Business People Club

How Do I Choose A Lender?

0 like 0 dislike
304 views
by MammothMoth
How Do I Choose A Lender?

Your comment

Your name to display :
Privacy: Your email address will only be used for sending these notifications.
Anti-spam verification:
To avoid this verification in future, please log in or register.

1 Comment

0 like 0 dislike
commented by TrainedGuy
The growing demand for various types loan has led to the increase in the population of lenders in the country.  Other than Banks and forms of financial institutions there are private lenders and mortgage brokers.  What are the guidelines that a borrower should follow while choosing a lender?  The choice of a lender must be such that the borrower gets the best deal while not being cheated.  Other than the various acts and rules that the Government has imposed along with the respective state laws, there are certain methods by which a borrower chooses his lender.  

The guidelines to be followed are a. License: The lender must have a license recognized by the Government to lend, without the license he cannot commercially lend.  The license must be issued by the state and he cannot obtain license in one state and lend in another, this is against law. b. Reputation: The lender must have a good reputation wherein the earlier clients can give recommendation to the client as being honest and one who provides good rates. This reputation can only achieved through word of mouth.  c.  The lender must be honest, he must not cheat the borrower and must put forth all the available options and its pros and cons while choosing them.  d. The lender must be transparent while dealing with any of his clients; he must not have hidden claims and hidden costs while processing one loan.  He must put forth all the laws and abide by the same.  f. All the information given by the borrower must be stored in a encrypted form and this is a norm being followed everywhere. The encrypted form is required because the borrowers information can be kept confidential and is not exposed to others. G. The lender must keep all the financial and personal information of the borrower strictly confidential any steps taken by the lender to breach the same is an offence and can be sentenced for the same. h. The lenders and the borrower must have written agreement wherein the property or the valuable that is kept as mortgage is mentioned.  The various terms and conditions while offering the loan must be clearly and honestly written in the agreement.  The rates of interest and the principle offered by the lender must also be mentioned.  These various guidelines are required to protect the interest of both the lender and the borrower.

It is a great offence if the lender does not provide the authorizing organization the terms and conditions put forth by him while providing loans, in the similar manner the interest rate charged and the securities he accepts while advancing loans must be mentioned.  It is also a great offence if the lender discloses any information of the borrower, which is not public.  Thus the various acts, rules and the above given guidelines when followed protects the interest of both the lender and the borrower.

Related posts

0 like 0 dislike
1 Comment 310 views
How Can I Get Out Of Debt?

How Can I Get Out Of Debt?

by Oystrich
0 like 0 dislike
1 Comment 339 views
How in the World Do People Save Money?

How in the World Do People Save Money?

by PlushSeal
0 like 0 dislike
1 Comment 275 views
How Do Interest Rates Work?

How Do Interest Rates Work?

by CheeryGrin
0 like 0 dislike
0 comments 233 views
Five Steps to Create a Budget for your Small Business

How I hate budgets! Every time an accountant told me to put together a budget for my company, my response was - When I get the time I will! I just never seem to get the time. For several years when I first started my company I never paid attention to a budget. ... to review your actual financial statement (Income Statement or Profit and Loss) to your projections. Have systems in place to increase revenue and decrease expenses as necessary.

by UncleRhino
0 like 0 dislike
1 Comment 335 views
How to save money as small business owner?

How to save money as small business owner?

by AmazingKitty
0 like 0 dislike
1 Comment 299 views
How To Safeguard Your Financial Life?

How To Safeguard Your Financial Life?

by KeyboardPie
0 like 0 dislike
1 Comment 442 views
How to Find Hidden Money for Your Business Through Revenue Recovery?

How to Find Hidden Money for Your Business Through Revenue Recovery?

by UncleRhino
0 like 0 dislike
1 Comment 357 views
How to raise funds?

How to raise funds?

by Cybora
0 like 0 dislike
1 Comment 268 views
How To Make Sure Your Financial Budget Will Succeed?

