Five Types of Money Lenders

2020-02-20 By Joseph C. Settles

Five Types of Money Lenders

When you look for money, you might be confused about where to go. There are many types of money lenders, some better than others. So who can you go to? Today, let’s go over a few types of money lenders, who they’re best for, and where to find them.

Commercial Banks

The most obvious place that people know they can get money from is a commercial bank. These offer many types of money lending for people, whether they need money for a car, home, or personal use. However, keep in mind that these types of loans will often have high credit requirements and even higher income and other conditions as well. In general, any bank will be able to give you these offerings.

Credit Unions

The next type of money lender is almost exactly like a bank; however, it’s a nonprofit. Credit unions work just like banks offering bank accounts, savings accounts, and loans. However, since they are nonprofit, they are often cheaper and bring more benefits than a bank. The downside is the high credit rating that can be required and varying membership requirements to join the credit union.

Brokers

Brokers exist to get you money when you need it. You can find different types of brokers offering various services. However, each will look at multiple lending sources to work to get you the best deal possible. These are generally a good option for those with middle to high levels of credit and in need or larger loans.

Traditional Payday Lenders

For smaller loans, like personal loans and payday loans, you can go to a money lender. These are private lenders that offer money to those that often are “unbankable” or have lower credits than other sources would often take. That said, they do usually have requirements ranging from employment history to living age and banking situation.

Online Lenders

Companies like iCASH offer online lending as the fastest way to get small loans when you’re in a tight spot. When you need a hard money loan, they might check your credit score. Still, they also take into consideration more factors that a traditional bank or broker would. They look at your history, job, and regular income to determine your financial situation and see what you can be loan and for how long.

Unlike the other types of loans, groups like iCASH often can process your loan application and offer you your loan amount in less than five minutes. After accepting the terms, you can sign a contract and have your private loan on the way to your bank in less than an hour.

If you’re looking for a small loan, then look no further than iCASH for your payday lending needs. We’re a money lender that is working to help more people get the money they need for emergencies. We use AI technology to process applications fast and get money to you faster.