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What Makes Moneylender Better Than Banks?

Posted by: | Posted on: March 19, 2018

The business industry is growing rapidly. With it, numerous individuals are beginning the career as a businessman. For the establishment of a good business, the individuals are required to take help from lots of money. Most of the beginners are taking help from the financial institutions. When it comes to the financial institutions at that time all start thinking about the banks. All types of individuals are not able to get money from the banks. The reason may be the poor credit score of the client.

If you are facing the same then you should take help from the moneylender. These are some private institutions those are providing funds to the applicants. There different types of differences between the banks and money lenders. From the following point, I’m going to describe

Interest rates

the interest rates of both types of institutions are completely different. If we talk about the banks then the rate of interest is based on the credit score of the applicant. In all cases, the interest rates are less as compared to the money lender. When you are applying for the loan to the money lender then credit score does not affect it. These types of institutions are providing money at fixed rates.

Paper work

in case of banks, the individuals are required to prepare big files when they are applying for the loan. They need to provide different types of documents. It leads to lots of work and wastage of the time. On the other hand, the money lenders are providing loan money by getting some documents only.

Complicated process

when you are applying for a loan in the bank then you need to follow some complicated procedure. Due to it, the loan approval will take lots of time. However, the option of money lender is beneficial in providing loan without following any type of long process.

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