Getting here, it is undeniable that the needs we must fulfill are increasing.
The fluctuating economic life often results in a significant increase in the price of necessities.
Often, this is not accompanied by a corresponding increase in income. Therefore, looking for money loans for various personal daily or business needs is a way out.
But actually, what places can help you when looking for a money loan?
Below are 5 alternative places to borrow money that you can choose if you need cash to meet your needs.
Want to Find a Money Loan? Try Submitting to These 5 Places
1 Bank
If you are looking for a money loan, the first place you can try to apply is at the bank.
Banking institutions are the most widely used source of money loans by US.
Applying for a loan to a bank is relatively safer and more secure, but before that, you have to meet quite a lot of requirements.
Not infrequently, you are asked to pledge valuable items so that the process of looking for a money loan that you are doing can be accepted by the bank.
Don’t have any valuables as collateral? The bank already has Unsecured Credit, which allows you to borrow without any collateral.
But without a guarantee, of course, the risk faced by the bank will be even greater.
Well, this will affect the loan interest rate that will be applied to your loan later.
The interest rates on unsecured loans are relatively higher than those of secured loans. Interest rates on unsecured loans can even reach 20% per year.
2 Non-Bank Institutions
One of the non-bank institutions that you can make an alternative to making money loans is a cooperative institution.
If you want to look for a loan from a cooperative, you must first become a member of the cooperative.
By becoming a member of a cooperative, you can get loan funds following the guaranteed item.
Also, you can make loans to MFIs or Microfinance Institutions that offer unsecured loans.
By applying for a loan at this non-bank institution, you can also carry out the negotiation process regarding the loan amount needed.
3 Online Loans
With the development of digital technology, there are now many online loans that are a solution for those of you who are looking for a money loan.
Usually, this type of money loan is offered by various financial technology or FinTech companies which are now experiencing significant growth.
On the one hand, this is very easy, because usually you only need to be asked to upload documents online via a smartphone and can apply for a loan.
But unfortunately, many Pay day Loans that have no legal basis.