Do Private Loans Get Settled Faster?

If you’re looking at private loans, you might be wondering if they are able to be settled faster than loans from a traditional lender. Generally, private loans can be settled faster as private lenders have an easier application process. A faster settlement is not the only benefit to a private loan though.

Read on below to find out everything you need to know about private loans, and the many benefits of them.

What is a private loan?

A private loan is a line of funding that comes from private lenders, instead of traditional lenders such as banks. Private lending may offer more options in terms of easier approval, quicker processing times and less need for a good credit score. Private lending may be a good option if you are finding the traditional forms of lending criteria too strict, or too hard to meet.

Do private loans get settled faster?

In some cases, private loans are able to be settled quicker than loans from a bank. This is due to the approval times for private lending generally being faster and involving less paperwork, making the whole process quicker and easier. There are a lot of benefits to private funding, and a quicker settlement is just one of them.

Other benefits of a private loan

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.

What will I need to apply?

When you’re applying for a private loan, you may be asked to provide documents such as:

Personal information – Most lenders will need you to provide documentation that proves your identity, such as a passport, driver’s licence or birth certificate.

Employment information – Generally, this needs to be evidence of your current salary or wage, plus any extra income you may be receiving. Your lender may also need to see other proof of income such as your most recent payslips or tax returns.

Financial information – Your lender may ask for proof of your financial situation. This may include whether you own your home or rent, and proof of your assets and expenses. Your lender may also ask you to provide proof of any savings with other banks if you have any.

Any other debts in your name- Your lender may also want to know about any other debts you have. This may mean providing any other credit card or loan statements that you have.

Before you begin your application, it is always a good idea to double-check with your lender to find out exactly what you need to apply.

Where does Tiger Finance come in?

With Tiger Finance, we can help to get you a loan in four easy steps. 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!