# Private Lenders vs Banks: Which is Right for You?
Choosing between private lenders and traditional banks depends on your circumstances, timeline, and financial situation. Here's a comprehensive comparison.
## Speed of Approval
**Private Lenders:** 24-48 hours typical
**Banks:** 2-8 weeks typical
## Approval Criteria
**Private Lenders:**
- Focus on property security
- Flexible credit requirements
- Consider deal viability
- Accept complex situations
**Banks:**
- Strict credit scoring
- Income verification essential
- Conservative lending policies
- Standard situations preferred
## When to Choose Private Lenders
- You need funding urgently
- You have credit challenges
- Your situation is complex (self-employed, multiple properties)
- Traditional banks have declined you
- You need short-term funding
## When to Choose Banks
- You have excellent credit
- You can wait weeks for approval
- You need long-term funding (10-30 years)
- You want the lowest possible rate
- Your situation is straightforward
[Connect with private lenders](/connect) or [learn more](/how-it-works).