How to Get Your Hands on Consumer Loans
Most of the time, in order to get a loan, you have to go through long processes and present a ton of paperwork to be considered. This no longer has to be the case as there are numerous financial options for consumers. Banks no longer dominate the lending sector, which has made it easier for individuals to get their hands on forbrukslån uten sikkerhet. How is this possible? Well, here are some few places that you can get loan without giving any collateral.
- Peer to peer financing
P2P lending, as it is commonly known operates separately from financial institutions. Here, individuals with a common need and goal come together and cooperate to help each other out. Normally, individuals who require only a valid repayment plan fund these loans. You don’t need to have any capital or a tangible asset that will be used as collateral. All you need is a workable plan. However, it is important to note that these loans may be a bit costly in the long run since they have higher interest rates and relatively shorter repayment terms.
- Alternative Lenders
Many alternative lenders just like in p2p lending require some form of guarantee that their money will be returned. However, this does not necessarily have to be something tangible. Most of these alternative lenders are credit associations which requires someone to be a member before being given any money. As such, you need to be trustworthy and be able to convince the lender that you will repay the loan. The best thing about it though is that all this is through your personal agreement since no collateral is required.
- Credit Associations
These are more or less like bank institutions in operations but they are different because they don’t require collateral. In essence, all you need is a guarantee which can be in form of a guarantor from the same credit union that you can pay back your loan.