Negotiation may sometimes create a hectic situation. However, it is essential at times in order to make a good deal of the money that you are offering and the amount that you would be receiving it in return. But, sometimes there is a certain situation that may arise leading to a bitter experience while doing away with a hard negotiation, especially when the money lender is not ready.
Money lending can really be a simple circumstance when the borrower is demanding money from a licensed moneylender. This is because there are many quacks who do not have any value in their words and they say some different versions while you go to return them with the amount. This is seriously an unhealthy occurrence. In order to avoid any kind of bitter experiences at a later time, it is always better to go for a licensed money lender.
For the sake of convenience, it is also important to sign contract papers before you accept the specified terms and conditions. Make a proper research before consulting any of the money lenders. Check out the market trend and be a little choosy while selecting. In order to receive the latest updates, you can personally talk with your family and friends along with the relatives to get acquainted with the facts. Talk with people whom you know and discuss the matters with them thoroughly.
Experience matters and you can only get the latest reviews from the occurrences that occurred with the individuals who have received the latest updates about the loans. This would also help you to overcome with positive feedback. Being a borrower, it is also important to learn regarding the potential issues during the process of application. If all these things are not taken into proper consideration, it is quite common for an individual to meet with several unexpected situations.
If you are choosing a licensed money lender, you can also look for the detailed information regarding the individual. These are essential to progress with a healthy relation and faith as well. After taking out all the information in your hand including the proper address of the money lending company and the detailed information about the owner, you can shift to make a call to the money lending company. The borrower may face several types of issues at the time of refund, in that case there are several sideways options which can be utilized like that of foreclosure and mortgage loan.
Your request shall be taken under consideration after the verification of the genuinely of the process. The money lending company may also help you to pave the best possible solutions in this regard. In a case of foreclosure, there is an option that can be downloaded and you can fill the necessary details within it and proceed with the further dealings. The lending company shall also ask you to submit a few necessary documents and you must do that to meet the specifications of the company.
How to get the “negotiation advantage”
You’re probably wondering whether negotiating in such a scenario is possible, and we would like to assure you that it indeed is. But, in order to make it happen, you need to gain the so-called Negotiation Advantage. One of the ways to do this is by letting the licensed money lender know that you’re a trustworthy individual with a clear goal. The money you’re asking from them will be invested in something that’s promised to make a return, so if this is true, let them know.
According to 1AP Capital, the important thing to understand is that licensed money lenders have a lot of customers on a daily basis. But, as easy as they can replace you, it’s also in their benefit to find someone reliable to use their service. By providing transparency and the feeling of being a legitimate customer, they’ll find you to be a better fit than some of their previous customers. If you manage to achieve this, you can then start negotiating more easily. It’s not in the money lender’s interest to lose a high-value customer.
Another important thing is to remember that everything that’s a part of the deal needs to be written as an evidence in some of the paperwork. If you negotiate and it all ends up being just by words, you’ve achieved nothing. Make sure to have proof in the paperwork that the terms you’ve negotiated are actually modified, whether this be the interest rate, the amount of time in which you have to return the money, or anything else really.
Work together with your lender
You see, money lenders are constantly exposed to risk, but, that’s just the price you have to pay when you’re working such a high-reward job. However, they don’t like being at risk at all time, and they would do anything to minimize or completely prevent their losses. One of the things that you can do is to work closely together with your lender. What we mean by this is discussing about certain dates and times where the payment can be issued to benefit both parties at once. The closer and “more personal” you get with the lender, as well as the easier you make it for them to understand your project, the higher the chances of being able to negotiate properly.
For example, if you need the money to renovate a house and quickly sell it in less than a week, you can do the following things.
Start by contacting your contractors and ask for the price. Then, discuss it with your money lender. Afterwards, tell your contractors to get ready and prepare all the materials that need to be purchased for the project. Once again, talk with your lender and let them know that everything is ready. When everything is prepared, get the lend issued and start the project immediately. This way both parties will save time, the lender will have a lower risk and lower wait-time, as well as a richer portfolio in just a few days.
You can use these preparation steps as a possible negotiation technique as well. Tell your lender to give you a larger payment and use the project readiness and your preparations as a tool for negotiating and transparency. Remember, keep everything on paper, words don’t mean a thing when money is involved.