Choosing a Private Lending Company Over Banks

Searching the word “loan” creates millions of Internet results, making finding the right information more complicated than ever. Between figuring out where to get a loan and how to qualify, getting a loan can seem like more trouble than it’s worth. Luckily, with a reliable private loan company such as Liberty Lending Group, it doesn’t have to be. One of the first questions that many potential borrowers have is whether a private lending company or a bank is a better solution for their needs. The answer is different for every situation, but, by considering the following factors, you will be able to make a more informed decision.

Private loans are better for those with lower credit scores

While many banks offer lower interest rates and higher loan amounts for borrowers, they also require that consumers have an above average credit score, and are in reliable financial situations. With more than 80 percent of people in the U.S. living in debt, meeting that criteria can be hard. The main benefit of a private lending company is that there is an option for everyone, regardless of their financial history and current situation.

Banks are better for those with more long-term flexibility

An important first step in determining where to get a loan is knowing how much you need, and how soon you need it. If you have great credit and are looking for loans higher than $30,000 for reasons that are not too urgent, the bank may be your best option. Unlike private lenders, which usually offer smaller loans within a few business days upon approval, bank loans have a lengthier application process for larger loans. If you are looking to renovate your home over the next few years, a bank loan may be well suited to you, while a home renovation needing a few thousand dollars to pay off unexpected hospital bills could also be handled with a private lender.

Private loans don’t require collateral

Most of the time, a private lending company will only require a hard credit check and ask a few questions about your financial history for approval. Banks, on the other hand, will usually require collateral on top of doing a credit check. The collateral could be the title to your home or car, investments, savings accounts, or any other valuable assets that you agree the bank can take if you fail to pay your loan back. If your credit score is less than optimal, then you will likely have to offer up significantly more collateral for a bank loan, whereas you could settle for a higher interest rate if you take out a private loan instead.

Bank loans suit more experienced borrowers

Students, recent graduates, and other adults who are trying to get their financial life back on track may find it difficult to get approved for a bank loan. Even if they meet some of the requirements, many banks will require a co-signer and numerous fees on top of the loan amount. These additional expenses may include origination fees, annual fees, application fees, and credit check fees, among others. Those who have stricter budgets who feel the dent in their pockets from an extra $100 expense may want to look to a private company when determining where to get a loan.

Private loans don’t require specificity

Private loans can be acquired for just about anything. Have your eye on a jet ski for next summer’s vacation? Sure thing. Need some extra help moving across the country? Not a problem. Looking to consolidate a couple of outstanding debts? Look no further. Bank loan applications usually require that you not only disclose your financial history, but also demand to know what exactly you plan to use the money for. Private lenders don’t typically care too much about the why, so long as you can make your monthly payments on time. Regardless of how much you need or what you need it for, if you are looking for where to get a loan, a private lender is almost guaranteed to be an appealing option.

Private loans are great for students

When federal funding is just not an option, students can always depend on private lending companies for school loans. Getting a loan from a private company to help with financing school can usually result in having your entire cost of attendance covered, so you don’t have to worry about whether or not you can take classes in the upcoming semesters. Private companies may also offer special discounts for students who make good grades or enroll in automatic payments. Some private student loans are even eligible for special repayment programs so students can limit how much they have to work while in school, and can focus on their studies. It’s nearly impossible for students to qualify for bank loans because they have little to no credit.

For most people, private loans are the best loans

Banks loans are not a bad option, but with the state of today’s economy and the rising debt among individuals in the United States, a private lending company is usually a better option than a bank for loans. Private lending companies usually require little to no collateral or additional fees, can be applied for and approved within a matter of minutes, and are the perfect source of additional income for people who have lower credit scores and students who are pursuing higher education.

Contact Liberty Lending Group today to learn more about private lending companies and get connected with the best option today.

How to Choose a Personal Loan

There are many reasons you might need some financial help: home repairs, car purchases, weddings, college tuition, and everything in between. Whatever your reason, a personal loan is one of the most common ways to get the funds you require. Choosing the right one depends on your financial situation, and Liberty Lending Group can help you review your options.

Secured or Unsecured Personal Loan

Secured loans are backed by an asset of value that you own. For example, if your car is used as collateral for the loan and you default, then the lender can seize your car. You can obtain this type of loan from most credit unions, banks, or online lenders.

Unsecured loans, on the other hand, are considered riskier for lenders because they are not backed by collateral. To offset this, lenders will typically offer higher interest rates than they would with secured loans. Your credit score will determine whether or not you are approved for the loan and what rate you receive.

