The Top 5 Advantages of Non-Bank Lenders

Are you planning to invest in a property? You may be looking to expand your business. Regardless of your goals, non-bank lenders can help you receive the funds to realise your plans.

If you’re considering a non-bank lender, here are ways they can help finance your investments.

1. Lower Interest Rates and Fees

One of the benefits of opting for a non-bank lender is that they often offer lower interest rates, unlike bank lenders. Non-bank lenders provide competitive and often lower rates as they typically don’t have branches with overhead costs they need to shoulder.

On top of that, non-bank lenders in NZ have loan choices at wholesale prices. Thus, they can offer cheaper rates to their borrowers.

2. Fast and Hassle-free Application Process

Applying for a business or personal loan in a traditional bank can take weeks or even months. This holdup occurs because mainstream banks have widescale operations, more clients, and longer processing times. Not everyone has the luxury of time to wait for loan approval.

Fortunately, non-bank lenders offer a streamlined approach to avoid delays in processing your loan application. Instead of a face-to-face meeting, you can easily apply for a loan through a non-bank lender online. With the help of modern technology, non-bank lenders can review your loan application promptly.

3. Ideal for Start-ups and Businesses

Starting a new business or company is a tremendous financial commitment. The capital to fund a start-up may not come swiftly through a bank due to the strict requirements and experience these institutions deem necessary.

Traditional banks may ask for a business plan, financial reports, and documents that may not be readily accessible. On the other hand, non-bank lenders can walk you through the process and ensure that the loan you’re applying for is suitable for your business needs.

4. More Flexible Criteria and Credit Requirements

Thinking about whether your credit score qualifies you for a loan can be a headache. Banks tend to investigate your credit score, income bracket, and other requirements with strict and non-negotiable criteria.

You’ll be glad that non-bank lenders have more relaxed standards and consider other factors aside from your credit score. A non-bank lender will take a closer look at your loan application on a case-to-case basis.

5. Easier Access to Funds

Since non-bank lenders promptly review each loan application, you can receive your loan approval and funds just as fast. Claiming your loan won’t require much work since these non-bank lenders offer convenient options like online transfer to your bank account or e-wallet. You can have your funds with you in a few days.

This fast and easy access after loan approval especially comes in handy when you need funds for your business or personal needs as soon as possible. Instead of the slow, traditional banking route, a non-bank lender offers timely and tailored options for their borrowers. With the help of non-bank lenders in NZ, you’ll be able to finance your projects without too many restrictions.