Non-bank lenders are financial institutions that provide loans and other financial services without being a traditional bank. They are more flexible with their lending criteria, making them accessible to those who might not qualify for bank loans.
Mortgages
Non-Banking Loans
When traditional banks turn you away, 2nd and 3rd tier non-bank lenders can provide a lifeline. These lenders offer more flexible criteria, making them a viable option for individuals with bad credit, irregular income, or those needing quick financing solutions.
Second and Third Tier Lenders:
Second and third tier lenders are typically non-bank financial institutions that provide loans to individuals who may not qualify for traditional bank loans. These lenders are more willing to work with clients who have poor credit histories, unstable incomes, or those who need financial assistance for unconventional property purchases. They offer a variety of loan products including home loans, refinancing options, and second mortgages, often with more flexible terms and faster approval processes compared to traditional banks.
Why Choose Non-Bank Lenders ?
- Flexible Loan Criteria: Non-bank lenders are more accommodating to borrowers with bad credit or inconsistent income.
- Quick Approval: These lenders often provide faster approval processes, which can be crucial in urgent financial situations.
- Tailored Solutions They offer customised loan solutions based on individual financial circumstances, ensuring that the loan terms meet the borrower's specific needs.
- Access to Home Loans: Even with a history of mortgage arrears or financial instability, non-bank lenders can still offer home loans and refinancing options.
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Individuals with poor credit scores, irregular incomes, or those needing urgent financial solutions can benefit from these loans. They are also suitable for self-employed individuals and those looking to refinance their current loans.
Interest rates with non-bank lenders can be higher than those of traditional banks due to the increased risk they take on by lending to higher-risk borrowers. However, the flexibility and quick approval process often make up for the higher rates.
Most non-bank lenders work through mortgage brokers. It’s recommended to consult with a broker who specialises in non-bank lending to guide you through the application process and help you find the best loan terms for your situation.
Connect with a Trusted Local Advisor
Call expert
0800 DR LOAN (375 626)
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info@betterloansgroup.com
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P. O. Box 67022
Mount Eden, Auckland,
1349
New Zealand
