Money Lender
Need for a loan is almost unavoidable. People tend to get a loan when they run out of money. However, most of these people are not sure which type of a loan they should go to. Therefore, it is important to first know which lender they should work with as finding the right person is very crucial.
It does not make any sense if the loan seeker is talking to someone who is not at all interested in the kind of loan they need. Money lenders who are genuinely interested in giving out a loan will definitely be willing to help those who are in need of money. Therefore, money seekers should invest time in talking to only those money lenders who are really interested in lending out money. These money lenders will not even ask credit limits or income details of the applicant.
Money lenders can be of different kinds. Following are some of them:
Title Loan
Title can be property like a car or motorcycle. In case of a title loan, the loan seeker will need to put forth their title in order to get a loan. The money lender will then give them money depending on the title. The title is returned to the owner when the loan is paid back.
Pay Day Loans
This is another type of a money lender. In this kind of loan, the loan seeker will most likely be in an urgent need of cash. A money lender in this case can help them with their money requirements instantly on the condition that they will pay the lender’s money back as soon as they get their pay check.
Signature Loans
This is usually given by banks or credit unions. Those who have a good credit and job history will have no trouble getting a signature loan. Banks judge the applicant by looking at their financial status and decide if they will be able to pay the money back.
FHA Loans
People usually go for this kind of loan when they want to buy themselves a house. People who need to get their own property or houses are more likely to apply for this kind of loan than those who are looking for rental property. An FHA loan expects the loan seekers to have a good credit score with a good job history. Self-employed people usually find it rather hard to get a loan of this kind.
Business Loans
This kind of loan can be availed against accounts receivables. In other words, it can be said that the borrower receives revenues and they owe this money to someone they are going to pay later. A delay of a month or two is the usual period before the money is paid back.
Hard Money Loans
This is given out against some property or an asset. Real estate can be counted as hard money. Commercial, farm house, or any other kind of property can be used for getting a hard money loan.