Trying to apply for a loan and find the best deal is not always the most straightforward of things, and can end up becoming stressful. This is amplified when there are a vast amount of lenders available both online and on the high street, with a wide range of financial products to choose from, too: it makes it hard to know the right loan best for you in your individual circumstances.
However, there are ways to navigate around this: such as using a loan broker. But what is a loan broker, and what are the benefits of using one? We explain everything you need to know.
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This is an intermediary who gathers the relevant information needed to then approach a variety of lenders on your behalf. They can seek out all the available options, in order that you can find the best loan available.
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One of the biggest plus points of using a loan broker is being able to see all the best deals at once and they will usually work with a number of direct lenders. In addition, many brokers are able to provide exclusive deals to customers that may not otherwise be available. This is because some have access to financial products that are not otherwise on the open market, as only certain lenders deal with them.
As loan brokers compare deals on your behalf, this helps you to easily compare the pros and cons of each product without having to do the research yourself: which can be a considerably time-consuming process in itself, without even considering the additional time it would take to also read the small print.
Particularly for something like development finance, the lenders will have different criteria and take a view on things like loan amounts, credit histories and risk – so having a whole of market view can be very useful.
Loan broker’s expertise of the market
A loan broker can help to advise you on what will be the best loan products for your needs, as they know the loan market exceptionally well and have developed a wealth of expertise of the industry, ensuring that you get the best advice on what would be the right loan for you, and also provide you with guidance on your application: such as which lenders are most likely to accept you for a loan based on your circumstances.
Loan broker usually gets paid only if there is a deal
In most cases, using a loan broker is free for you. Whilst a small minority charge a service fee for helping you to find a loan, the majority only get paid via a commission if a deal takes place.
Depending on the industry, some brokers will not charge fees, instead taking a commission from the lender. Property finance such as bridging and development finance does come with broker fees of 1-2%, but for things like personal loans, there are no usually no fees from using brokers.