Private lenders are slightly different to the standard high street and mainstream lender on the market.
They are also not a loan shark.
They lend money in the hope that they will get a high return on their capital.
Private Lenders might be more likely to take the risk of lending to someone with a less than perfect score than that of a normal bank.
However, it is still possible that they may not successfully receive a return on their original investment and so it isn’t a 100% guaranteed that you will be accepted.
Private Lenders UK Loans
With private lenders UK you are not applying with a bank, financial institution or credit union.
These are companies or individuals that loan their own money to others.
The money borrowed can either be borrowed on a secured or unsecured basis.
Different Private Lenders Options
When you apply with a traditional bank or with another formal lender they have very strict lending practices as they are heavily regulated and have a higher obligation to lending funds.
This means if you have a less than perfect credit score you are highly likely to be declined.
However, with a private lender they have no such obligations and so are able to lend regardless of your credit score, but only if they wish to.
When applying through normal high street banks, there is usually an extensive application process, requesting a lot of information and evidence before they will accept you for a loan.
On the other hand, with a private lender the process can often only take a couple of days to approve and to release the funds.
Which can be an advantage if you are in need of the money fast.
Overall lenders that are private are a lot easier to be approved by for a loan.
However, the downside to using some private lenders for bad credit, is that because they are not required to adhere to any legislation you can be at the hands of the lender when paying back the loan borrowed.
Before applying with a private lender make sure you weigh up your options.
With our regulated and registered lenders on this website, they can provide safe lending to applicants that may have even been turned down by mainstream lenders.
You will be protected by the current laws and regulations that our lenders must adhere by.
By applying through them you can be sure you know exactly what terms you are entering in to.
You may be in need of some extra cash this year and have had no success with the traditional loan lenders.
Private loan lenders are different to the typical high street or mainstream money lender, as they instead lend money in the hope that they will get a high return on their capital through charging interest on the money lent.
Unlike banks and other mainstream lenders, private credit lenders may be more likely to take the risk of lending to someone with a less than perfect score.
However, it does not guarantee you will be accepted as this still poses a risk to their investment that they may decide not to take.
Who are Private Lenders UK?
When you apply to a Private type Lender, you are not applying with a registered bank, financial institution or credit union.
Private lenders UK are individuals or companies that loan their own money to others.
Traditional banks and alternate formal money lenders are required to adhere to very strict lending practices as they are heavily regulated.
Applying with such lenders may mean that if you have a less than perfect credit score you are highly likely to be declined.
On the other hand, with private lenders, they are able to lend regardless of your credit score, but this is only if they wish to.
The application process when applying with banks and other regulated money lenders can be long and detailed, requesting a lot of information and evidence before they will accept you for a loan.
With a private lender the process can take a couple of days to be accepted and have the funds transferred.
Overall private lenders UK are a lot easier to be approved by for a loan.
Before considering private lenders UK, make sure you know your alternatives.
With our regulated and registered lenders, they can provide you with a safe lending policy.
Knowing that our lenders must adhere to industry standards you can be sure you will be protected by the current laws and regulations.
By applying through them you can be sure you know exactly what terms you are entering in to so that there are no nasty surprises later.
Currently there are many private lenders London to choose from.
Private lenders in London are lenders that are hopeful for a high return on their capital.
Private lenders may be an option if you may have already been declined by the banks for a loan due to your credit profile.
Find Private Lenders in London
Private lenders London differ as they are more likely to take the risk of lending to you than that of a bank.
To the private lender, however, it can create more of a risk for them successfully getting a return on their investment.
Private lenders in London are not banks, financial institutions or credit unions.
They are companies or individuals that loan their own money to others.
However, just like typical cash loans a loan from a private lender can also be either secured or not secured.
Since the loan is usually secured by a deed of trust rather than official collateral the interest rates are typically higher.
There are many benefits to going with a private lender than a traditional bank when you are looking for cash advances.
This can be extremely true if you have poor credit and have found it difficult to be accepted for a loan from a traditional bank.
Personal lenders in London could provide you with a safe way of getting accepted for the credit you desperately need.
With traditional banks they have a very strict lending practice as they are heavily regulated and have a higher obligation to lending funds.
This means when you apply to a bank for a loan and your credit score is not ideal you are highly likely to be declined.
Thankfully however private lenders around London have no such obligations and so they are able to lend regardless of your credit score as long as they want to.
When applying to banks there is usually a very complicated and time consuming application process, requesting all sorts of information and evidence from you before they will accept your application.
A private lender process however can often only take up to a couple of days to approve the loan and release the funds.
Great if you are in need of the money fast.
Overall private online lenders in the London area should be a lot easier to be approved by.
You may not only be turned by a bank just due to your credit score, but due to other factors such as low income or if you are self employed.
Private lenders however are more likely to lend to you if you are earning enough or have evidence of assets if required.
If you have been refused elsewhere due to a poor credit score, as you can see a private lender may be a great option to obtain the funds you require.
Private Lenders Yes, Loan Sharks No!
To make it clear, when we talk about going to private lenders in the London area, we are definitely NOT talking about approaching loan sharks for your new loan.
Whether that is online, in a shop or on the streets of London city.
Safer to apply through registered companies like ourselves, who only use registered private lenders you can trust.