The following are some frequently asked questions about money brokers:
What is a money broker? Generally speaking, a broker is someone who sets business up between a buyer and a seller. Money brokers, specifically, focus on financial issues. Most money brokers specialize in lending cash, but others can help you refinance your mortgage or even issue travelers checks or convert foreign currency for you.
Why should I go to a money broker? A money broker is intent on providing you with the service you want, which is usually a loan. A money broker may be especially beneficial for those who have already been turned down by a bank for funds, or those who cannot receive an acceptable loan rate from a bank. Money brokers have a narrower business than banks. Banks usually have a variety of investment options and business ventures, so they often feel as though they do not need to do anyone any favors. Money brokers normally just deal with borrowing cash to people, so they tend to be more accommodating in this area. A money broker may have stricter repayment demands if you have a low credit score, but they may also be more willing to work out a deal with you.
What kind of training does a money broker have? Money brokers, of course, need extensive knowledge of financial matters and the legal issues that often surround them. While these professionals may be easier to deal with than a major bank, they still need to know what clients are unwise investments. While the formal work requirements will vary by location, a money broker should have a college education, typically with a major in accounting or another financial field, and plenty of relevant experience.
Money brokers offer a variety of money and banking services that many people find convenient. Some of these services include money grams that let you wire or send money to other people, safe, easy online bill pay services, cash transfers, currency converter and travelers checks services for use overseas and abroad, and NRI loans that can give you the immediate cash that you need to pay bills or cover unexpected expenses when you are short on money. In order to choose the right money broker for you, though, you'll need to know a few questions to ask them. Find out how long they have been in business. Those with several years of experience should know how to wire cash, send money with a money gram, convert money to other currencies, transfer funds, and provide cash loans for bills. You should also ask them how much these services cost. Many money brokers charge flat fees for services like money grams, but they might have different interest rates depending on the size of the NRI loan you need. If you are converting your cash to a foreign currency to use abroad, be sure to shop around for the best conversion rate. There can be large differences between money brokers, so you'll want to find the one that's best for you. Ask them what levels of customer service they offer. For instance, if someone steals your travelers checks while you're on a worldwide vacation, will the company replace them? Pay attention to the level of courtesy they use answering your questions. This can help you determine how much they value their customers.