In the loan market, there are a number of types of loans such as the large mortgage loans and the small micro loans. Somewhere between these you usually put in private loans that can be small but also quite large. Lenders has chosen to go in among these private loans and has done so with a loan in the lower regions when looking at size.
Therefore, you can only borrow up to USD 25,000 with lenders, while you can borrow as little as USD 3,000. The biggest difference compared to micro loans is that they offer a significantly longer maturity. It is not a matter of one or several months, but you can choose between 1 and 5 years as the repayment period of the loan. You yourself control what term the loan should have, of course the total cost will be higher for a longer loan, the advantage is that the monthly costs will be lower.
The loan is thus a private loan or a bank loan which they are also called. This means that you do not need anything as collateral for the loan. The interest rate is thus higher which is a disadvantage, however, the advantage is that you can use the money for anything. Just the interest rate you expect to be quite high if you choose to borrow from lenders.
It is possible to avail two free months each year when borrowing money from lenders. You just have to fulfill some conditions and these are, for example, that you are not allowed to take any free month for the first four months since you obtained the loan. Then there must also be at least four months between the occasions. You should also have handled your previous payments according to the plan to be approved for this.
It is important to remember that a month free of charge largely only means that you postpone the loan for a month. You do not repay the debt, but the interest is counted as usual and instead of paying it at the end of the month, it is added to the capital debt. The loan will also be extended by one month. So it is only to use this opportunity if it is really needed.
The first basic requirement that they impose on their borrowers is that they must be 20 years old or fill it during the year. Furthermore, there must be a fixed income of some kind that during the credit check is considered clear of the repayments.
Payment remarks need not be an obstacle to borrowing money, but this is on the condition that the debt is fully repaid. An application will also be denied if the applicant is currently in debt relief, has gone bankrupt or is under trusteeship.