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3 Ways to Get a Loan For Regular People
For Norwegians borrowing more online, and for everybody else, it can be a challenge to get the money you need to start a business, buy a home, pay for your education, or buy a car. People get loans for all kinds of other reasons as well. What’s the top reason for a person not seeking a loan, even if they need one? Inconvenience and ignorance. Not everybody knows how to get a loan. Not everybody who knows how to get a loan will go to the effort of getting on the phone, filling out paperwork, and making meetings.
This is a shame. People need funding of this sort in order to better their lives and create opportunities for others. Fortunately, for those that need a loan, there are many ways to go about getting one. Here are three.
1) A Traditional Bank Loan. For people who already have a long banking history with a specific institution, this may be the easiest way of all to acquire a loan. It will be harder for people who haven’t had a bank for very long, have bad credit, or who are trying to acquire a loan in a new country. For these individuals, there is probably another way that will work better. But if you have a strong relationship with a bank lasting several years or more, you are a good candidate for the kind of lending that has been going on through banks for generations.
2) P2P Lending. P2P (or peer-to-peer) is an exciting form of lending that connects individual borrowers to individual lenders. Though the model just has a couple of great examples in the United States, there are a bunch of these companies in England and continental Europe. This competition gives consumers the benefit of driven down costs, rates, and fees. It also makes the process very fast. P2P is a great option for people who have been denied a loan from a conventional source. These loans are frequently filled within a matter of hours, days at most. There is usually no fee for early repayment as well, making this perhaps the best way to raise money for the most people.
3) Crowdfunding. While this won’t work for many individuals who are raising money for something like a mortgage, it’s a good option for businesses and known brands. If you are in the latter camp, you likely have a lot of dedicated customers who depend on the thing you do. If you offer them business benefits for supporting your growth, you can sometimes acquire free money, faster than any other source. In some cases, you don’t even have to pay it back in kind, instead offering trade options. If this is something that works for you, think about trying it out. Crowdfunding isn’t something you want to wear out, but if you have great customers, they may help you win in this way once or twice.
There are other ways to get money for expansion or lifestyle benefit, but these are some of the most common. Try them out yourself and you’ll be able to build a better future.
