Payday Loan 
Title Loan 
Personal Loan 
Business Loan 
It is surprisingly hard to find a good definition on the internet for the phrase “Direct Private Lenders”. So let’s go ahead and explain that term here and now.
What Does The Term “Direct Private Lenders” Mean?
The term Direct Private Lenders actually doesn’t have a single meaning. It gets used differently in different contexts.
This is part of why it is so hard to find a good explanation online. But there are two general meanings that seem most pertinent to our intended audience.
The first is that these are lenders that are fronting the money themselves. Your loan contract is with the person or institution whose money is being lent out.
In other words, the loan is not made through a third party. Loans made through a third party typically cost more because the third party adds a layer of extra expense. So direct lending is often a bit cheaper.
The second meaning is that these are often not loans from banks. They are from other entities.
Some direct student loans come directly from the US government. But, in the case of unsecured personal loans — as opposed to either corporate loans or secured loans, like mortgages — direct lending is usually from a small business, such as a payday loan place.
How Do Private Lenders Work?
Lenders work with the people they loan money to as if they were a partner. After you have been approved, the lender works with you as a partner and will work to tailor your interest rate to your needs. They can adjust or extend your terms, given that their business will always be at risk of losing money, even if it is a very solid business model.
Because private lenders are not regulated, you do not need a license or a broker to get a loan through them. Lenders understand that you may experience difficulty if the value of the assets securing your loan decreases, and they often offer flexible terms in case something goes wrong.
You will not be required to pay any fees or foreclosure costs when you cancel or refinance your loan, and if the lender goes under, you will lose nothing. This is in contrast with private lenders, who do not operate on the same scale. Private lenders are also much more concerned with your finance plan than they are with how much money you have in your bank accounts.
You can get a private lender to work out payments that fit into your budget, even if that budget may be very small when compared to other companies’ loan terms.
Private lenders often charge interest rates on their loans of between 14 and 20 percent. A private lender will base the interest rate on his or her experience with the borrower, the amount of money that is available to be loaned, and whether or not you are able to pay back the loan on time.
If you are unable to pay back your loan on time, you can refinance with your lender without having to go through items like credit checks, proving income, or proving assets. Almost any lender you use will not require a collateralized asset for a private loan. Private lenders often give their debts very personal attention during your repayment period.
Primary Benefit of Direct Private Money Lending
The primary benefit of direct private money lending is that you can keep all control over your financial matters. There are no credit checks to worry about since they do not require a credit score, and you will not need to wait for anything like a company would. You can get a loan immediately and begin using that cash as soon as it is received.
Private lenders often charge an interest rate of between 14 and 20 percent on their loans, but this will differ by lender. They also tend to be more flexible with the repayment terms of their loans, allowing for changes or extensions on the payments if needed.
Why Would I Want To Find Direct Private Lenders?
As noted above, these loans are typically lower in interest than third–party loans. So if you are looking for Low interest personal loans, you may be able to get a better deal than if you go through a broker or other third party.
Another reason you might be interested in is that they typically have quicker turnaround times, which means your funds are disbursed more quickly. Cutting out the middle man helps cut out extra steps in the application process.
They can also have their own in-house standards that help streamline the process. For example, payday loan lenders typically only perform a soft credit check, not a hard check. This helps speed things up and also helps protect your credit rating.
Where Can I Find Direct Private Lenders?
That’s usually the hardest part of the process because it involves tracking down a lot of low-profile, small lenders. That’s where TheGuaranteedLoans comes in.
We are not a broker and we don’t lend money ourselves. Instead, we are a clearinghouse that helps borrowers find lenders and matches them.
How Much Does A Private Lender Charge?
The interest rate that will be charged on your loan will vary by lender. Most lenders charge an interest rate ranging from 14 to 20 percent, but this can change depending on the relationship you have with the lender and the length of the loan you are requesting.
The amount of money you can get through private lenders is quite flexible, but it does depend on your credit score and other factors like assets backing your loan request.
Private lenders often follow strict criteria for determining whether or not they will lend cash to someone, meaning that there are not very many guaranteed loans available.
What Do I Need To Do To Apply?
Direct Private Lenders often have minimal requirements. You will need to provide some financial paperwork plus identification, such as:
- A driver’s license.
- A state issued ID card.
- A military ID card.
- A tribal ID card.
- A student ID card.
Any of those will do, but if you are looking for personal loans for students, it is best to include a copy of your student ID.
FAQ
All private lenders are insured with state-approved insurance companies, so they will be able to pay out money if their company goes under. This is in contrast with other lenders who do not operate on the same scale, meaning they may go bankrupt and not be able to pay you back.
No, private lenders do not check credit scores because they are not required to do so by law. Private lenders are also more flexible when it comes to your financial needs.
Private lenders can be a great help in a pinch, but they will cost you an interest rate that is higher than a bank’s. The loans from private lenders are also not guaranteed by the government, so if there is a legal issue with the private lender or if they go out of business, you will not be able to get your money back.
Private lenders tend to charge higher interest rates because when you borrow from them, they make more money when your loan term comes due. Banks do not make as much from loans as when people borrow from them directly. Banks give out a lot of loans and do not charge very high-interest rates because the government has increased regulations on banks over the last decade due to abuses in the industry.
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