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A loan broker is a third party that seeks out and negotiates a personal loan on your behalf. It can act as a go-between for both the borrower and lender.
Finding a personal loan yourself can take a lot of time, effort and stress. By using a personal loan broker, you needn’t waste time searching around for a loan by yourself. A broker can help you find the option that is best suited to your financial situation and requirements. You’ll also have the benefit of a single contact for the full term of your loan.
Personal loan brokers can help you with the full range of personal loan products offered by lenders. Whether you’re planning a holiday or buying a new car, a personal loan broker can assist you with finding a suitable product. Brokers can be especially helpful for those with complicated situations or poor credit scores, who are typically rejected by traditional lenders.
Personal loan brokers work in a similar way to mortgage brokers: they help you find the best deal on your loan. They search for a loan within their panel of lenders and try to find the loan that is best suited to your needs.
Once you sign up for their services they will find a product from one of these lenders. Most personal loan brokers offer online applications and loan management, so there is no need to book an appointment or sign and post documents, which can save you time.
Personal loan brokers offer you convenience. They can find you the best loan option for your unique circumstances. They may be particularly useful if you have a bad credit score or trouble meeting the standard lending requirements at larger financial institutions.
Using a broker can help you maintain a good credit score by preventing unnecessary applications and potential rejections from multiple lenders. Brokers have a better understanding of different lending requirements of various lenders, so they won’t recommend products that you are likely to be rejected for.
A good example of a well-known credit broker is Monevo, which connects borrowers with loan providers to compare loans of up to £25,000.
Monevo works with multiple lenders so you can see quotes without doing hours of research – with no impact to your credit score. Its “soft search” facility means you can search through its panel of lenders without it affecting your credit score. However, you’ll sacrifice some variety because you’ll be limited to Monevo’s network of partners. The advantage is that Monevo’s free service lets you compare personalised and pre-qualified rates from its lending panel, while also cutting down the time it takes to look for a loan, especially if your credit is less than perfect.
Yes, it’s possible to get a personal loan with quick turnaround by using a loan broker, especially if it’s an online broker like Monevo. Online brokers aim to make the loan process as straightforward and simple as possible. They remove many of the hurdles associated with applying for a loan through a traditional lender.
You can apply for a personal loan with an online broker within minutes, then see which lenders will approve your loan application almost instantly.
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