Although people when they hear about loans between individuals associate them with secured loans, personal loans between individuals can also be signed.
At MaoriArt it is something we know well as we are one of the few companies within private equity that can offer these personal loans.
Also say that when we talk about these private personal credits we should not confuse them with those with endorsement.
Although both are called as loans between individuals, the conditions and financial requirements of each of them will be different.
If you think that loans with collateral will have the same conditions as those without collateral, it is because you do not know the sector.
Personal Loans Between Individuals Are They That Important To Customers?
Of course they are, as not all of them have endorsements, another thing is that later most of them find that the existing offer is minimal.
Because although we see a significant demand from people who may want to sign loans between personal individuals, the financial companies do not pick up the glove by offering them in the market.
They do not do so because the lending companies know that doing so would directly harm themselves.
Most of these companies when they offer these private loans, they usually do so through guarantees.
That is to say, here the clients to be able to access one of these credits will have to provide guarantees.
What this means is that if they offered loans without collateral in this way, most of their clients would set aside the secured loans.
Financiers know this well, many have even done the test to modify their financial offer again in less than a month.
There are financial companies that when they offer personal loans always look for a way to process only those that may interest them.
That is why we always see that in the supply of loans without collateral whose need could be covered through secured loans, the processing is much slower.
Personal personal loans are always slower
A company does not prioritize a private loan without collateral when the client could do the processing through secured credit.
The example I think is the best to demonstrate this is Credit Checker loans.
Although it is not usual to find finance companies that can make loans with Credit Checker without any guarantee if they offer it.
Well, while the loan with Credit Checker with guarantee is processed in approximately 24 hours, individual credits with Credit Checker are processed in around 7 days.
I tell you more, the financial company does not set a deadline, that is, although it tells its clients that it may take 7 to 15 days to process the operation by not prioritizing it, it may take even longer.
By not prioritizing these operations, what this means is that if in that period a more interesting operation enters the financial institution (for example with a guarantee), it will leave the personal loan paralyzed, focusing its efforts on the operation that interests the most.
That is why we always see how loans between individuals without collateral are much slower despite being processed through private finance companies.
These financial companies have always been characterized by offering quick loans, however the same cannot be said when clients do not provide guarantees.