Student Loan

If you need money to pay for school, there are both secured and unsecured student loans available today. Depending on your financial situation and the amount of money you need, this may be a good option. It is especially important to review interest rates to make sure you are getting the best option, as the interest can build while you are in school and your loans are deferred.

Fixed vs. Variable Rate Loans

Fixed rate loans offer an interest rate that does not go up or down during the entire duration of your personal loan. Fixed rate loans allow you to make the same payment every month until your debt is paid. You will not have to worry about changing interest rates that can increase your monthly payments, as well as the overall amount you owe.

Variable rate loans, however, have changing interest rates. This means that, depending on the loan terms and benchmarks, your interest rate may fluctuate. There is typically a limit to how high your rate can go over the duration of your loan. A variable rate loan may be a good option for you if you have a short-term repayment period, especially since this doesn’t give much time for the loan to gather much interest.

Co-Signed Loan

A co-signed loan is a good option if you do not have a long credit history or are unable to qualify by yourself. With this type of loan, your co-signer agrees to repay your debt if you are unable to make payments. The co-signer is essentially a form of insurance for the lender to know that they will get their money back.

Debt Consolidation Loan

If you are in need of debt relief, a debt consolidation loan could be the best personal loan option. This debt relief loan combines all of your unsecured debt into a single loan with a single monthly payment. They typically offer a lower interest rate, allowing you to save money in the long run by paying less interest and more principal.

Personal Line of Credit

A personal line of credit is similar to a credit card. A lender will approve you for the full loan amount, but you can use it incrementally and only pay interest on what you use. A personal line of credit is great for emergencies or ongoing expenses.

Experience Relief

Understanding all of the different personal loan options available is critical to reaching your financial goals. Knowing which option works best for your specific situation and financial needs is key knowing how to choose a personal loan. Contact the experts at Liberty Lending Group who can speak to you about your options.

What is a Debt Consolidation Loan?

Millions of Americans today struggle with overwhelming debt. According to the U.S. Federal Reserve, consumer debt rose 3% last month, bringing the total amount of consumer debt to over $3.9 trillion (and growing). Particularly if you have experienced a financial hardship or unexpected financial setback, it can be difficult to get back on track and gain control of your debt. It can also be incredibly stressful and difficult to manage multiple debt payments while trying to get back on your feet.

Debt consolidation is a way to regain control of your finances and get a handle on your debt. A debt consolidation loan is given by a bank, credit union, or financing organization in order to consolidate all of your debt into one easy-to-manage payment.

What is Debt Consolidation?

Everyone’s financial situation is different, which is why it is so important to have a debt consolidation strategy that is tailored to your specific needs and financial goals. The most common types of debt are credit card, student loans, and medical debt. These are categorized as unsecured, which means the debt that is not backed by any asset or collateral. Secured debt, however, is backed by assets, such as a home or car, in case of nonpayment.

Instead of making multiple credit card payments every month a debt consolidation loan is used to pay off all unsecured debt and consolidate it into one monthly payment. Depending on your current debt situation, including the amount of debt and your credit score, you may qualify for this option.

Benefits To Consider

A debt consolidation loan can be a great debt relief option with many benefits, depending on your finances. One key benefit is being able to manage all of your debt under one account. This allows you to focus on just one payment each month, meaning you will worry less about missing payments. Debt consolidation gives you peace of mind knowing that all of your debt is covered, and you are working towards becoming debt free.

By far the biggest benefits of debt consolidation are having a lower interest rate and the overall potential savings. Refinancing all of your debt into a loan with a lower interest rate can save you money in the long run because, overall, you will pay more towards the principal and less towards interest. Having a lower interest rate also means that you will be able to pay off your loan faster. It is important to review your specific debt and the corresponding interest rates to determine what option is best for you.

Take Charge of Your Finances

You may be able to receive funding for a debt consolidation loan in as little as two days! Debt consolidation gives you the power to take charge of your debt and get back on track financially. Regardless of your individual debt situation, meeting with a debt specialist to review all of your options is the first step to getting back on track. Liberty Lending Group is a wealth of knowledge, so contact us to learn more about all your debt relief options.

Need a Person Loan? How Liberty Lending Group Can Help You

Finding Personal Loan Lenders

If your pockets are a little too empty for upcoming expenses, it may be time to rethink your finances. Being a student, having mounds of debt, or just not making enough money for the time being can put a lot of people in a poor position. Luckily, personal loan lenders are more than happy to become your support during this time. There are hundreds of options to choose from when finding the best place to get a personal loan, especially for debt consolidation purposes, and no consumer should make a decision without doing their research. Working with Ś takes much of that research out of your hands. Consider these findings when making your decision, and you should find the best personal loans for your situation.

