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Tenant Loans - Should I Apply To A Lender Or A Broker?

Unsecured loans for tenants and tenant loans are comparatively easy to apply for when it comes to options for raising money. Secured loans and mortgages on the other hand can be significantly more complicated to administer and often require much more detailed information from the borrower before they can go ahead and this can take much longer to complete than unsecured loans.

There are literally thousands of providers out there who are all looking to provide the prospective borrower with a service. There’s so much choice it can often appear bewildering, but if we break it down for a moment, there are really two types of offering that they all fall into.

Lenders

A lender is an organisation that is actually going to provide the money. It is their money and they will decide who will be granted a loan on the basis of their own criteria. Very often, their products are geared towards customers with a particular range of financial circumstances which means that if you happen to be one of those people, you stand a better chance of having your unsecured loan application accepted.

Of course, not everybody has the same set of financial circumstances which can mean that the lender may not be able to service your application simply because you do not fit their specific profile of customer that they are looking to attract which may not necessarily mean that you are not in a position to borrow money from anyone else. This is of course, the clear disadvantage of applying direct to a lender in that your options may be significantly more limited because out of the hundreds of lending products aimed at unsecured loans for tenants and tenant loans, a particular lender may only have 10 – 20 in their portfolio. If you fall outside of their profile, then you may well find that your application is turned down.

Finance Brokers

In the other camp however, the reverse is often true in that consumer finance brokers exist to provide access for the borrower to a much wider range of applicants since they may have a panel of lenders that they can help you choose from.

The way it works is this; first you make an application to the finance broker for a loan. They will then analyse your circumstances and try to find ‘best fit’ with a lending product from one of the lenders that they have access to. They will then forward your application to that lender once you are happy with the figures and the lender will then provide you with the loan and the funds you need. In this way, you could be significantly increasing your chances of success by providing yourself with many more options at the point of application.

I know what you’re thinking. There’s a catch. It’s going to cost me more money, right? Well actually, in the vast majority of cases the answer may well be ‘no’ as the finance broker makes their profit from a small commission earned from the lender for providing them with a suitable application, meeting their criteria etc and in a format that they need to minimise the work that they will need to do to grant you your loan. In this way, everybody wins as the borrowers enjoy a much greater chance of getting their unsecured loans for tenants and tenant loans and the lender has a reduced workload for which they are happy to pay a commission to the broker for their input.

Simply complete the enquiry form provided on the broker’s website and sit back and relax. You will get a call from them to help you to complete your application and a written credit agreement in the post if you are successful in meeting the criteria for a loan. Happy hunting!

This article is free to distribute although please maintain any links that may appear in the body or author bio. Thank you.

Carol Jameson is FinanceGuru for FeelGoodLoans.co.uk, specialists in tenant loans, loans and mortgages for UK homeowners and business owners.This article is free for republishing
Source: http://www.articlealley.com/article_177376_19.html


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