Both brokers and bankers
can help individuals in getting start up loans for bad credit or business
loans for bad credit UK. Bankers work for banks and other lending
organisations which are into providing money for loans. On the other hand,
brokers do not represent a certain lending organisation or a bank. They work
with several borrowers helping them in their shopping for the right loan
products matching their requirements.
Bankers work in the form
of direct lenders. Brokers are middlemen between the lenders and the borrowers.
Their jobs are quite similar along with their payments and their functions.
However, there lies some difference between a broker and a banker and we will
have a look at the difference here.
Bankers are Institutional
Bankers work in the loan
departments of different financial organisations, credit unions, loan
associations and banks. They work with the lending organisations and the
borrowers for completing the loan application submission and approval procedures.
These professionals carry
out different tasks like evaluating the affordability and the income of the
borrower and putting different pieces together. Bankers advise the borrowers on
different loan options within the financial organisation or the bank that they
are working for.
Brokers Shop Around for Loans
Brokers work with
borrowers and lending organisations simultaneously for determining the
requirements of the borrowers. Next, they shop for the best business loans for
bad credit UK among different lending organisations.
Brokers make it a
priority to get hold of startup loans for bad credit that best fit the
requirements and the financial condition of the borrowers. Brokers do not have
direct connections with the lending organisations. This means they are not
employed with the financial organisations and thus they are completely free to
work with different lending organisations.
Brokers have the ability
of comparing different loans options available from lenders. However, this is
not possible at the end of the bankers who are tied to just one lending
organisation.
Banker Salary
Bankers are paid by the
organisations they work for. This means that they get typically wages along
with financial bonuses and incentives for their performance. Bringing good business
for the organisation they work for is their first priority.
They make sure that the
loans being offered by their employers are secured properly and the borrowers
have complete idea of the products. Bankers work on loans available from their
very own organisations and from nowhere else.
Broker Commission
Brokers represent the
borrowers more than the lending organisations. They take up the responsibility
of getting the best deals on business loans for bad
credit with no guarantor for
the borrowers regardless of the organisation.
Brokers are generally
paid by the loans that they work on. They get their payments in the form of
commission which is generally the difference between the rate they get from the
lending organisations and the rates that they offer to the borrowers. It is
always a good deal to go for the services of a broker when it comes to getting
the right loans because brokers always work in the best interest of their clients
or the borrowers.
Read More about business
loans :- http://www.bestunsecuredloans.uk/blog/5-points-to-consider-before-drawing-unsecured-business-loans-with-bad-credit-score/
My experience working with Mr Pedro ( A Loan Officer) was a pleasure. He was completely upfront about the costs and whether the deal made sense financially. In fact, when I explained my situation, he advised me not to refinance unless the current terms improved even though it cost him business. When he later contacted me about a better deal, I jumped at it because he had earned my trust. "Definitely made me feel confident that I was working with a great loan company / great business person who knew his worth of business lines.
ReplyDeleteI will advies anyone here looking for any kind of loan to contact Mr Pedro because he and his company helped me with a loan at the rate 2% which was very impressive.
I had Mr Pedro contact Office Email on .... pedroloanss@gmail.com