An interesting development that one has been able to see in recent years is that there are significantly more players working on mediating private loans. Which I see as something positive and that will continue.
If you look back to the time before the Internet existed, it was really only possible to compare interest rates between different lenders by contacting them directly. Something that is not particularly smooth as it either requires many phone calls or visits to a bank office.
Once the internet had been properly secured
It did not take very long before it started to appear web pages partly for the various banks where it was possible to find information about their loans but also clean information sites. Sites like this where you can find interest rates from the different lenders. Something to help you find the cheapest loan possible.
Another type of website that also appeared is from loan brokers. The two biggest ones from the start, one might say, were Lendo and Freedom Finance. A loan broker is, in short, an intermediary that just mediates loans. This means that you submit an application to them and then they contact all the lenders with whom they cooperate.
These respond and tell if they want to lend money and isf to what conditions. For you as a customer, this means that you only send in one application but receive answers from many and can choose the cheapest option. And it costs you nothing at all.
This is a really good service for you
Who want to take out a private loan. We have links here on the site to a number of these loan intermediaries.
Then you should know that not all lenders cooperate with loan intermediaries. Some of the big banks are not doing this yet. But here I predict that they will soon have to do so if they do not want to lose a lot of customers. For, really, one might wonder why a borrower would not use a loan broker. It probably saves them money.
As I said at the beginning, several different new actors have been working on this. It almost feels like there is a new loan broker every month. Okay there maybe I am exaggerating a bit but many.
I have a hard time believing
That all of these will remain in five years, but I think we will have a couple of players that dominate the market overall. It is possible that the others remain, but we will probably not see much of them.
Those who remain I think will be even better than they are now and even then have more lenders with whom they work. Maybe they will also have started more with other types of loans.
For now, the most important issue is private loans, although there may be little else too, but then not as well developed. We simply get to see what the future will be like, but this is what I predict when I look in my glass ball.