Nowadays, a person who needs cash has great potential. He can go to a bank or non-bank institution. Competition on these two levels is increasing, which means that customers can count on attractive terms of commitment. However, various types of social loans are also growing more rapidly. Is it worth to be interested in them or is it better to take advantage of non-bank loans?
What is worth knowing about social loans?
In short, social loans mean that you need money and you want to make a commitment. On the other hand, there are people who have cash and want to lend it to you. The whole thing is done through a convenient platform that makes everything easy – you don’t have to personally look for people willing to borrow cash, you don’t have to take care of paying each person separately money, you simply send it to the designated account, and the whole deals with the platform.
Is it worth using such solutions?
Yes and no. That way, of course, you can borrow money, perhaps even on favorable terms. At the same time, there are a few things to keep in mind:
● On such portals, money is borrowed by people who want to earn as much as possible. So the most attractive are offers where the borrower wants to commit to a large percentage.
● You may not receive a loan – no one can guarantee that there will be people willing to send you money.
● You wait for money longer than for alternatives.
An alternative to social loans? Non-bank loans!
Most people who turn their attention to social loans do this because they have fewer formalities. These are often people who are looking for loans without BIK.
Non-bank offers are a very good alternative to social loans in this situation.
Here you will find offers in which you also do not need a statement of earnings, you will not be checked in BIK. And in addition, non-bank loans are winning with social networks in that:
● The application is processed quickly so you know where you stand.
● You will receive the money within a few hours and at the latest a few days into your account.
● You know how the loan will be granted to you.
To sum up, whether it is worth taking a social loan depends largely on your personal situation. It is also worth knowing their alternatives, and certainly they are offers of non-bank institutions.