Australia is a country that offers many choices when it comes to financing. We have a large variety of lenders to choose from when you want a Personal Loan, quick Cash Loans, a Mortgage Loan and so on. We also have a choice between going with a traditional bank for our finance or approaching a private lender.
So, which way should you go if you need finance? Choose one of the banks? Or opt for a private lender?
The answer really depends on your circumstances, how much cash you need and a host of other criteria.
What Type Of Loan Do You Want?
Different lenders have different loans. For example, if you’re chasing a large Home Loan, then you may want to approach a bank as many private lenders don’t offer Home Loans. It’s the same if you’re wanting to apply for a credit card.
What most banks don’t offer though, are loans like same day Personal Loans and Pawn Loans. These you can get from a private lender, and very quickly, but not from a bank.
How Much You Want To Borrow Might Determine Your Lender
If you want to borrow millions of dollars for a business, then speak to a bank. Having said that, private lenders offer Pawn Loans against security like vehicles, boats, business equipment and other valuables. Potentially you could borrow up to $500,000 and sometimes more, depending on the value of the item(s) you have for collateral.
One major advantage private lenders have over the banks is the very low minimums they have on their Personal Loans. The average minimum is around the $500 mark and that’s not something a bank will let you borrow. Banks tend to set their Personal Loan minimums at around $5,000. This means if you only need to borrow a small amount to give you some cash flow, you’ll want to apply with a private lender to avoid paying any interest on a higher amount. You don’t need to chase a leading finance lender to find a Personal Loan that suits your requirements.
Are You In a Hurry For the Money?
If time pressure isn’t an issue, then you could choose to go with a bank or a private lender. Banks tend to take a while to process finance applications, sometimes even taking up to a month to do so. If you needcashifyloans.com/” target=”_blank” rel=”noopener” data-lasso-id=”8359″> quick cash, Australia has some really solid private lenders who offer fast Cash Loans, Same Day Loans, Pawn Loans in quick time and even Mortgage Loans so you can perform renovations on your house and so forth.
Private lenders look for competitive advantages they can have over the banks and one of the main ones is the speed of delivery; meaning fast application processes and approvals, money in your account in rapid time and minimal paperwork so it doesn’t slow down the process.
Can You Get a Loan With Poor Credit or No Job?
With a bank? Not very likely. Your chances of getting a Personal Loan through a private lender with a poor credit score or no job are shaky as well, but what some private lenders do offer is a Pawn Loan.
If you own outright a car, truck, boat, caravan, an expensive watch, designer jewellery or even business equipment, you can secure a loan against these items and receive up to 60% of the current market value. You simply leave your vehicle or another item with the lender, borrow the money you need and get your item back once you’ve repaid the loan in full.
It doesn’t matter whether you’re employed or not or even if your credit history is not so great. Because you are securing the loan against a vehicle or other valuable item, your chances of getting a loan approval are high with cash transferred into your bank account instantly.
Pawn Loans are not something you can apply for with a bank. This is another area where private lenders offer an advantage, giving people more options to attain finance.
Both banks and private lenders can be attractive options. It really depends on what you need personally, which is the better option for you. No matter what your requirements and situation may be, there’s bound to be a finance option available for you from either a bank or a private lender.