02 Aug ASK A LENDING FUTURIST: WHO CAN GIVE YOU A LOAN?
Lending futurist keynote speakers often talk at meetings, events and conferences on future trends and innovations in finance. But sometimes we’re also called on to bring consumers up to speed on the basics of the field. Why not summarize some of that info here in a handy guide, we figured? According to top lending futurist keynote speakers, the most common sources people turn to for loans include:
- Banks – Banks provide a wide range of consumer and commercial loans at competitive rates. People often turn to their existing bank first for convenience.
- Credit unions – Offer similar loans as banks and are a popular choice due to member-ownership structure, competitive rates and community focus like lending futurist keynote speakers note.
- Online lenders – The rise of online lenders and fintech has created more options for quick and easy access to personal loans, business loans and even mortgages.
- Mortgage brokers – Professionals who can access wholesale mortgage rates and facilitate the borrowing process with multiple lenders. Popular for home loans.
- Auto dealers – Car dealerships provide direct access to auto financing through partnerships with banks and manufacturer captive lenders lending futurist keynote speakers tell us.
- Payday lenders – While not always a common source, payday lenders offering quick cash attract borrowers with poor or no credit who cannot get loans elsewhere.
- Peer-to-peer (P2P) platforms – Connect borrowers to individual investors willing to fund personal, student and small business loans. A hot topic among lending futurist keynote speakers and finance futurists as of late.
- Retirement accounts – People sometimes borrow against retirement accounts like their 401(k) or IRA as a source of funds.
- Family & friends – Borrowing from family or friends interest-free remains a common first stop when people need money quickly and urgently.
- Employers – Some employers offer low-cost financing or advances on salary to their workforce as an employment benefit.
The right lending source depends on factors like amount needed, credit, collateral, interest rates and acceptable terms.