Private Bad Credit Lenders
December 16, 2009
Author: Allison K.Watkins
Where can you go when the bank says, “No”? Consider private lenders as an alternative loan source. The best thing about using private bad credit lenders is that they do not check your credit and there is no security deposit required. In some cases you don’t even need to be employed. So, if you have bad credit and are looking to borrow some money or obtain new credit, you should consider using private bad credit lenders. A private bad credit lender is your best alternative solution for your immediate financial needs.
What is Private Lending?
Private lending is when an individual have an excess of money and is willing to invest or uses other people’s money to invest. The lender chooses to loan his money to individuals who is in need of money. Private loans are usually short to medium term in range, typically 1 to5 years.
How can a Private Bad Credit Lender help me?
The main purpose of the private bad credit loan lenders is to help people with a history of bad credit who may not be able to obtain a loan through a bank or other institutions. Most of the private lenders offer many advantages over the traditional lenders, which varies from lender to lender. Most private bad credit lenders will lend you up to $10,000 at a very high interest rate, than those paid by good credit holders. These loans obtained by a bad credit lender can be used for anything you want. The application and approval process is free from hassle and simple and quick.
Unsecured Bad Credit Loans
Private bad credit lenders are more willing to make loans which are secured. However, if you have nothing to offer in the way of collateral, you may be able to get a bad credit unsecured loan. Due to the high risk involved due to your poor credit, you will be charged a significantly higher interest rate. The good news is, there is an abundant of private bad credit lenders who are willing to take that risk, and all you need to do is take the time and effort to find them.
Investments Private Bad Credit Lenders typically invest in:
Loan Extension from Private Lenders
Most bad credit lenders will grant you an extension on your loan, even though you are a high risk borrower. However, as a bad credit borrower, you should be aware of the rates, fees and payment terms stipulated in the contract. In spite of the higher interest rates, this may very well be your best option.
Where to Look for Private Bad Credit Lenders
There are many companies that offer this type of service. You can start by looking on the internet. You can apply online from your very own home, office or anywhere you have phone or check around in your area.
Our Friends On Net
- Bad Credit Business Loans | Merchant Resources
- Bad Credit Business Loans: Poor Credit Business Financing
- Debt Consolidation Loans For Bad Credit
- Bad Credit Mortgage | Home Loans for People with Bad Credit
- Bad Credit Loans & Personal Loans... Instant Online Approval
- Home Equity Loans Bad Credit OK - Poor Credit Home Equity Lines
- Guaranteed Bad Credit Loan Apply Now