Who Is A Money Lender And Why You Need One
A money lender is one who's sole business is to lend people money and in return, makes his profit via the interest charged. Interest rates vary per money lender and the best money lender of the year award will probably go to the one who offers the lowest interest rate within a wide time frame. However, for licensed money lenders, interest rates are fixed.
Using the services of a money lender is a viable option to those seeking to boycott the traditional financial institutions for one reason or the other. Money lenders are independent financial providers and are unconnected to any financial institution's loan service. They only keep their monies in the conventional banks and withdraw when needed. Nothing more.
Some money lenders operate as a company while some work alone. Either ways, they perform the same role - providing money to people outside the bank.
Now unto the second part;
Why you need a Money Lender.
There are three major reasons why a money lender will be your first port of call in times of need.
1. You have a Bad Credit Score
Having a bad credit score robs you off any chance you have of getting loans not just from banks but other corporate financial institutions. Some reputable loan agencies will equally shut you out with your dented credit score. You are a risk at large that nobody wants to take. You've proven that doing business with you is one hell of an idea with a label behind you saying "Bad Credit Score". The only company that can take you in bad as you are, is a money lending company.
2. You Need the Cash Urgently
When it's an emergency, the last place you want to run to is the traditional financial institutions. The paperwork and all the verifications needed to issue you a loan will gulp 2 days at best. Nobody loves due process more than banks, you can hardly blame them - it's money we are talking about here. It's a sensitive topic. So the alternative you have is a money lender who won't have you wait and go through all the rigorous scrutiny before obtaining a loan.
3. You Seek Lower Interest Rates
While this might seem like a long shot since most money lenders are known for charging exorbitant interest rates, you can find a money lender with lower interest rates if you seek. Some of them are just starting, they need to bait in customers and one of the baits comes in the form of irresistible interest rates. More interesting is the fact that you don't even need a collateral to obtain money from a lender. Everything is built on trust and you just have to respect that foundation.
