How to Find Private Money Lenders Making Personal Loans

A private money lender is an individual, investor or private company that makes personal loans to individuals wishing to extend their monetary capabilities. Unlike banks, credit unions, mortgage brokers and other non-private money lenders, these non-commercial entities often provide loans with less paperwork and regulations attached.

Difficulty: Moderate

Instructions

Things You'll Need:

• Proof of income
• Bank account
• Credit history

1. Collect any personal financial data that may be relevant to your search for a private money lender. You will need to show proof of income and financial stability. Documents that may assist you include bank statements and financial details of your 401k, stock market brokerage account, and similar means of income.

2. Search your local phone book for a private money lender. You may find them listed in the investment or bank section of your town or city's Yellow Pages. You may also search online using a variety of localized search engines, including Google Local and Yahoo Local.

3. Ask any contacts you have at a corporate entity such as a bank or credit union. Such financial institutions may be willing to assist you in finding private lenders to finance your personal loans if you are unable to obtain a loan from them. Other banks may have partnerships with private sector lenders in areas that the bank does not currently have representatives.

4. Contact the private lender and explain your personal situation. Solicit a loan application and fill it out. Request a timeline so that you know when to expect feedback upon submitting your loan application.

Tips & Warnings

• Be sure that private lenders are certified and insured before entering into a debt agreement for a loan.

Resources

• Federal Trade Commission (FTC) Guide to Credit and Loans

[robbins31]

on 6/22/2009 how does someone find a personal loan lender, a individual who gives out personal loans to persons wanting to expand their business.