If your loan has not been approved by the bank, do not despair. There are many private lenders who will be willing to lend you money regardless of your poor credit history. Private lending is a boon for people who have been turned away by traditional lenders such as banks. Both individuals and companies can act as private lenders in Ontario to provide funding to those who are in urgent need of cash.
Borrowing money from a private lender has its own advantages and disadvantages. A major advantage is that private lenders do not have strict loan approval guidelines like banks do, so the probability of you getting a loan is much higher. There aren’t many regulations and the settlement process is generally less rigid.
Private lenders offer both secured and unsecured loans. They also approve loans for those with bad credit. But there is high risk associated with this kind of lending. This is why most loans from private lenders come with a higher rate of interest.
Before you approach private lenders in Ontario, make sure that your financial information and all other relevant documents are in place. You might also have to provide a copy of your credit score to the lender. Employment history, salary details and bank account information are some of the other details that you will have to provide. You should also try to negotiate loan terms and interest rates, especially if you have a good credit score.
