Borrowing Money From Sources Other Than Banks

People have many wants and needs today. From buying a house to taking a family vacation and from higher education to buying a car, there are many demands that keep cropping up. In addition, you also have small personal demands that require a small amount of investment. It is not always possible for people to pay for these demands completely with their own funds. The other alternative that they often exercise is to borrow money or take a loan, generally from a bank. This loan amount is generally less than the entire amount and is combined with some savings to make the final and full amount.

In some cases however, a person might not have a bank account, without which borrowing funds from a bank is not possible. In this case, there are some alternatives that you can look into to get that extra amount you need.

Sources of loans:

When borrowing from a bank is not an option you can exercise, you can look into some of these other options.

  • Family: Borrowing money from family members or close friends can be an option when the amount is not too high. Additionally, if you are professional in terms of interest and time of repayment, you can make use of this source of loans more than once.
  • Payday loan companies: you can also ask a friend who has a bank account to approach a payday loan company and obtain a loan for you.
  • Cash advance: Cash advances can be a good source of loans and can be tapped in multiple ways. You can ask for a cash advance against a credit card that is in your name. Another method is to open a bank account in any preferred bank and submit an application for a cash advance after depositing part of the amount into the newly opened bank account.
  • Unsecured loans: An unsecured loan is an extremely popular source of loans when working without a bank account. Family companies provide such loans, however, the rate of interest may be slightly on the higher side.
  • Credit Unions: Come companies have credit unions from where their employees can get loans when required. This is an option you could exercise if your company has a credit union.
  • Lending websites: A new trend in the lending business is contacting people who can give you a loan through a lending website which is a site where many lenders register.

Post Author: loanguru

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