A Different Approach

All personal loan lenders seem to offer more of the same. Every browser search reveals another company boasting about how you can apply today and get paid tomorrow, but those promises are not enough. Signing a contract to work with a lending company is signing an investment into a relationship, and ‘fast and easy’ is never a good basis for any relationship. Liberty Lending Group knows that you have plenty of other worries and that you need detailed information so you can make a well-informed decision.

A Solution that Works

Liberty Lending Group is the best place to get a loan if you are looking for a personal consolidation loan that allows you to determine the terms. You can get a loan up to $100,000, and our financial relationship begins with you taking a few minutes to fill out an application online. Once approved, you can choose your repayment term — 24, 36, 48 or 60 months. The lower the repayment term, the lower the total cost of your loan, while the longer the repayment term, the lower monthly payment you will have to make. Most consumers who choose Liberty Lending Group opt for 36 months so they can make more affordable payments while keeping the total cost of the loan as minimal as possible.

A major part of securing a personal loan and agreeing to your loan lender’s terms and conditions is understanding the annual percentage rate (APR) of the loan. The APR is equivalent to interest accrued on the loan and is what increases the total money you will pay back to the lending company by the end of your repayment terms. So, for example, if you take out a $10,000 loan with 15% interest and agree to repay the loan in 48 months, you will end up paying around $280 a month and accrue around $3,300 in interest on your loan. Generally, you want to secure a loan with the lowest APR and repayment terms that are still within your budget.

Depending on your credit score, income, loan amount, repayment terms, and other financial variables, you will receive an APR between 4.49% and 29.99% with Liberty Lending Group. While the far side of this spectrum seems high, it is usually only given to people with a poor credit history and score, and many lending companies charge close to 40% APR for people in the same situation. This rate also includes no penalties for those who are able to pay off their loan early. Liberty Lending Group wants to help you succeed financially, so any and all efforts borrowers make to get out of debt are seen as a step in the right direction.

The Best Way to Fix Your Finances

Personal loans are a great debt management solution that are packed with long-term benefits. Unlike other types of loans, personal loans can be used for plenty of reasons, including consolidating or refinancing your debt, making an expensive purchase, planning home improvements, or even to pay for a medical procedure or wedding. Regardless of the reason, the benefits remain the same and can help improve your financial future.

The best personal loan lenders, such as Liberty Lending Group, will offer interest rates that are significantly lower than credit cards. Having that low interest will not only save you plenty of money in interest over the repayment terms but can also mean that you pay far fewer fees than you would with another type of financial solution. Having lower interest rates can help boost your credit score, as well. Lower payments mean more affordable payments so you can worry less about whether you can make your payments on time. By making payments on a regular basis and sticking to the conditions of the personal loan, the account will be considered a new type of credit towards your overall score and you may even see an improvement in your credit score over the next few years.

The Bottom Line

At the end of the day, a personal loan is a positive investment in yourself. With Liberty Lending Group’s customizable personal loan repayment plans, simple and streamlined application process and around the clock support, you can rest assured knowing that you have signed to work with the best place to get a personal loan. Contact Liberty Lending Group today to apply and get the financial benefits you deserve.

Tips to Taking Out a Business Loan with Liberty Lending Group

The Value of New Business Loans

Whatever your financial needs, a business loan can be a great tool to help you grow your business. It can help you fund a new endeavor, buy new equipment, replace broken machinery, or help you scale up existing operations.

Navigating the business loan process alone, however, can be difficult and even confusing. There are a variety of aspects that need to be considered before you take on a new business loan. At Liberty Lending Group, we understand the needs of business owners and have specialized services to meet your needs. We have compiled a list of tips to consider when taking out a business loan to help you better understand your options.

How to Get a Small Business Loan with Liberty Lending Group

In order to get a loan for your operation through Liberty Lending Group, you must first schedule an appointment with one of our lending experts. They will walk you through our approval process, explain our rates and timelines, and tailor our lending solutions to perfectly align with your needs. Meeting with one of our experts allows us to better understand your needs and provide you with the best possible service.