How To Make Sure Your Financial Budget Will Succeed?

by SleepyFledgling
0 like 0 dislike
1 Comment 977 views
How To Save Money On Your Home Heating Bills?

How To Save Money On Your Home Heating Bills?

by SwiftHeroine
0 like 0 dislike
0 comments 1,410 views
Cost-Reducing Tips for the Small-Business Owner

One of the keys to running a successful small business or home office is learning to control costs. Even the smallest expenses can quickly add up and cut into profits, leaving you with a business that won't move forward. Many small-business owners know where their money comes from, but are not as ... fast. To save money, use postcards or consolidate shipping. You also can buy or lease a postage meter or get a mail scale to eliminate overpaying.

by HuggingDuck
0 like 0 dislike
0 comments 254 views
Business Funding Sources

When you decide to open a business on your own, often times the excitement will have you ready to launch your idea right away, however one thing that may be holding you back. You have several options in gaining much needed capital to begin to implement your business ideas. This article will include some ... capital in excess of what any other funding source can. Generally, these loans can start at $20,000 all the way up to around two million.

by TrainedGuy
0 like 0 dislike
0 comments 315 views
6 Tips For Saving Money On Your Next Computer Purchase

Buying a Computer does not need to be a budget breaker. A Computer purchase often includes additional components and software that are not needed and can be avoided...if you are well prepared with the correct information. To help, the following tips can be used to save money on ... price range is will keep you from overspending, while becoming knowledgeable about what you are buying, will keep the salesman commissions from emptying your wallet!

by SnailMail
0 like 0 dislike
1 Comment 286 views
Tips For Better Online Banking?

Tips For Better Online Banking?

by Mosquiche
0 like 0 dislike
1 Comment 355 views
What is "RSS" and Do I Need It?

What is "RSS" and Do I Need It?

by TrainedGuy
0 like 0 dislike
1 Comment 317 views
0 like 0 dislike
1 Comment 252 views
How to Choose a Bank That is Right For You and Your Business?

How to Choose a Bank That is Right For You and Your Business?

by GreedyPig
0 like 0 dislike
1 Comment 401 views
0 like 0 dislike
1 Comment 259 views
How Do You Set Consulting Fees?

How Do You Set Consulting Fees?

by TrainedGuy
0 like 0 dislike
1 Comment 312 views
Should I Outsource My Bookkeeping?

Should I Outsource My Bookkeeping?

by Knighthawk
0 like 0 dislike
0 comments 190 views
How to create A Trade Show Budget?

How to create A Trade Show Budget?

by Falconjurer
0 like 0 dislike
1 Comment 320 views
How To Get Approved For A Student Credit Card?

How To Get Approved For A Student Credit Card?

by FoolishJaguar
0 like 0 dislike
1 Comment 283 views
How to apply for a car loan?

How to apply for a car loan?

by KeyboardPie
0 like 0 dislike
0 comments 226 views
How A Loan Can Help You Fix Up Your House?

How A Loan Can Help You Fix Up Your House?

by HarmlessRose
0 like 0 dislike
0 comments 110 views
How Do I Start a Home Based Gift Basket Business?

If you have a flair for putting things together to make great gifts, you may be asking yourself, How do I start a home based gift basket business? Creating gift baskets as your home based business can be lucrative, as gift baskets are a multi-million dollar industry. There are number of things ... baskets and want to work from home. A home based gift basket business is an excellent example of using a fun skill to create a successful career.

by Herogue
0 like 0 dislike
1 Comment 303 views
How Do I Start a Home Based Gift Basket Business?

How Do I Start a Home Based Gift Basket Business?

by Mosquiche
0 like 0 dislike
1 Comment 498 views
What to Ask When Choosing a Home Equity Loan?

What to Ask When Choosing a Home Equity Loan?

by Sassassin
0 like 0 dislike
1 Comment 346 views
How To Make Money Selling Ebooks?

