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Loans Near Me – Why you need a Loan Broker or Mortgage Broker

Applying for a loan can be both exciting and stressful so it makes sense to get some professional advice and support for your loan application journey with Loans Near Me. Use Loans Near Me to find loans, loan brokers, mortgage brokers and lenders near you. Many loans are a long-term debt, have various fees and charges and different features so even a small difference could cost or save you thousands of dollars.

Loan Brokers and Mortgage Brokers

Loan brokers are advisors that help borrowers find the right finance option and act as the go-between that deals with banks, finance companies or other lenders to arrange a loan for you. They can offer a lot of value to their customers by providing them advice and information about competitive deals and also guiding them through the whole loan process. Their job is to make the whole process hassle free and they will often to the heavy lifting for you by filling out any paperwork, negotiating the best deals on the market and be available to answer any questions you may have about the process and manage your application from lodgement to finalisation.

With many lenders and loans available it’s important to get the right loan that meets your needs and is value for money. Remember that loans are definitely not all the same, applying for loans is not the same, the criteria and approval process for loans is not the same and the people applying for loans are also not all the same. This is important when you are applying for different types of loans like car loans, home loans, personal loans etc. or for the same loan from different lenders as you may not be aware of the different setup fees and charges, interest rates, lending criteria, approval process involved which could save you money, reduce the number of years of the loan, and also influence your success in applying for the loan. This is why you should look for and approach a professional or several professionals like loan brokers or mortgage brokers and potentially with local expertise to help ensure you get the best loan possible.

Loan brokers can match you with the right loan finance for your financial circumstances they can also help those with complicated situations or poor credit scores, who are typically rejected by traditional lenders. Because the loan financing documentation, the terms and conditions and fine print can be hard to understand is another reason you may need to get experienced loan brokers that are specialists who understand the finance industry, the full range of loan products, and the financial institutions lending policy, product and processes to provide advice and additional information.

The great thing about Loan Brokers and Mortgage Brokers is that they have a serviced based mindset of ‘the customer comes first’ philosophy which means that they have the best interests of you as their client at heart and that they are working for you as the customer. Loan brokers generally provide the good old-fashioned customer service where customers are treated as people and not numbers. Because Loan brokers are also involved with many different lenders and Financial Institutions they believe in building and maintaining strong relationships with both clients and lenders. Loan brokers can also assist you with other matters like insurance.

Remember that all lenders have advantages and disadvantages but by getting good advice and by comparing the different loans products available you are better equipped to making a good financial decision and be successful with your loan application.

Questions to ask a Loan Broker:

  • How many Lenders are on your panel or you have access to?
  • What information do I need to give you?
  • How do you get paid?
  • Are you a Licensed Broker and what Accreditations do you have?
  • How do you decide which loan is the best choice for me?

References:

In Australia Lenders and mortgage brokers must hold a credit licence or be registered as an authorised credit representative and must adhere to the rules as stated in the NCCP (National Consumer Credit Protection Act) which is aimed at protecting consumers and ensure ethical and professional standards in the finance industry. The NCCP is regulated by ASIC.

Australian Securities & Investment Commission (ASIC)

https://asic.gov.au/

Australian Competition and Consumer Commision (ACCC)

https://www.accc.gov.au/

Loans Near Me – 5 Things to ask Loan Broker