In today’s economic context, where traditional financial institutions are tightening their lending criteria, more and more people are turning to an independent lender. But what exactly is an independent lender, how does the model work, and what are the risks and benefits? If you’re looking for a flexible and fast solution, this guide will help you make an informed decision.
An independent lender is an individual or a non-bank company that lends money directly to a borrower — often without going through traditional banks or credit unions. This type of lender can also be called a private money lender, especially in real estate, investment, or personal financing.
.Independent lenders often offer more flexible conditions: less paperwork, fewer strict credit score requirements, and quicker decisions. But this flexibility comes at a cost — rates are usually higher, reflecting the higher risk the independent lender takes on.
Here are some common situations where an independent lender may be the best option. You:
Have a damaged credit score or a history of bankruptcy, making banks reluctant.
Need to access funds quickly (urgent payment, investment opportunity, repair, etc.).
Are completing a short-term real estate project (e.g., renovation or house flip) or want to refinance while waiting for bank approval.
Are self-employed or have irregular income that banks see as risky.
A private or independent money lender can act much faster, without requiring all the traditional criteria to be met, which makes the process far less stressful for the borrower in these cases.
The interest rate of a private lender is undoubtedly the most important factor to understand. Here are the figures typically seen:
In Québec, a private lender usually offers rates between 9% and 18% for private mortgage loans or secured loans.
An unsecured personal loan from a private lender can have an annual percentage rate (APR) of up to 35%, especially when credit is low or there are few guarantees.
At Express Cash, the terms are transparent and designed to make access to financing easier. The company offers a fixed interest rate of 24%, along with a small transaction fee of only $0.95.
What truly sets Express Cash apart is its flexibility and speed:
Flexible loan terms: tailored to your real financial situation.
Same-day loan deposit: funds are available without unnecessary delays.
No credit check required: approval is based on income stability, not your credit score.
Interac e-Transfer payments: fast, secure, and available anywhere in Québec
VIP customer service: a human, personalized, and efficient approach
Thanks to this modern approach, Express Cash has established itself as a reliable independent lender for anyone seeking a simple and honest alternative to traditional banking institutions.
To maximize your chances of obtaining a favourable loan and avoid pitfalls, follow this roadmap:
Step | What to do
Assess your financial situation: Know your credit score, disposable income, and available collateral.
Compare offers: Request multiple quotes from independent/private lenders to compare interest rates and extra fees.
Check reputation: Look at online reviews, ask for references, and ensure the lender is legitimate and transparent.
Read the contract carefully: Understand repayment terms, penalties, and collateral requirements.
Plan your repayment strategy: Especially if the loan is short-term or intended to be refinanced later through a bank.
An independent lender can be a real lifeline when banks shut their doors. But the trade-off often involves a higher interest rate, more fees, and the need for complete contractual clarity.
If you’re considering this option, make sure to calculate the total cost, know current market rates for private loans, and never sign anything you don’t fully understand. Private lenders or private money lenders can be very useful, but caution is essential.
Contact Express Cash for a personalized assessment of your needs. Our experts can help you compare offers from an independent lender with those from a traditional lender, clarify rates, and choose the financing option best suited to your financial situation. For a free consultation, contact us today.
