Little known ways to borrow money without a bank!

If you need a loan, you don’t always have to go into a bank. But until a few years ago, borrowing money from the bank was firmly anchored in our genes. We looked suspiciously at other forms of credit, convinced that it concerned usurious rates (and that was often the case). This only started to change after the economic crisis of 2007/2008. As a number of banks collapsed, a gap was created in the market that was filled by new financial institutions specializing in loans and in possession of a Belgian license. The credit providers have sprung up like mushrooms and borrowing money without a bank is now normal.

You may also be able to go to your parents or a good friend. 

You may also be able to go to your parents or a good friend. 

If the loan amount is not too high, family and friends are certainly an option. It’s a different story when it comes to thousands of USD. This can cause a lot of tensions within the family, so think carefully about it first. You often feel less burdened if you take out a loan with a neutral party. Then it is purely a business deal and no emotions play with it that can disturb the relationship. And that is nice, because family and friends are the most important thing in life.

Where can you apply for a credit-free loan and how much will it cost? Borrowing money without a bank is now a piece of cake. Online lenders specialize in providing money – so they do not offer banking services. You can take out all kinds of loans: a personal loan for a one-off expense, a revolving credit (or cash reserve) if you do not know immediately how much and when you need the money, a car loan to buy that grave car and so on. Even home loans for renovation or purchase of a property can be taken out; the amount to be borrowed is then usually a maximum of 75,000 USD.

The smaller the amount, the easier the handling.

The smaller the amount, the easier the handling.

 If it concerns a mini loan (for example 700 USD), the money is often already in your account after 24 hours. For loans above 1000 USD it usually takes a few weeks. But how do you find the cheapest provider? Because there can be a lot of difference between one or the other. We have already shown the cheapest providers, but certainly look further on the internet if you want to make even more comparisons. First you look at the APR – the annual percentage of the interest rate and borrowing costs. The lower the better of course.

Then go to the website of your favorite providers. There you can use a simulator for free; which calculates how much you will pay monthly. With a few mouse clicks you know exactly where you stand. Also read through any conditions and contact the institution if you have any questions. Borrowing money without a bank is now easier than ever.

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