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Aurora Private Lenders
What is private lending?There are banking institutions like major banks and credit unions and there are small businesses that deal in loan products like payday loans... Private Lenders can be anyone that is not a bank or payday loan institution. Private Lenders can access small, medium or large amounts of funding, but they do so by approaching private entities like hard money lenders, accredited private investors, or just an individual that has access to an overflow of money. Aurora Private Lenders are like a third-party entity that brings borrowers and lenders together to form a financial relationship. This is what separates regular banks & credit unions from Private Lenders, all banks are regulated by the government because that is where they get their funding from. Because Private Lenders obtain their funds from private sources, they are not regulated by the government. This means that Aurora Private Lenders have more flexibility when it comes to loaning out money and application approvals.
How does private lending work?When looking into how Private Lenders operate, it is good to know upfront that there are a few key pieces of information that are important for people who are considering a private loan as apposed to approaching a regular banking institution. Private Lenders are obviously in this business to make money themselves, so people should expect a higher interest rate to be placed on the terms of any type of loan. People can also expect that Aurora Private Lenders will require some of the same financial background information that a regular bank would expect from applicants. Collateral... yes, Private Lenders want some type of ‘sellable’ security that is equal to the value of the loan in case the borrower defaults on the loan in any way (missing a monthly payment, not making the monthly payment in full, not adhering to the terms of the loan, breach of contract and so on).
How can private lenders offer customizable credit solution?The personalized service that Private Lenders give to their customers almost surpasses that of a regular bank, all loans are customized to fit each person individually, with realistic terms and monthly payments that will coincide with the payback agreement. The gainful impact when dealing with Aurora Private Lenders is the borrower being approved and loaned the money for its intended purpose. Helping people to take monetary plans and turn them into a reality is the goal of Private Lenders, and therefore Private Lenders is an appealing alternative to banks, credit unions or payday loan businesses!
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