There are some ways to find ordinary people lending money to others, even if they have bad credit. When you need cash, you will often think about going to a bank or financial institution to ask for a loan. That is because you have been conditioned that way. You know that banks have money and everyone in need of lending will automatically think about going to a bank.
Peer to Peer Lending
Peer to peer or p2p is the best way to find ordinary people lending others money. In some cases, the transaction has decent interest rates and is backed by a solid contract. Peer to peer lending is attractive to many because even those with bad credit history can borrow cash from others, not just the rich. Interest rates will vary greatly, and the credit rating history requirements vary a lot as well.
What About Banks?
There are a lot of people who don’t like going to banks because they either have bad credit history and they cannot get anything. Others have had bad experiences with banks that they no longer trust them for any help. That said, there are ordinary people lending money as well. That might sound a bit strange because why world someone so ordinary want to give away money. Well it is not actually giving away money, rather, it is more about finding another source to finance your cash needs. As appealing as it might be, ordinary people lending money is very unusual and you should be very careful.
Stay Away from Loan Sharks
If you have ever heard about the term loan sharks, you will know that things can easily go wrong. Individuals who loan money often do it illegally. Where banks will normally shy away from lending, these so-called loan sharks might be willing to give you money but you will need to pay a very high interest rate. Another thing with some ordinary people lending money is that they are often related to the underworld. If you don’t want to get into trouble you will be better off paying back and on time. Some people have lost everything and even more, they have had to go into hiding. With banks, you will probably lose your house but with some ordinary people lending money, your personal safety can be in jeopardy.
Borrow from Friends and Family
If you want to get a loan from ordinary people, you should try to contact people within your family circle. They might be more indulgent and will be willing to give you the needed helping hand. You also may be able to get money without paying interest. This is one of the best options if you are thinking about individual who lending money.
You need to be aware that if something is too good to be true, it is likely so. You need to get your financial situation in order if you don’t want to end up with a bad credit history. The best thing is to save up and don’t live above your means. The less money you have to borrow from people, banks or financial lenders, the better you will be.