5 Tips for Finding the Right Private Money Lender

Are you looking for a private money lender to get you out of a difficult financial situation? Whether it’s to get you out of an impasse, help you with an emergency, or settle a debt, it’s crucial to choose the right lender. But how do you find a private money lender who can really help you?

Life often puts obstacles in our way. Even with a good cushion, we can’t always plan for emergencies. In 2019, nobody would have thought to put aside money in case of a pandemic and an extended lockdown. Household debt also hit a new high when it climbed to 171% in 2020. Having a good private money lender to get you out of a problematic financial situation is therefore an undeniable asset.

To help you make an informed decision, our experienced financial advisors share their expertise with you. Here are our 5 smart tips for finding the right private money lender.

1. Find a private money lender with a licence

Looking for a private money lender on the internet is quite simple. However, with a large number of fraudsters and unscrupulous individuals, it’s crucial to stay on your guard. Fortunately, the Office de la Protection du Consommateur provides you with tools to help you find the right lender.

Thanks to these tools, you can verify the credibility of merchants and whether your lender holds a licence. This information will help you determine if this lender is right for you.

2. Discretion, confidentiality, and availability

The advantage of an unsecured loan is that it doesn’t usually require a credit check. You can therefore get a loan quickly without having to disclose too much personal information related to your financial situation. A good private money lender is therefore able to help you quickly without influencing your credit report.

In the event that a credit check is necessary, lenders are required to handle your information in a secure and private manner. A good way to verify whether a lender’s website is secure is to check the link in the address bar. If it starts with HTTPS, this means that the site is secure—for example, on a private and secure server.

3. Private money lender: a fast and simple process

A good private money lender also understands that time is money. If this weren’t the case, you could apply with your financial institution. Having a simplified online loan application form is therefore crucial to expedite the process and release your funds as quickly as possible.

Generally speaking, after your application has been approved, you should be able to use your funds within 24 hours. This is another good way to determine whether you have a good lender. 

4. A variety of loans tailored to your needs

Getting a loan is one thing, but you still need to have the right unsecured loan. In addition to no credit check loans, an experienced lender will be able to offer you several solutions, such as cash advances or payday loans. Depending on your financial situation, the amount you need, and other factors, some types of loans might be more beneficial for you.

The right lender will be able to identify the ideal solution with you to resolve your financial concern.

5. Beware of excess information

A good lender has nothing to hide. If you’re approved for a loan and your lender springs a multitude of conditions and information on you, you may not have the right lender. When you’re searching for a private money lender, make sure that the information you receive is clear and precise.

To do this, we encourage you to look for an FAQ page on the websites of lenders. The conditions for rate increases, the penalties, and all the details concerning the limitations and obligations of your loan should appear there.

If you need extra help finding a good private money lender, contact us. Our advisors will be pleased to take your call.

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