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Sunday, Jun 16, 2019
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Lending Bee Loan Types

Getting a loan is a tricky thing to do, but can be of great help in times when you are in dire need of money. With that said, there are moneylenders like Lending Bee Legal Moneylender that will help you with the loan needs that you have. Lending Bee offers different types of Credit Solutions for different needs, which will help to make sure that your financial needs are well taken-care of. What are these loan types? Let’s find out below!

Personal Loans

This is a common type of loan that comes in handy when you need money immediately but would not want to dry up the emergency funds you have. These needs can include refinancing of your car, urgent renovations, as well as credit card consolidation.

Business Loans

Starting a business or expanding one needs a lot of money sometimes. This includes setting up coffee shops, and other business that require you to rent or purchase a residential or commercial area. These loans can come in handy, as it helps for credit ranging and getting working capital loans, as well as financing for receivables.

Lifestage Financing

Having a baby, moving into a new house, getting married, and all that are some of the big, one-time expenses that may catch you off-guard, expenses wise. In the case when the amount you prepared is not enough, then their Lifestage Financing for loans is best for you.

Travelling

While it’s considered to be a luxury for others, some people see the need to unwind and travel. To make the most of your travel, you need as much money as you could, as travelling on a budget can get in the way with you enjoying your travel. Lending Bee can actually help you to be able to fund your own dream vacation.

Things To Know About Money Lenders

Securing financing for their projects is one of the biggest challenges that fix-and-flip investors face. Investors should secure first the required capital to buy the property, pay the workers, and pay the fees, and other costs before they can start renovating a property for eventual rental or sale. Almost every fix-and-flip investor relies on private money lenders to finance their projects.

They Have Higher Rates and Shorter Terms than Conventional Loans

The terms on a private loan greatly depend from one lender to another. But, these forms of loans are known to have shorter terms than conventional loans. Oftentimes, the maturity of a private loan ranges from 1 up to 3 years. Private money loans often have higher interest rates than traditional bank loans due to shorter terms. Usually, the interest rates run around 8% up to 16%. A private money lender can offer loans that range from $50,000 up to $1 million.

Faster Turnaround

One big benefit of a private money loan is much quicker access to capital when compared to traditional bank loans. Private money loans are quickly processed. There are even several money lenders that issue same day loan approvals. In addition to that, financing is also quickly distributed. Oftentimes, it will only take days after the approval. These features offer fix-and-flip investors a major advantage whenever they are competing with other investors for the same property.

Usually, private money lenders such as those fast loan money lender in Singapore mostly focus on the property’s value instead of the borrower’s wealth. This is another major benefit of a private money lender. Even if they have a bad credit score, an investor can still apply for a loan as long as they have the skill to sell the property.

Get Your Loans Approved Sooner Than You Expected

Loans are a great way to buy and invest in things that you cannot afford at the moment, but you can eventually pay for. While applying for a loan and getting an approval was a long procedure that took a number of days and needed some sort of collateral, you can now apply for various consumer loans and see if credit score of 650 so you can get tangible and intangible products without having to pay the full amount instantly. Apart from banks, there are a number of financial companies that provide these loans with minimum documents which makes it easy for you to get an approval in no time.

These loans are approved on the same day and you can buy products that you want to pay in smaller amounts over a period of time without stressing too much. The rate of interest that these companies charge is very low and this makes it easy for you to buy items that you are interested in investing in.

The best part about these loans is that you do not need to worry about having to pay a fixed sum of amount. The loan amounts are flexible so you can decide the amount that you are most comfortable with and choose that as an option. These loans help to increase your credit score when you pay them back in a timely manner. While these loans are usually for smaller amounts, you can later apply for larger loans because you can get a higher credit score with a consumer loan.

A loan can be taken for a number of reasons. An emergency can occur at any time. Not a lot of people save money for emergency situations. When you start saving small amounts on a monthly basis you will not feel the need to take a loan when an emergency or a financial requirement occurs.