Need an instant finance solution? Why is money lending a better solution?

As a business owner, money is always a problem. Whether you are looking to start your own business or want to continue until the next prize arrives, payers are one of the best ways to earn money when you need it. You will find that moneylenders offer better loans and schemes than other traditional banks and lenders.

As with business loans, these loans can be huge if you don’t have enough time to go through all the paperwork required to get a traditional bank loan or another type of loan from another company. If this sounds like something you might find useful, read on.

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What is a Moneylender?

Being an entrepreneur or even an ordinary person does not guarantee a free life. There may be times when you need financial assistance with a major purchase or something expensive but necessary.

When this happens, individuals or businesses often go to the bank to apply for a loan. But it may not always be easy to expect to get a bank loan. Also, this can be time-consuming and expensive. Fortunately, there is another solution, and that is the moneylenders.

Moneylenders are providers that offer companies that need capital and interest that can pay more than the banks. This will depend on your property, and the real estate you can use for delivery.

Also, you do not need a credit score when applying for this type of loan, unlike other types of loans such as car loans or mortgages as there is no risk because you give them something useful if you fail to repay your loan.

Why should I use a Moneylender instead of a bank?

Moneylenders offer lower interest rates than banks just because they don’t want to make a profit. They also view these loans as an investment in their business and don’t want to fall, so low-interest rates reduce the likelihood of a repayment crisis affecting both parties.

Banks may offer lower interest rates than lenders, but you will have to wait months or years for your loan application to be approved, especially if you are starting a new business. You are guaranteed immediate support if you go to a moneylender & you offer value and worth repayments. They can use real estate as collateral if you stop paying the mortgage with a high-interest rate + interest.

Types of lending

For smooth working of business and for meeting other monetary needs what you need is money to fulfill the needs on time. The purpose of lending is that borrowers can avail money from lenders with a promise of returning it within a specific period. A fixed interest rate is decided by the lender that the borrower must pay on the money borrowed along with the principal amount borrowed. For various needs of borrowers, lenders are offering various kinds of lending facilities that help them to meet their monetary requirements.

Usually, banks and other money lending institutes provide two types of loans that can be availed by the borrowers:

  • Secured Loans: The loans that require something as collateral for securing the money borrowed by the borrower from a lender.
  • Unsecured Loans: These are loans that do not require anything as collateral. Moneylenders lend money based on the credit score and history of borrowers.

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Here are a few types of lending discussed below:

Home loan

A home loan is a kind of secured mode of finance. The borrower gets funds to buy or build the home of their choice. For such loans, the amount is disbursed depending on the income stability and current liabilities of the borrower. Types of home loans available are:

  • Land purchase loan
  • Home construction loan
  • Home loan balance transfer
  • Top up loan

Gold loans

Gold loans have a condition that the borrowers have to pledge gold jewelry or coins in the form of collateral. The amount of loan is sanctioned is a certain percent of the value of gold pledged. Usually, borrowers avail gold loans for meeting their short-term needs and have short repayment tenor compared to other loans like a home loan.

Education loan

For pursuing higher education from a reputed institution the demand for an educational loan got boasted with time. The educational loan actually covers the basic fees of the course and other allied expenses such as exam fees, accommodation facilities, etc.

An educational loan can be taken for full time and the students are the primary borrowers while siblings, parents are co-applicants.

Vehicle loan

A vehicle loan can be taken for two-wheelers and four-wheelers. This loan helps to buy a dream vehicle by the borrowers. You can avail vehicle loan either for the purchase of a new one or a used one. The loan is given based on the credit score, loan tenor, etc. of the borrower.