Searching for a personal loan can take a lot of your time and effort.
By adding in a loan broker that can ease the process, you can reduce the time you spend to find a loan.
What is a loan broker?
A loan broker acts like a middle man to find the most suitable loan for you. They review your eligibility and requirements to find you a good deal. To make this possible, loan brokers work with a network of different lenders. Each lender has their own qualifying criteria that potential borrowers must meet. Brokers understand the requirements, and only recommend loans that you can qualify for.
Why should you consider a loan broker?
A loan broker offers you convenience. Through visiting one website, you can can get access to more than one lender in a short space of time.
Reputable brokers also do not charge you any application fees. They receive commission from the lender when your loan is successful. That means you get access to premium service without having to pay for it.
How does the application process work?
When you visit the jkmsloans website, you will be given different loan options to choose from. Make sure you go over the information and select the right loan for you.
After you complete your application, we will run a check for your pre-approval. This involves finding a lender that fits your needs and circumstances. If you are successful, you will receive a pre-approval offer. This is usually followed by a call from the Lender to complete your application.
Does it cost more to use a loan broker?
No not at all. Brokers make money from commissions they receive for their lender connection service. The lender pays the broker for referring the client that resulted in successful loan. This cost is not added to your loan and will not affect your pocket.
What to avoid when looking for a loan broker
* Unregulated lenders. Avoid scams and high fees and charges. It’s always best to find a broker that works with NCR registered lenders.
* Upfront fees. Brokers should be making their money only after you secure a loan. The NCR does not allow for their members to charge loan application fees. Beware of brokers that charge upfront loan application, origination or insurance fees.
* No credit checks. Scam artists will “guarantee” you a loan before they checked your credit record. Remember no reputable lender will consider approving your loan without a credit check.
Conclusion
A loan broker can come in handy when you are ready to compare lenders and don’t know where to start.
You will be able to apply online from the comfort of your home, saving you time, paperwork and bank queues. Using a broker can connect you to a network of legitimate lenders. It’s a value-added service that takes all the hassle out of financing your goals and dreams.