5 REASONS WHY YOU NEED A LOAN CONSULTANT IN THE LOAN PROCESS

Applying for a loan feels like a stressful process, however, working with the right Loan Consultant can pave the way for a smooth loan application process.  

So how do you choose the right Loan Consultant?

Why is working with Loan Consultants necessary? And what is their role in the loan process? 

Loan Consultants play a key role in finding the right loan type and financing company for borrowers. Therefore, finding and choosing a Loan Consultant to work with is essential in ensuring you get the best deal.

Just in case, the term Loan Consultant might be something new to you. The article entitled, QUICK GUIDE HOW TO PROCESS AN OFW ONLINE LOAN IN THE PHILIPPINES, is a good start to read. 

Finding a Loan Consultant is an important step in the process of obtaining a loan. In this article, I will be discussing the following: 1) what Loan Consultants do; 2) what knowledge they need to do their job well, and 3) whether Loan Consultants are the best option for borrowers in the loan application screening process.

1 WHAT A LOAN CONSULTANT DOES?

A Loan Consultant works for a bank or independent lender to assist borrowers in applying for a loan. In the Philippine setup, Loan Consultants usually work as part-timers and on commissions-based. 

If someone is looking to loan money, a Loan Consultant assesses if eligible to proceed to underwriting. A Loan Consultant will meet the prospect client and evaluate their creditworthiness. If a Loan Consultant believes he is eligible, then they’ll recommend you for specific financing companies, and you’ll be able to continue on in the process of obtaining the loan.

2 WHAT LOAN CONSULTANT SHOULD KNOW?

A Loan Consultant must be able to work with consumers and small business owners, and they must have extensive knowledge about the industry. Further, a Loan Consultant should know the rules and regulations of the financing industry, what lending products are available and what documentation is required to obtain a loan.

These will bring Loan Consultants' expertise to the table when they work. 

3 WHY ARE LOAN CONSULTANTS THE BEST OPTION FOR BORROWERS?

Because the process of a loan transaction can be a complex and costly one, many consumers prefer to work with a human being rather than a computer. 

Also, most borrowers may find themselves facing discrimination when it comes to algorithms that work in place of a financing industry. If you can meet with or speak to a Loan Consultant, you can make your case for loan approval to a human being rather than a machine. In short, working with a Loan Consultant tends to get you better results than going through a bank or lender that automates the process with computer algorithms.

4 WHAT ARE THE DUTIES OF A LOAN CONSULTANT?

Since Loan Consultants know all about the many types of loans a lender may offer, they can give advice about the best option for borrowers. Thus, they are expected to answer a would-be borrower’s questions.

Part of their duty as well is meeting loan applicants and completing the paperwork. 

A loan Consultant is a direct contact when you’re applying for a loan. They will research and review your financial history and assess whether you qualify for a loan. You won’t have to worry about regularly contacting all the people involved in the mortgage loan process, such as the underwriter, credit, and alike, because your Loan Consultant will be the point of contact for all of the involved parties. This will alleviate the stress of trying to keep track of all the various representatives and their duties.

However, it must be noted that the approved amount must always depend on the financing qualifications and requirements. But an experienced Loan Consultant can be a key player in ensuring that your loan application gets higher approval and goes smoothly.

5 HOW MUCH DOES A LOAN CONSULTANT COST?

Most Loan Consultants are paid via commissions. This is true in the Philippines settings. Loan Consultants tend to result in the largest commissions because of the size and workload associated with the loan, but commissions are often a negotiable charge. With all a Loan Consultant can do, they tend to be well worth the cost.

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