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When your bank doesn’t offer the loan you need — or your bank denies your loan application — it’s worth considering a loan from a financial institution or lender that’s not a bank. These nonbank lenders include independent/private lenders and credit unions who, thanks to their smaller sizes, may provide more personalized services to help with your personal loan. Nonbank lenders could offer an attractive alternative when you’re in need of a personal loan.
A nonbank lender offers loans without the traditional features of a bank. For example, many online lenders don’t have physical stores. The application, approval and repayment processes are all completely online.
Credit unions are financial institutions similar to banks but often offer more personalized service due to limited regional availability.
If you’re looking outside of your local bank, you have a few options available including:
Personal loans from an independent lender typically offer the same features as a bank, including flexible repayment schedules and competitive variable or fixed interest rates. Nonbank lenders may offer more loan types — such as secured and unsecured loans — to fit your needs.
You’ll often find that you can borrow the same loan amount from a nonbank as you would from the big banks, along with the same loan terms.
Where nonbank lenders stand out is by offering competitive rates and additional perks. In addition to potentially getting a low interest rate, you could benefit from things like free credit score monitoring or resources to get out of debt.
When you opt for an alternative lending solution, you open yourself up to a new world of features and benefits, including:
There are many safe and legitimate nonbank lenders out there. However, scammers can prey on people looking to borrow money online by posing as a company, asking for an upfront fee and then disappearing. Check out our personal loan reviews to learn more about how they protect your personal and financial information.
Once you’ve compared your options and narrowed down your choice, follow our Go to site button to be redirected to the application page. Keep in mind that most lenders require the following information as you proceed with the application:
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