Private Lenders for Personal Loan: How to Search for a Legitimate Direct Lender

Category: Questions & Answers

It’s easy and fast today to get approval from private lenders for personal loan. In many cases now, you just need a fast Internet connection to complete the process from application to approval. Richard asks this:

“I’m a bit short of cash this week and I’m thinking of getting a payday loan. But I’m embarrassed to drop by a lending store. I thought to go for private lenders for personal loan instead. Is the process wholly online? How do I get the cash? Thanks in advance for the advice.” – Richard, San Francisco, CA

Well, Richard, you’ll be glad to know that many private lenders for personal loan here or in the UK and Canada allow you to complete the whole process from application to bank transfer without you needing to leave your seat. Even if you have a bad credit, you can avail yourself of this option.

Let’s take a look how to get approval from private lenders for personal loan.

Search for lender

Use keywords such as “online loans,” “online payday loans,” or “private lenders for personal loan.” You’ll get tons of results showing these lenders with pitches that range from getting fast cash advances to quick processing. Scour through the results and shortlist the lenders that offer 100% online processing. Read their terms and offers and decide which one best fits your situation.

Fill up online form

The application process is quick, without lengthy paperwork. Usually there’s a button that says “Apply Now.” Click this to get the online form. Fill it up. Private lenders for personal loan often require the following data:

  • Personal data
  • Work information
  • Bank information

If you have a bad credit, don’t worry, many lenders do not require the following:

  • Past bank statements
  • Credit checks
  • Tax forms

Make sure all data are correct. Even a minor error like misspelling your middle name can delay the process, or you may be asked to submit another application.


Private lenders for personal loan will ask for a proof of recurring income to show your ability to pay back. This can be your paycheck stub or utility bill in your name. Depending on the lender, some will ask you to scan the document or screen grab your online account bill (if this is available) and send it as an attachment in an email. You will also be required to provide either a savings or checking account. Other requirements on how to get an online loan include the following:

  • Borrower is at least 18 years old
  • Gross income average of $1,000
  • No bankruptcy case
  • Must be resident of state where you’ve applied
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Get loan fast

Many private lenders for personal loan now offer same-day bank transfers. You can get the cash fast and easy! As long as you meet the requirements and your application contains no errors, direct lenders can process the loan in a day. On the other hand, some direct lenders allow for 2-3 days for an approval to get through.

Advice to borrowers

Online loans such as payday loans and cash advances can trap borrowers in a debt spiral. The nonprofit National Consumer Law Center warns that many lenders encourage borrowers to refinance a loan with another one loan. Avoid this practice if possible. Pay the loan fast to avoid being charged with exorbitant rates and penalties.

How to obtain quick money in emergency situations

An emergency can strike any time in one’s life. You may need to rustle up cash quickly to tackle it. In such situations, try to use these effective tips to obtain cash fast to tide over the problem.


Today, you have a whole array of private lenders for personal loan offering online processing for your convenience. The process is easy and fast that you won’t need to leave your seat to get the cash. Just make sure to pick the lender with the best terms for you and one that practices ethical lending.

By Nestor Gilbert

Senior writer for FinancesOnline. If he is not writing about the booming SaaS and B2B industry, with special focus on developments in CRM and business intelligence software spaces, he is editing manuscripts for aspiring and veteran authors. He has compiled years of experience editing book titles and writing for popular marketing and technical publications.

Julie Hughes says:

If you take one loan to repay another, you have been caught in a debt spiral. Include sound financial practices in your lifestyle to avoid becoming a serial borrower, and become prosperous.

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Phil says:

Caution is necessary when dealing with private lenders. Do your homework to pick one who is legitimate and trustworthy to do business with, to avoid trouble.

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Carl Roetter says:

Some people are worried that submitting their bank information may put their financial information at risk. While this is a legitimate concern, aren’t most of us putting our bank data out there in public space every time we buy online? And of course we’ve thrown out our personal data in social networks without care. So submitting these data to borrow should not be a big deal. Just make sure the lender is legitimate of course.

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