Barrie Private Lenders

What is private lending?

Have you ever thought about approaching a lending institution (other than a bank or credit union) for a loan? If you have, then you were considering a loan with Private Lenders. Barrie Private Lenders are in the business of loaning money to people, but they are professional money loaning companies, not banks or credit unions. Private Lenders source their funding from private sources like hard money lenders, investors and even individuals with wealth and a surplus of funds. There are lots of upsides to working with Private Lenders for a loan as opposed to approaching a friend or family member as those scenarios rarely work out well. If you are thinking about a more personal lender, it is always a smart idea to get a short agreement in writing to protect you and the lender (family member, friend or someone else that is possibly approachable).

How does private lending work?

Barrie Private Lenders are financiers and are willing to carry a higher risk when loaning out money to people because they understand that not everyone can qualify for a loan at regular credit unions and major banks. There is an application process to be completed by the borrower when dealing with Private Lenders. Some of the criteria that these lenders lean on to approve an application is verifiable income (even if self-employed), credit check (do not worry, a less-than-perfect credit rating does not sway these lenders opinion) and more importantly, how would the loan be used? Private Lenders want to see that you are investing the loan into something that is secured (sellable if you default on the loan agreement) like a vehicle, piece of property or anything tangible. This is important to Barrie Private Lenders because of the risk they are taking…oh yes, these lenders charge a higher interest rate because of the risk.

How can private lenders offer customizable credit solution?

Private Lenders can help people that need a loan, but do not want to resort to traditional banking institutions for it, which has a gainful impact once approved. Obtaining money when needed the most can alleviate stress, pressure or the desire to invest into something like a business venture or a piece of property. There are some people that would prefer to approach family or friends for a loan, but this is not always advisable because doing business of loaning money should remain with professionals that are not closely connected to you.