If you live in a rented house or apartment, you may find yourself in an awkward position when you want to take out a loan. Most lenders like to see some form of collateral, and you don’t have what they’re looking for.
Luckily, you don’t have to own property to get an unsecured loan, and you don’t have to settle for an expensive loan with very high interest either. That’s pretty surprising – after all – higher risk for the lender usually means a high cost to the consumer. How do you get a loan on reasonable terms when you don’t have property?
How loan intermediary organisations help you to get a great deal
Loan intermediaries work with a number of financial service providers, getting quotes from several organisations before offering you the package with the best possible terms. Because loan intermediaries help so many people, they have a lot of bargaining power with banks and are able to get favourable terms for their lenders.
Of course, you can get even better terms if you are able to find someone who will stand surety for you. If a friend, relative or spouse is willing to take over your loan in the unlikely event that you’re unable to continue with payments, you’ll get an even better deal.
Working with loan intermediaries is quicker
If you go to a whole lot of banks to see what kind of loan they can offer you, it could take several weeks before you have all the information you need to make a decision.
If you don’t have an account with the bank that is offering the best deals, you may have to begin by opening a new account with the bank of your choice, adding time and hassle to the process of getting a loan approved. Then you have to wait for the bank to get around to your application and transfer the money. Loan intermediaries, on the other hand, are able to get the info you need a whole lot faster.
You don’t even have to step out of your house in order to get an unsecured loan. Simply go online to make your application and wait for the response. You could have the extra money you need in as little as 24 – 48 hours. Interestingly, you can get a loan from a bank through an intermediary a whole lot more easily and quickly than you’d get one if you went to the same bank in person.
Intermediaries offer the best service
Loan intermediaries make it their business to know about all the loan packages that are out there. Whereas you may be tempted to take up the first loan offer you can get, intermediaries know the value of shopping around – and they know where to look in order to secure a great deal.
They take out the loan on your behalf, getting and giving much better service than you’d usually get from your bank. All you have to do is fill out a single application form online.