While there are two sides to a coin and certainly two sides to everything in our life; when you flip the chance there is something that you want more than the other. As a prospective customer looking for options and sources to procure money for personal and any other use, you fiddle with the choices you have and since that is a grey area where will make or break decision; here in this article we will enlighten you a bit more about Licensed Money Lenders and Banks.
As licensed by the “Registrar of Money Lenders” a licensed money lender is more of your confidant than your service providers. To be frank enough and without lacking the brevity; money lenders can be ideal for one, however I leave that for you to decide.
Whereas on one end, banks- money’s soul mate takes ample of time to decide whether they want to be your service provider or not, money lenders are the one who are willing to help anyone and everyone. Banks take a lot of time in scrutinizing and analyzing the customer and this often leads to consuming a lot of time, on the other hand a bank does the same task quickly and with much responsiveness.
02 The more you have, the merrier it is
Unlike banks, money lenders do not care of how much money you have or how many cars do you own. The sense of credibility is always there and they have their means to observe that in you. The more money you have, the higher the number of banks are willing to help you but why’d people with so much funds will come to this, mostly they won’t. The destitute are in majority and these services are designed for them. Money lenders go beyond measures to help the needy.
03 Credit Assessment
Credit history is important and integral for taking loans. Banks spend a lot of time in checking the credit history of an individual and that is justified. Banks have a lot of money and when someone comes to them for loan, they cannot help but be extremely lucid about their process. Money lenders, as compared to banks give away fewer funds. Banks therefore pay a lot of heed to the credit history of the clients and so you have to be in the good books.
Other than the aforementioned there are several points through which you can run a fair differentiation between a bank and a money lender. The bottom line remains that as a financial institute, the processes of a bank is stringent however money lenders are in the business and are privately owned and therefore they make their services flexible for customers, as for them a customer loyalty is more important.
A bank may not alter the policy, albeit a money lender is open to suppleness for their clients.