlike some personal loans that come with conditions such as the provision of supporting documents, the express loan leaves you entirely free to spend the borrowed money as you see fit. This can allow you, for example, to settle a mortgage due date and thus avoid an unpaid amount.
No guarantee to provide
In return for relatively high rates, credits granted by private lenders are generally not accompanied by collateral.
Using a private lender for an express loan can save many situations and help deal with temporary monetary problems. However, you must be vigilant about the conditions of the contract, because some creditors can impose expensive filing fees, prohibitive interest rates, or even penalties in the event of early repayment.