It is important to choose the institutions depending on your specific financial needs and preferences. The banks would offer stability more than the lending institutions but the lending institution would also offer more flexibility more than the banking institutions. It is critical to also consider the interest rate that is offered by both banks and the lending institution as well.
Between banks or lending institutions, which one do you prefer?
- Thread starter Reedex
- Start date
I prefer to work with bank instead of individual lenders. Banks have comparatively lower interest than the private lenders. Working with private lenders can also be very risky as they are notorious for confiscating colletral
I prefer to work with banks because they are more reliable and trustworthy. Lending institutions can be flexible and offer better rates. But unlike banks which are more stable, they may come and go.
Banks are a bit regulated and structured in their lending process. And that is why I would prefer them to all those lending institutions.
If I ever have to take a loan, it would rather be from a bank. Their interests rates are always reasonable.
