Urgent collateral loan from a private individual. Loans without collateral in cash against signature
There are several factors that can help you decide to borrow from a private creditor:
- You have a negative credit history
- you do not have time to apply for a loan with the bank and you are unable to provide the creditor with the requested documents;
- you do not meet bank requirements;
- You already have several “open” credits and you may not be looking forward to the next one.
- a private investor has offered you better terms for a collateralized loan.
I want to alert all borrowers at once and advise them not to put “help cries” like “urgently borrow money against interest” on the internet, etc. In this case, 50% of the people who respond to your ad will promise you help but will actually deepen your already critical situation . Fraudsters understand that someone who is in a difficult financial situation is ready to go for everything, especially when money is needed urgently, so they do a variety of tricks, promising to give the borrower the amount they need later.
Loan without collateral but against signature
First, before deciding to sign a note, read its contents and ask yourself: Am I prepared to accept the following terms? Secondly, the interpretation of this document is not always one-sided, so if you have any doubts about it, ask your investor to change the wording slightly.
What fraudulent schemes operate on unsecured debt:
- The investor tells you that to get a collateralized loan you have to make a small prepayment, that is, transfer money to his electronic wallet, send a money order etc. Such a need can be explained by the purchase of insurance, the advance payment, the cost of drawing the bill etc. the pseudo-creditor of the money will disappear, forgetting to give you the loan promised.
- Even before you receive a loan or money, you sign a note showing the amount of the debt and the maturity date and sign it immediately. The investor then takes the document from you but does not issue the money. A month later, he starts charging you the debt. In this case, not only will you not get a loan, but you will also be forced to repay a loan that you have not taken out.
It is understandable that you should not see a fraudster in every creditor, but you can protect yourself in advance. By rethinking the sequence of your actions, you reduce the risk of falling into the “networks” of aphids.
How To Find A Valuable Loan
There is no need to take the first step where someone promises you money. This offer may not be beneficial to you. It is best to monitor such programs beforehand and find the most suitable ones. Where to find the following information:
- Thematic forums on the Internet, blogs.
- Stories and reviews of relatives and relatives.
- Advertisements in newspapers and other media.
- Lenders’ bulletin boards in interactive mode.
This method will not only help you find the information you need, but also place your ad on the need to borrow money. If you can find a program that suits you on the creditor announcement page, look for maximum creditor information on the internet, find real people feedback that have already contacted that person for help.
Conditions for receiving unsecured loans
Private investors, unlike banks, do not use any common money or loan templates, so each of them “thinks” of their personal lending terms, conditions, requirements, annual rates, and cash back mechanisms. The transaction may also be executed in the light of the creditors’ personal perception of how it is to proceed.
Characteristics of an individual private loan:
- Typically, a secured loan is issued by a private creditor by means of a note or contract, which is then certified by a notary.
- The investor may ask you what needs you want to spend the loan money on.
- Even such a quick deal requires borrowers to submit minimum details about themselves, copies of documents: passport, driver’s license, income statement or seniority.
- A private loan can be issued for a period of 1 to 6 months, less often the borrower manages such a loan with a repayment term of more than 1 year.
- Interest rates – a separate item in such loans, which should be treated with special attention. Usually the fee for using the loan is 10% per month, but the rate is calculated not on the outstanding balance but on the original loan amount. Compared to the bank option, where every subsequent payment to the borrower decreases. Already at the time of signing the note, the borrower indicates the full amount of the debt, which is the loan itself + the estimated interest on the expected maturity, so if you decide to repay the debt sooner, you will not be able to save either.
The nuances of borrowing against signature
Investors do not always sign a notarized contract with their borrowers, often signing a cash receipt is enough. The validity of this document should not be called into question as it is a legal proof of the existence of a debt. Signing up for a signature loan can take much longer, but in the case of a borrower refusing to return the money to the creditor, the consequences can be far more serious than not returning the loan to the bank.
The development or signing of any document binding on us must be treated with the utmost seriousness and attention, as your negligence can turn into debt slavery.
Loans without collateral: what they are
First of all, unsecured debt is characterized by a small amount. Getting it is relatively easy, especially when it comes to retail investors. A bank can also issue a collateralized loan, but the issue is whether the borrower meets the creditor’s requirements and whether he has enough time to process such a loan.
Another option for unsecured loans is a micro-credit organization that will not be difficult to find on the web. Such companies allow you to make a small sum of money almost instantly by transferring it to your card or checking account, electronic wallet. All you need to get the following loan: Fill out a form – an application that will outline your details and your income level (regardless of formality).
As we can see, there are several ways to get a mortgage loan, but in any case, the borrower has to choose which method is closest to him and more accessible.