These days, the big banks are gun shy when it comes to offering lines of credit. This places many people who need a line of credit into a difficult situation. Those that only want smaller loans, for example, may find themselves having to deal with a bank that is not willing to extend their risk profile.
Table of Contents
Why Get a Loan?
There are many reasons why you might want to get a small loan. Consider the following:
- Business: If you want to open a small business, you need some capital to start it up. Taking out a small loan is one of the easiest ways to fund start-up costs. It also suits businesses that may need extra credit to grow and invest in new machinery and staff.
- Car: A small personal loan is also ideal for a person who needs to buy a new car.
- Emergency: Though we might think we have all our bases covered, life can be unpredictable. You just never know when you might be facing an emergency and need some extra money to get you out of a jam. This is where a small loan can be helpful.
Where Should You Secure a Loan?
Places like Mango Credit are ideal for getting short-term loans quickly. In this day and age, it’s not always necessary to go into a big financial institution and meet face to face with a manager to secure a loan, and this is where smaller players in the credit market have an advantage.
Places like Mango offer the following advantages to people seeking a short term loan:
- Flexible loan terms up to 12 months
- No credit checks on assessments
- A two hour turnaround on credit approvals
- Application by phone or online
The Advantage of Smaller Lenders
It cannot be understated just how important it is that there are no credit checks on short-term loans like this. Many people get into trouble with their credit, and it could be something as simple as rent that has been paid late. The trouble is that this bad credit will follow someone around and affect their chances of securing a line of credit.
The good news is that smaller lenders don’t have to play by the same rules as the big banks. If you have security in the form of a mortgage, for example, a smaller lender can use this as a way to extend a line of unsecured credit without doing a credit check.
The real advantage of this is that it provides just about anyone with the opportunity to take out a loan even if they have a spotty credit history. It allows people to create businesses and grow businesses. It allows people who might not have had a positive response from the big banks to get the money they need.
If you need a short-term loan, the good news is that you don’t have to deal with the big banks anymore. You can find a smaller lender who is willing to offer short-term loans with security and no credit checks.