Private Loans

Private loans: updated

Fast track your CLF pre-app for a private loan by starting on our main loan menu page for personal loans.

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Unfortunately for millions of borrowers in the United States, most traditional banks and credit unions run for the hills when they see a borrower with bad credit come their way with a request for approval.

This is why California Loan Find was developed in the first place - we were one of the first online lending sites that incorporated peer-to-peer lending (although we never developed it to the extent that Prosper did), on our domain, and we were also one of the first loan sites to find a legal way to allow private lenders the ability to lend monies to private citizens for non-business and business purposes.

So our journey began all those years ago. (2003)

Since our humble beginnings we have grow to have over 220 lenders of all kinds, and from all States, that provide loans to individuals seeking help. We are proud to say that over 55% of these lenders are private funding entities, and are in no way attached to the big banks.

These private lenders come in all sizes too - some have reserves for readily available lending cash of 60 million dollars, down to the smallest private lenders who only have less than a hundred thousand dollars.

When we discuss private loans here at California Loan Find, we are assuming that we are all on the same page here.

A private loan (by our definition) is funding that comes from a source that is not specifically associated with a major banking establishment or traditional lender. A private loan is a legal and binding loan agreement that is signed between the borrower and the lender, adhering (EXACTLY) to local state law and federal law. The lender must be licensed to lend you money, but they don't have to belong to any of the so-called established financial institutions.

As mentioned above, some of these private lenders have many millions of dollars in lending capability, and some of them only have $40-$50,000 on hand. These smaller lenders can't handle as much capacity (of course) as the larger private lenders, but they are more than willing to negotiate a legal APR with consumers they find to be honest and viable.

All private loans are not the same in that the approval process is completely different in many cases.

Some private lenders choose to use a digital format (such as Skype) for communicating with potential borrowers, because they want to see a video of a real person that is applying for financing. Some will just use the phone and the fax machine in their office to approve their loans, and some are completely online based - with private access to the borrowers they approve. They provide you with an original username and password to enter their system where you fill out your information and provide them with clarification of your status.

So in some cases you will need to use a fax machine, in some cases you won't. In some cases your private loan can be approved within only three business days and you will have the money in your bank account. Some private lenders can take as long as two weeks before you see the money in your account, so depending on which lenders approach you (via your pre-application comment submission), it will take longer or shorter as far as time goes.

We know that everybody would like to have their loan approved instantly, but in most cases that's not the way it really goes down.

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