Money Lenders

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More and more often, Canadians are turning to private money lenders when they need to get express loans. While some people may never have to deal with this reality, for most of us, it’s a serious question with serious consequences. And finding the right money lender who can get you the money you need, quickly and easily, is extremely important.

What are Private Money Lenders?

Private money lenders are companies who offer lending services to consumers, but don’t offer the corresponding deposit account or investment account services of a bank. They may offer one or more types of loans or financing, but don’t take deposits, have savings or checking accounts, or offer stock market or mutual fund investments.

This concept of money lenders isn’t new, but it’s been gaining popularity in recent years. Banks still exist and offer loans, of course. But it’s always been challenging to qualify for a loan with a bank. Banks don’t embrace risk and they maintain very stringent requirements on the loans they are willing to offer.

While this can mean lower interest rates on loans from banks as opposed to those from online money lenders, it can also mean a much greater risk for borrowers. You don’t want to risk losing your home or car if you can’t repay the loan on time, after all!

Banks are also not very well-known for being flexible, convenient, speedy, or customer-centered. Many online money lenders have taken these weaknesses of banks and turned them into their own strengths, offering superior service and value for customers.

Online money lenders can make it easier to obtain loans, offer competitive interest rates, great service, convenience, speed, flexibility and more services that banks simply cannot match. Those are just some of the reasons why more and more people in need of fast cash loans are turning to private lenders for their loans.

Are Money Lenders a Better Choice than a Bank?

In almost every other regard, more people tend to prefer money lenders because it’s easier to borrow money online. As non-bank companies, they are free to make their own determinations about what level of risk they are willing to take, and consequently set their own credit score, income, and other lending requirements.

Banks have to meet certain regulations in this regard, established by global financial regulations. Those covenants only got tighter and more restrictive following the financial crisis of the late 2000s. That really spurred more and more people to look for alternatives, because it was simply too hard to qualify for a loan with a bank or traditional lender and many private money lenders have filled that demand for consumers.

In addition to easier qualification, online money lenders generally have more flexible and convenient services available. You can apply for a loan, get approved and get your cash advance proceeds all from the comfort of your home.

This process can be very fast, too, and available 24/7 – a far cry from the restricted and infamous “bankers’ hours” of traditional banks and lenders.

What are the Benefits of Borrowing from Private Money Lenders?

As highlighted above, the major tradeoff in choosing a private money lending over a bank or traditional financial institution is that you will likely pay more in interest on the loan than you would at the bank.

In almost every other way however, private lenders offer more benefits for the end consumer. That’s especially true for the approximately 80% of people that banks disqualify or decline their loans. In this regard, it’s no contest why Canadians turn to online money lenders, especially those who may have bad credit.

In brief, some of the benefits of private money lenders include:
• Low or no minimum credit score requirements to qualify for a loan.
• Online-based service available 24/7, without the need for office visits, physical paperwork, mailing or faxing, production of documents, notaries, or other time-wasters.
• The best online money lenders offer unsecured loans, meaning no collateral is required, reducing the risk to the assets of the borrower.
• Private money lenders often offer additional services, bonuses, or perks that banks aren’t able to provide their customers.
• Money lenders provide Canadians a way to get the money they need to manage their cash flow even if they have financial problems in the past by allowing them to apply and get bad credit loans.

How Do You Find a Reliable and Trustworthy Private Money Lender?

It’s important to take the time and effort to choose a reliable and trustworthy private money lender. That’s really the only way you can realize all the benefits that they have to offer over banks and traditional financial institutions.

Here are some things to consider and look for when you’re searching for a money lender online.
• Ensure that any the money lender you’re looking to borrow money from with is fully licensed and certified to do business in your province. Ideally, they should have their license information clearly displayed on their website and are based in Canada.
• Like any online service, it’s best to check consumer reviews, feedback, and ratings, to ensure that any private money lender you are looking at provides high quality service.
• Money lenders should fully disclose all the terms, conditions and fees associated with their cash loans before you sign the loan agreement.
• Be sure to read the fine print to know the interest rates that a private money lender charges on their loans. That’s often the main cost of borrowing and a key point of comparison that will help you determine which money lenders is for you.
• If you are looking for bad credit lenders, be sure to check the minimum credit score requirements to qualify for a loan. Some money lenders have no minimum credit score requirements, while others have relatively low or mid-range requirements. You’ll want to choose a lender where the prerequisite is less than your current credit score or one that provides loans for bad credit where approval is almost guaranteed.
• Try to find a private money lender that offers all the services and convenience you need, like a simple online application, fast approval and quick funding.

iCASH is a trusted online money lender that offers short-term cash loans to Canadians, through an innovative online lending process. What’s more, they are a well-known money lender for bad credit customers, having no credit score requirement to qualify for a loan.