Does Borrowing Through A Broker Take Longer?

Does Borrowing Through A Broker Take Longer?

When beginning your journey of borrowing, most people don’t know where to start. However, after a little research to grasp the basics, you’ll soon be well aware of the industry and when you slot in. Typically, many people choose to borrow from major banks or, even more commonly, from direct lenders. But, another useful option, which often people don’t completely understand, is borrowing through a broker. A broker almost acts as the middle man between you and the specific lender. For those who have considered using a broker, you may be concerned about the time frames.

We understand that when you’re dealing with a financial emergency, you want to get your hands-on help as fast as possible. However, in this situation, most of us don’t have the time to search through numerous lenders in order to find the right one. This can take more time than it’s worth, especially if you’re trying to distinguish between licenced and registered lending companies and those that aren’t. So, this is where brokers help throughout the process. One query many people have when using a broker is their speed. Will your loan take longer if you use a broker? The answer is simple:

Why Do People Use Brokers?

Typically, people use a broker when borrowing due to the convenience and simplicity it provides for the borrower. You only have to fill out one application throughout the whole process, and then your broker will almost certainly match you with a suitable lender. This allows you to miss all of the stress of acceptance and also even decreases your chances of rejection. The application is processed through a pool of reliable lenders. If a lender considers you a match for their criteria, you may be in luck. Following this, you’d interact with the lender directly regarding all of the other information. Therefore, to put it simply, the searching is done for you.

Just like everything else, brokers have many pros and cons. Some people prefer direct lenders, and some people are the opposite. But, this depends on you as an individual and your personal finances.

Does This Mean If I Use A Broker It Will Take Longer?

As your application is passing through two stages instead of one, you’d generally think that the whole process would take a little bit longer. After all, the broker will have to review your application and then identify a lender in their pool. Usually, many people would believe this process puts a holt on your application. However, this isn’t necessarily true. Brokers can help you save a lot of time and effort. You do not need to spend any time reviewing the policies of direct lenders, which could save you days of work. Not only that, you’ll already be on track for acceptance once a lender has contacted you. No lender would agree to work alongside your application if you don’t suit their criteria. Therefore, you don’t need to worry about the idea of rejection, which would drag out the process even more.

As we mentioned above, some people prefer to use direct lenders when borrowing personal loans and others prefer to use a broker. Here at Simple Personal Loans, we can definitely help you get your hands on the funds you’re looking for. For more information,click here.