A moneylender is someone or any financial institution which helps provide immediate funds to any business or any individual borrower, in turn, expecting that the amount will be repaid by the borrower later in fixed EMI’s timely. Borrowers are required to pay interest on the amount borrowed either annually or monthly, usually charged at a specific percentage of the total amount of the credit borrowed.
Getting a loan is not an easy process. Money lending can be initiated by either the lender or the borrower. Generally, the borrower approaches the bank or any other finance companies when in need of immediate funds. Thereby, the borrower is required to fill an application form consisting of all the basic details of the borrower and co-borrower. Filling an application form is one of the initial step of loan process completed by a borrower and must include the requested credit amount, all the basic details of the borrower, current income source, the current and permanent address of the borrower, names and addresses of guarantors, etc.
On the other hand, bank or finance institution may also approach an individual or a company or organization with a loan proposal at certain terms and conditions. Hence, borrowers who are in the regular need of funds to maintain the regular cash flow in their organization for effective and efficient operation of their business may also borrow the credits at higher amounts.
Checking the credit score before a loan application process is a good idea. Having credit score high can help in easy and fast approval of required amount of loan.
Any person offering money lending services without license is illegal and is required to be checked by a borrower before initiating any loan process.
However, the loan amount required determines the type of financier that should be approached by the borrower. For short-term loans, peer-to-peer lenders can be a feasible option, since there are very few or no borrowing requirements like collateral. For large and long term business loans, a borrower must approach any finance company or bank that can provide immediate assistance regarding funds.
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