How To Make Money Selling Ebooks?

by HairyFoal
0 like 0 dislike
1 Comment 393 views
How To Make Money Using RSS Feeds?

can you really make money using rss feed?

by HarshThunder
0 like 0 dislike
1 Comment 295 views
0 like 0 dislike
1 Comment 277 views
How to make money on craigslist?

How to make money on craigslist?

by MammothMoth
0 like 0 dislike
1 Comment 269 views
How To Save Money On Gas?

How to save money on car’s gasoline?

by KeyboardPie
0 like 0 dislike
0 comments 37 views
13 Lucky Tips On Getting A Commercial Loan

Beginners look at commercial loans as a means of realising a dream. They long to own their own restaurant, pub or bed-and-breakfast, and look to their friendly local bank manager for help. Cue frustration and disappointment. These days, loans are decided by back-room underwriters, who use cold calculation to decide ... buying any other good. People are sometimes too in awe of banks to haggle. There's no need to be afraid; they can only say no!

by Scorpeon
0 like 0 dislike
0 comments 54 views
A Basic Introduction To Accounts Receivables

If one were to reduce business to the simplest terms, one would probably call it the selling of goods by one person, and the buying of those same goods by another. Thus, whether we pay cash or run up a tab while doing business, money has to change hands during the course of a business ... . So, you should make sure to find out about the many financial transactions that will enter into the picture once you start selling your products or services.

by Knighttime
0 like 0 dislike
0 comments 69 views
A Breakdown Of The Loan Process

Make no mistake, finding the right mortgage can be an involved and confusing process. You wouldn't be here on our website if you could fill out a one-page application and get the best loan for you funded the same day. What we do is take you step by step through the process, so you can pay the most attention to what ... online, and finally, you're moving in! We're in the business of Nh and Ma loans, you're not -- so we do almost all of the work.

by Octopuppy
0 like 0 dislike
0 comments 72 views
A Brief History Of The Stock Market

A stock is a legal symbol of ownership in a business. When you buy stock, you are actually buying part-ownership of the business. In other words, you become a shareholder. A business will typically spread ownership to hundreds or even thousands of shareholders. Shares are sold when the company ... and formal New York Stock and Exchange Board. Another important point in this history is the crash of 1929. This crash triggered the Great Depression.

image
by SilkPredator
0 like 0 dislike
0 comments 1,241 views
Why Is Invoice Factoring Financing Better Than A Business Loan

Are you looking for a business loan? Many business owners who need financing start their financing search by looking for a business loan or a business line of credit. Although business loans and lines of credit are well known products, they are very hard to get. And in reality, few business owners ... per month, making it an affordable product. If you own a business that is growing and you need financing, be sure to consider invoice factoring.

image
by FlamboyantChomper
0 like 0 dislike
1 Comment 250 views
What to look for in a credit repair company online?

What to look for in a credit repair company online?

by Madept
0 like 0 dislike
1 Comment 275 views
What are the Advantages of a Home Equity Loan?

What are the Advantages of a Home Equity Loan?

by OpinionOwl
0 like 0 dislike
1 Comment 336 views
How to attract big investors for Small Cap Companies ?

How to attract big investors for Small Cap Companies ?

by DreamBaby
0 like 0 dislike
1 Comment 313 views
How to get business grants?

How to get business grants?

by Conjursa
0 like 0 dislike
1 Comment 329 views
How To Cut Your Household Expenses?

How To Cut Your Household Expenses?

by SwiftHeroine
0 like 0 dislike
1 Comment 254 views
How to Increase Your Credit Card Limit?

How to Increase Your Credit Card Limit?

by Amigod
0 like 0 dislike
1 Comment 243 views
How to repair your credit?

How to repair your credit?

by VirtualAssassin
0 like 0 dislike
0 comments 184 views
How to improve your credit score?

How to improve your credit score?

by SwiftHeroine
Connect with us:
...