How Easy Is It To Get Approved For A Private Loan?

If you’re looking into private loans, you might be wondering how they are different from traditional lending. One difference between private lending and traditional loans is that in some cases, it can be easier to apply and be approved for a private loan. This is because some private lenders have an easier application process, which leads to an easier approval process. There are many benefits to private loans, such as fast settlements and fewer requirements. In this case, you may find that it can be easy to get approved for a private loan.

Read on below to find out more about private loans, and the benefits of choosing a private lender for your next loan.

What is private funding?

Private funding refers to the funding given to either a company or an individual that have access to private funds. This way differs from traditional bank lending in that there are often non-traditional qualifying guidelines. Individuals may turn to private lending when they are finding it difficult to receive finance from a bank due to bad credit history, or even just simply being a property investor that has leverage.

Private lenders can be either an organisation or a private individual. Unlike traditional funding sources, like banks, private lenders don’t have traditional qualifying systems, meaning that getting access to a loan is much easier.

How easy is it to get approved for a private loan?

If you’re looking into private lending, you might be wondering how easy approval generally is.

Applying and getting approved for a private loan is usually quite simple. One of the benefits of a private loan is that generally, there are faster approval times. This is usually because there is a lot less paperwork compared to a traditional loan, which may take weeks to be approved.

You may find that applying for a private loan is easier than applying for a loan with a traditional lender. Many private lenders have much less strict approval criteria, which means that you may not need to supply a private lender with as many documents as you normally would when applying for a loan.

Benefits of a private loan

Quicker settlement – If you happen to require a loan quickly, the approval process for private lending is faster, and usually involves less paperwork than those of a bank.
Specialised loans – Private lenders are often able to cater to those after a wide range of loans while having far less strict rules than traditional funding. This may be ideal for those seeking short term finance.
Credit history – Having a good credit history may not be necessary to gain approval from a private lender. Many people seeking finance are rejected by banks for having less than ideal credit history.
Easy approval: Non-bank lenders specialise in offering loans to borrowers in individual circumstances. If you do have a bad credit history, or if you cannot prove your income via the traditional methods that are needed by banks, private members may be able to offer you an easy solution.
Fewer requirements – Banks will generally want excellent credit, a good repayment history, income requirements, and proof of income when approving your loan. Private lenders often have fewer requirements, making the whole process much easier.
Flexible payment terms – Private lenders may be able to offer you a more flexible rate compared to a bank.

Where does Tiger Finance come in?

With Tiger Finance, we make getting a loan simple. You will have a free consultation with one of our specialists, and we will tailor-make you a loan. We will negotiate with lenders on your behalf before you are approved.

We have helped countless Australians get approved for private funding. We understand that lending criteria from other lenders are too strict, and can stop you from achieving your goals. That is wrong, and it should not hold you back.

How we can help

Our finance specialists can help you find the right loan for your project. If you are one of the many Australians finding getting a loan difficult, Tiger Finance can make the process simple and pain-free. Call our loan specialists for your free initial consultation today!