I have been contacted by a couple of private lenders and I am wondering if they are legit. I hate to be skeptical but would hate to lose money and/or mess up a too good to be true deal. My question is, do private lenders normally charge upfront fees for PPI and document processing in order to fund a loan?
It’s all over the map. A lot of private lenders make their money on fees rather than charging simple principal and interest. Caveat emptor.
The loan sharks do. I would avoid them at all cost. FundingCircle and Accion are fairly reasonable lenders.
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