there is only a minority of people who has never experienced borrowing money
Miami, FL (PRWEB) June 02, 2015
National Debt Relief shares in a recent article published May 28, 2015 how consumers can take out a loan without the need to go through a bank. The article titled “The New Way To Get A Loan That Banks Don’t Want You To Know” shares how consumers who are in need of funds to cover a specific need can bypass the banks to get the loan that they need.
The article starts off by pointing out that there is only a minority of people who has never experienced borrowing money. Almost everyone borrows money at one time or another to address different needs that they have. It might be a mortgage loan for a house or an auto loan to buy that car they need for the family.
Most of these are being dispensed out by banks and other large financial institutions taking almost a monopoly on the process. But if consumers have experienced borrowing money from friends or family members, the article explains that they have experienced the very basic form of what is referred to as peer-to-peer lending. This is because they were able to borrow money from another person without the need to go through a middleman which is usually what a bank is.
The article shares that peer-to-peer lending’s biggest advantage is being able to offer loan products at very low interest rates. One reason for this is that they were able to conveniently take away the banker’s commission and replaced it with a much lower commission charged by the website for handling the transaction. In addition, the lenders on these websites have practically no overhead. Everything is done via computers.
Once a loan is approved the funds are direct deposited to the borrower’s checking or savings account. The article also explains that the loan is repaid through automatic withdrawals from the bank account of the borrower and that terms for these types of loans is typically either between three years or five years.
To read the full article, click this link: https://www.nationaldebtrelief.com/the-new-way-to-get-a-loan-that-banks-dont-want-you-to-know/