Alternative Lending Sources?

Discussion in 'Private & Conventional Lending Discussion' started by ebargan, May 25, 2014.

  1. Determined2014

    Determined2014 Guest

    Joined:
    Jun 2014
    Posts:
    335
    Likes Received:
    0
    I would not be comfortable, I would rather just deal with the bank, a place that am sure of, rather than risking with the online fellows.
     
  2. Gelsemium

    Gelsemium Senior Investor

    Joined:
    Apr 2014
    Posts:
    937
    Likes Received:
    2
    I've asked money to the bank, to companies that work in the financial and credit area and to family and all these three seem reliable to me. Having this said, I only ask for money when I really have to...
     
  3. Livvy

    Livvy Well-Known Member

    Joined:
    Apr 2014
    Posts:
    76
    Likes Received:
    0
    You could look at Reddit's /r/loan subreddit. They're quite nice people and helped me out a while back when I was a little bit between payments, and had to put down a deposit on my new flat.
     
  4. thestoryteller1

    thestoryteller1 Member

    Joined:
    Jul 2014
    Posts:
    18
    Likes Received:
    0
    Those are never really an option for me, since I am self-employed. In my country that is a new thing, and to banks as well as private lending, you may as well be unemployed. They won't give you anything.
     
  5. FivebyFive

    FivebyFive Member

    Joined:
    May 2014
    Posts:
    15
    Likes Received:
    0
    I understand Storyteller. I too am self-employed as a graphic designer and while I make enough money to support myself no bank would see me as much of anything else even here unless I could prove to them that I am getting steady and consistent business and making enough to repay their loans. Ultimately I just try and put aside any extra money for emergencies so I would have to ask for a loan ever.
     
  6. thestoryteller1

    thestoryteller1 Member

    Joined:
    Jul 2014
    Posts:
    18
    Likes Received:
    0
    Same here, work is always better, though at few times I was so worried about some payment that I was willing to risk having to pay any rate later. I don't have bad credit score, so I never got why they didn't approve me. Anyway, I managed somehow and I am planning to never have to do the same thing again. I don't want to rely on other people, whether bank or anyone else.
     
  7. martinez

    martinez Active Member

    Joined:
    Aug 2014
    Posts:
    26
    Likes Received:
    0
    I think if I needed to borrow some money and my friend was willing to lend it to me, I would rather go to him than go to the bank. Banks have many hidden charges and their system keeps on fluctuating. As long as I am able to pay the debt to my friend as promised, I see nothing wrong.
     
  8. Ricardo187

    Ricardo187 Member

    Joined:
    Aug 2014
    Posts:
    10
    Likes Received:
    0
    I honestly think the best way to get a credit is through the bank. It's the old way but from what I've seen lately, lending money from an online source or alternative credit service brings unwanted and high charges and interest rates. You end up paying two times the money you requested. This is actually what happened to our family when we bought a new car five years ago. We engaged in a credit with a known credit company, Cetelem, and ended up paying 150% of the value in interest.
     
  9. Glcameron

    Glcameron Well-Known Member

    Joined:
    Aug 2014
    Posts:
    96
    Likes Received:
    1
    I was always searching for a good lending source. I thought about trying to go through a traditional bank but the issue was my identity got stolen so I had to deal with that and trying to clean everything up. There are very few choices you have when it comes to lending. I think your best option if you need money for a really bad situation is to set up a campaign to get money from friends.
     
  10. Kael

    Kael Guest

    Joined:
    Aug 2014
    Posts:
    80
    Likes Received:
    0
    One of my family members used Prosper as an alternative lending source. She had mentioned that she did not have a bad experience and she will use their services again. I personally would not attempt a peer-to-peer loan because I have trust issues.
     

Share This Page