A loan from a family, from strangers, or from a bank? What are the market options?

You can get the money to finance any kind of things by a variety of methods. Each of them carries certain pros and cons. It is up to you what you expect from such a loan and what its advantages may come in handy. If you don’t know where you can borrow, check out the following lines and we’ll show you the most common options.

Loan from the nearest

Loan from the nearest

We will probably start with the least difficult choice from the point of view of overall settlement. Loans from friends and family can be quick. Everything depends on a specific agreement, so you do not have to lose everything before paying back or late. Depending on the agreement, interest may be essentially minimal. But even if they are family members, it is good to sanctify this act by covenant.

If you do not complete the payment schedule on time, you may lose good friends and make family break-ups. Maybe that’s why it’s sometimes too hard to find someone to lend you this way.

Loan from people

Loan from people

Do not worry, it is not a form of begging in which you would bypass passers-by and ask for the appropriate sum. Loans from people or P2P loans are a modern trend. Their strengths are definitely human approach and individual assessment. The entire process is coordinated by proven companies. The disadvantages include slower execution than anywhere else.

Loan from a non-banking company

Loan from a non-banking company

The speed of settlement and payment of monetary sums clearly supports this solution. If you are looking well, you will find very interesting interest rates, variants without hidden fees and a number of extra bonuses.

The amendment to the Consumer Credit Act has clarified the market for non-bank users, but you should be cautious about choosing them. For example, the Leasing and Financial Association controlling the activities of such companies can help you.

Loan from a banking institution

Loan from a banking institution

Finally, the last and probably the safest version of lending should be mentioned. The loan from the bank guarantees lower interest, transparent contracts and the certainty that no one will prepare for you any shed. It should be noted that these guarantees may be subject to certain charges. At the same time, from not expect to fast payout as in the non-banking segment. You can also struggle with more demanding proof of your own creditworthiness.