It's no surprise that many individuals seeking personal loans to start a business or for personal needs sometimes have trouble getting such financing - And for a good reason. They often overlook one great source of personal loans - namely Private Lenders.
Private lenders are generally thought of as any person or entity that's willing to lend funds that is not a bank or any other financial institution that accepts deposits. The list of sources could be any individual or group of individuals who use the excess funds they have available to make a wide variety of loans based upon their own preferences. They could be doctors, lawyers, accountants, wall street investors, and other professionals who invest extra funds to generate income by financing ventures of their choice.
One type of financing private lenders provides is personal loans. Personal loans may include auto loans, real estate purchase, education, medical, acquisition of a business, debt consolidation, vacation, furniture, starting or expanding an e- business, etc. Be aware of any upfront fees that may be required, but don't pay until the loan has been funded. Maybe you could use an escrow company to hold your fees to ensure that the loan has been funded.
Don't think that you'll just waltz up to a private bad credit lender, sing a sad song about your troubles, and you automatically get the money. No. They'll most likely want a clear plan on what you plan to do with the money and more importantly, how you plan to pay the money back. You may not need a full blown business plan, but having at least a break even analysis would help your case tremendously.
'Legal Credit Manipulation’ free ecourse. Don't be held hostage by private bad credit lenders for high interest rates. Learn the secrets to creating the credit you need, want and deserve. Click here at Free Bad Credit Repair .
Christopher Wright, Financial Cancer Specialist