Private money lenders are people who provide loans in time of need. The difference between private money lenders and brokers is that private lenders are not associated with the banks or other financial institutions. They are direct lenders and they work individually on their own. Although, some private lenders work as brokers for bank or loan providing companies. There are lots of things that make private money lenders better than the brokers or lending from banks .
Private money lenders provide funds to only a few people every year, and most of these loans are small loans. Although, there are some big money lenders as well who can provide large amount of loan to customers. The basic advantage of hiring a private lender is that they do not charge any mediation fee like the brokers do. You do not have to pay any percentage to them like you do to mediators. And you do not have to worry about the terms and conditions of loan as you just have to talk to one person for it.
Getting a loan from a private money lender is the best option you have when the bank turns you’re your loan application. Money lenders work solely for themselves so you do not have to negotiate with different people in order to change the terms and conditions of loan. If you find a good lender then you will be amazed that getting a loan can be that easier. Because you do not have to talk with a broker, who will talk to a lender and the lender will talk to another lender for the money. You directly deal with the person who is providing you with the funds.
Most of the private money lenders understand the situation of the customers and they make the terms and conditions simpler as per the clients need.The biggest advantage of getting a loan from private lender is that your credit score or bad credit history does not affect your loan application. Private lenders have no concern with your credit history and they do not even check it. So if you have bad credit and you have previous debts to deal with. You can get a loan even if you are already deep in debts.
The interest rates of private money lenders are normally higher than the regular lenders because of high risk involved. So make sure you only loan as much as you need because you have to pay all back with interest. If you are unable to pay or you fail to pay then the lenders have right to seize the collateral in order to compensate for the loss. So choose the loan term and loan amount carefully according to your financial condition.
If you are living in Singapore and you need a money lender for instant cash, then there are lots of options for you. You can easily search online for money lender sg and you will see the information of all available lenders. You can talk to different lenders and compare the terms to find the one which suits you most. Choose a lender carefully because your financial future lies upon this decision.