Social loans – even for people with debts
Does the chance of getting a loan decrease to zero for people who got a negative decision in banking and non-banking institutions? Well no! Private loans and community loans come to the rescue.
The former have been described in previous articles, so today we will focus on the latter. Where can I find social loans? What do I have to watch out for? What is borrowing from others? Find answers to these and other questions below.
Social loans – borrow from others
This is not new because in social loans have been available for many years. However, they are not promoted, because there are few places where we can get them. Our market is dominated by payday loans and installment loans from banking and non-banking institutions. Maybe with us social loans are not as popular as in other countries, but more and more people are looking for alternatives to banks.
Borrowing from natural persons is a way to obtain additional financing in a short time. We can take both small amounts and those with four or five zeros. Platforms on which we can find social loans connect very easily people who have cash and want to borrow it, with people who are interested in a loan. Pages look a little different than what we are used to in online loans, but this is not a cause for concern because these portals guarantee the security of your data.
How much can I borrow?
As we already know, payday loans are usually up to USD 5,000, loans over the Internet up to USD 15,000, and social loans up to USD 30,000. In addition, if we have our own business, the amount we can borrow is much larger, but unfortunately in this case security will be needed – most often it is real estate.
In fact, everyone will find something for themselves. Even if we are the day before the payment and our wallet is empty, we can borrow USD 50, which is enough for us the next day. We create the offer ourselves: we choose the amount, period and wait until “lenders” wants to lend us this money.
Are social loans secure?
You often hear about bushes companies that scam data and sell it to other companies. Of course, you have to be careful about this, but the companies we present in the ranking are safe. They were not created a week ago, but have been on the market for many years. They have thousands of satisfied customers in their database who received money even on the same day. It’s also worth looking at the pros and cons of social loans below to compare them with available payday loans and online loans.
Social loans – pros and cons
- everyone will find an offer for themselves,
- they are cheaper than “ordinary” loans taken via the Internet;
- money can be used for any purpose;
- high granting rate;
- it’s enough to have: proof, email, Polish account, active phone number;
- no need to visit the facility – without leaving your home;
- time for decision is relatively quick;
- there is an option to negotiate terms that will be tailored to the lender’s situation;
- Low and high amounts are available.
- they are not legally regulated as loans taken from banks;
- social loans are subject to additional fees, such as: service fee;
- it happens that we will have to wait longer for receiving money than for payday loans from non-bank companies;
- you need to watch out for phishing companies.
Even for those in debt!
As we mentioned above, social loans are often tailored to the client’s current financial situation. Even if we have a bailiff, this does not prevent us from getting the dream cash.
A loan for those in debt is a very common password entered in the browser. In the search results we can find many items that we have already checked many times. Few people know that social loans also help those in debt who have a bad credit history. Therefore, check our ranking above and complete the application. Remember that if you get a refusal from one company, it is worth completing the application with the next one – it increases your chance for a social loan!