A non-bank is a financial institution that does not offer retail banking services, as such, they do not have a full banking license or are not supervised by a regulatory service.
Non-banks facilitate bank-related services such as investment banking, (investment banks such as Barclays Capital or Goldman Sachs) market brokering, such as mortgage brokers. These institutions can also offer short-term non-bank loans such as pay day loans or personal loans.
Non-banks may be hard money lenders and offer hard money loans, a loan that is backed by the worth of real estate usually taken out by a borrower because of poor credit or for short term financing. Hard money loans can incur interest rates much higher than bank interest rates.
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