The Rise of Public Lending

Australian banks and large mortgage firms have seen a pronounced decline in borrowing over the past year. Stricter regulations redefined the post-financial crisis landscape, traditional banks have cut back on loans increasing rejection rates. The result? A significant number of borrowers are now working with private lending sources. No B*nk is such a financial source. ​

And why not? No B*nk gives the nod to individuals that traditional banks don’t want to lend to. ​

​Private Lending: The Financial Intermediation

Where traditional lending institutions dare not tread, private lending systems boldly go. 

Private money lending, as the name entails, means borrowing money from a private investor. It’s commonly known as "the oldest type of mortgage loans". Private lenders, such as No B*nk, finance deals that are being rejected, and/or labelled as not eligible by conventional loans such as those approved by banks.

No B*nk is operated in a non-banking environment and therefore, does not go through traditional bank requirements, whereas, banks have stiff regulations that pushes them to be not so friendly with new or small start-up businesses. Although both bank and private lenders are prudentially governed in Australia, more and more individuals as well as businesses go to private lending groups for financial assistance.​

​The Advantages of Doing Business with No B*nk

Private lenders like No B*nk attract investors because by simplifying their loan application process; offering easy access to funds. Other pros are: 

1. Private Lenders Do Not Check on Credit History
   The credit history and credit score of a borrower is a big deal with banks – this is not the same with No B*nk. Instead of approving loans based on a borrower’s credit standing, No B*nk would make their decision through their evaluation of the presented income papers. Anyone with unstable income, no credit history, or even a poor credit score, still has a good chance of loaning money.
2. Few Requirements, Lesser Restrictions
   Private lenders require fewer financial documents compared to banks and are more flexible in terms of their conditions of approval for loans. When you apply for a personal loan with No B*nk, the terms are not only flexible there is minimal fuss in the application process. 
3. Quick Approval
   Traditional banks take much longer to authorize a loan as they spend time verifying records, inspecting credit, and reviewing history. No B*nk will not make you wait for the approval of your business loan for weeks and months. No B*nk’s turnaround time for approval can be as short as 24 hours. 

No B*nk supports the growth of your business. In the current market, we cut through the noise, giving you the best possible opportunity to write new loans.

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