What is Christian Lending?
These companies use Christian principles in every facet of their business. They pride themselves on being honest and sympathetic to the needs of their clients. Many times they help people with bad credit or low credit scores to receive funding for various needs. If an individual could benefit from consolidating their debt or simply need to make purchases for necessities but feel their negative financial rating will prevent them from being approved for a loan elsewhere, it may be wise to apply for a Christian loan.
Christian lenders are usually best for church communities seeking loans to start a church, renovate an existing church, or to put in new offices or classrooms. Compared to traditional financial institutions, Christian lenders usually offer their borrowers lower rates or will guarantee a fixed rate for the life of the loan.
People with good credit can usually get lower rates with most Christian lenders than elsewhere, while those with bad credit may find loan rates that are higher than some traditional financial institutions. However, once you prove that you have a good track record of making on time payments, they very often refinance the loan at a much lower rate.
Although these lenders don't work exclusively with Christians, they do use the Bible as a guide on how to run their business. Christian lenders, like all lenders, require payments to be made on time. They operate no differently than a secular institution, so it's just as possible to default on a Christian loan as it is any other.
Many of these lenders also offer debt consolidation and credit counseling. They want to help the client reduce debt, but the majority of Christian counselors and lenders see debt as a moral issue. They believe the problem lies in the person living beyond their means, and they would suggest that the client look deeper than their money problems to see what issues are causing them to do badly with their money. Until the underlying problems are faced, finances will never be under control.
Many Christian debt counselors operate nonprofit businesses. Helping to alleviate the shame that debt causes people is their main goal as they provide faith-based counseling and financial guidance to assist their clients in creating a more stable financial future.
Common Terms Related to Christian Lending:
Christian LoanChristian MortgageChristian BankChristian FinanceChristian FundingChristian InvestmentChristian InsuranceChristian FinancialChristian CreditChristian Market