Our Business Loan Basics

  • Tip #1: Know Your Payment Terms
    Payment terms are one of the key aspects to consider when taking out a business loan with Liberty Lending Group. The terms of your business loan will determine how much you pay each month, as well as how long you will be making those payments. We will work with you and review your finances to figure out how much you can afford.
  • Tip #2: Go for Low Interest Rates
    The interest rate is another key component to take into consideration when taking out a new business loan. At Liberty Lending Group, we offer low interest rates in order to keep your monthly payments more affordable. During your free consultation, we will review your business’ financial and credit history in order to determine the right rate for you.
  • Tip #3: Watch Out for Hidden Fees or Penalties
    Other lenders have hidden fees or prepayment penalties, which can make your end-cost even more. At Liberty Lending Group, we have no hidden fees or penalties with our new business loans.
  • Tip #4: Know Your Budget
    As any owner knows, an indispensable part of owning a business is staying on budget. It is important to always remember this when trying to determine what type of business loan to pursue, because you will be able to easily track all of your monthly expenses and see how much of a loan payment you are able to make each month. Have your budget and financial information ready before you begin the application process in order to avoid delays.
  • Tip #5: Have a Plan
    This may seem like simple business advice, but having a plan is one of the most important parts of taking out a new business loan. It is important to know why you need the additional funds and how you will be able to pay them back in a timely manner. Having a plan with set, actionable goals will make sure that you know exactly how you will use the funds you receive from your business loan.

Doing some research before you start your business loan journey will really help to make the process even more efficient. If you follow these tips and do your own research, you will be able to enjoy the process. It will help you to make more informed decisions and to be aware of all possible options. At Liberty Lending Group, we walk you through the business loan process and help you to compare multiple options. Our goal is to make sure that you make the best choice to perfectly match the needs of your business.

Meeting and Exceeding Your Business Needs

Getting a new business loan could be exactly what your endeavor needs to reach its full potential. Before taking out a loan, be sure to review your business plan and goals to determine what exactly your operation needs. Taking out a business loan with Liberty Lending Group means you will have the financial freedom and backing to continue to build and grow your organization.

Industry Expertise with Liberty Lending Group

At Liberty Lending Group we have industry leading expertise that allows us to cater to all of your financial needs. We understand what it’s like to be a small business owner, which is why we are able to tailor our services to meet your specific needs.

Call today to schedule a free consultation with one of our lending experts to learn more about how Liberty Lending Group can help you secure a new business loan.

What Terms Do I Look for in a Personal Loan?

An Introduction to a Personal Loan Agreement

Whatever your financial needs, getting the best personal loans can help you reach your goals. They can be a great way to help you get ahead or get back on track after unexpected expenses. It is important to know, however, that there are certain terms to look out for when trying to secure a personal loan and also certain things to avoid.

It can be difficult to know where to start. At Liberty Lending Group, we are specialized in helping meet your lending needs. That is why we have compiled the basic terms to look for when trying to secure a personal loan, as well as an overview.

What is a Personal Loan?

These are considered unsecured debt, which means you are not required to have collateral to obtain one. For example, if you are unable to pay back the money, your lender or bank can’t take your car or home as payment.

A personal loan agreement typically contains a set amount and is only disbursed to you once. The money you can borrow is typically based on a number of factors, including income-to-debt ratio and credit score. They do often offer better rates than some credit cards. At Liberty Lending Group, we work with you to determine the maximum amount you can borrow, at the right rate for you.

Basic Personal Loan Terms

Interest Rate: Your interest rate is one of the most important aspects of your personal loan. It is essentially the cost of your debt and will greatly influence how much additional money you will have to pay. The better your credit score, the better interest rate you will usually be able to get. Having a lower interest rate is ideal because your personal will ultimately cost you less in the long run.

Any Fees or Charges: Fees and charges are also important to know when it comes to your personal loan. You should always be aware if there are any hidden fee or charges (such as origination or application fees). Additionally some personal loan terms may have higher late charges, so be sure to do your research.

Repayment Plans: A typical personal loan agreement will have a fixed repayment period that is divided into 12, 24 or even 48 months. Having a longer repayment period means that your monthly loan payment amount will be lower, but this also means you will have to pay more in interest. Alternatively, you can make larger payments that go above the monthly amount due so more goes towards the principal. Either way, be sure to know how much you can afford per month when considering a personal loan.

Your Credit Score: It is also important to remember that getting a personal loan will also have an impact on your credit score. When you apply for your personal loan, your lender will check your credit report which will automatically lower your score. If you are approved for the loan, your lender will report the details to the credit bureaus, and this will be included in your credit report. This means that, if you miss any payments or keep a high loan balance, it will have a negative impact on your score. To keep your credit score high, be sure to keep your loan balance as low as possible and keep up with your monthly payment.

Your Financial Future

A personal loan agreement could be exactly what you need to reach your financial goals or get back on track. At Liberty Lending Group, we pride ourselves on our industry knowledge and expertise with lending. We specialize in loans and making sure that our clients have the best possible options in order to meet their financial needs. Whatever your needs, contact Liberty Lending Group to find a solution for you.