Private Money Lender

by Rozanne
(Torrance, California USA)

Ask Kate about private money lender legitimacy: Hi Kate, I was not able to qualify for a mortgage due to my credit score. I was referred to a private money lender but how do I make sure that they are legitimate?

Rozanne continues... I pulled up license for the company and that seemed okay. But before I sign anything how can I make sure they are okay and I don't lose my house?

Kate Answers: How To Check Out Private Money Lender Legitimacy

Dear Rozanne, Of course the best answer is to check with an attorney.

You can also get online with the Better Business Bureau. In doing so, try to find out how long the private money lender has been in business and if any complaints against them exist.

Lending Club - Private Money Lender Example

A private money lender I've reviewed at Peer To Peer Lending - Cut Out The Bank offers some insight too. In fact, Lending Club could be an alternate source of money for you.

If you go to my Lending Club Review, you can learn more about the opportunities offered to both borrowers and small investors alike. I have included links to Lending Club's website where you can investigate their up-to-date United States Securities and Exchange Commission information.

Here's an idea! Compare Lending Club's information to the available info of the private money lender you are considering to use.

You Are The Customer Of The Private Money Lender

Above all, remember you are the borrower... the customer. You are not begging. You are applying for a loan.

So hold your head high, investigate and don't be afraid to walk away if a company does not pass the smell test.

I have also included credit help at the bottom of this page. Be sure to check out my credit articles. Strong credit scores are the key to successful home buying and ongoing homeownership.

Best Wishes,

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