Money and Relations
Money lender is an individual or a group of individuals who offer personal loans. These people are different from the banks and financial institutions that provide loans. They own that kind of money that they can finance people who are in need. Some of the lenders do it with the motive of being helpful to people in debt while there are others who loan money purely for business.
Lending money as a mode of Helping Hand
1. Micro Finance:
These lenders do not finance the total required amount by the borrower. They help them giving small amount financial help. Normally money lenders who loan to help the borrower are friends or family members.
2. Low Interest Rate:
Since the lenders loan money to financially support the borrower in need, they do not expect high interest on the amount they have loaned to the borrower. The rate of interest presented by them is minimal.
3. Flexible Repayment schedule:
Nobody lends their money for free. Such financers decide upon a flexible time period for the borrowers to repay the money. In case of a friend or a family member, they do not decide a particular date for repayment but they do expect the borrower to repay the soonest.
4. Moderate Collateral:
The security deposit taken by such lenders to ensure the repayment of given loan is nominal.
Lending money as a mode of Financial Benefits
1. Full Finance:
These lenders provide required finance to the borrowers. This type of financing enables borrowers to borrow a lump-sum of money, all at once.
2. High Interest Rate:
Since the lender provides the borrower with a huge amount of loan, the interest rate is bound to be higher. It is informed to the borrower at the beginning of the deal.
3. Fixed Repayment Schedule:
The amount of loan given is high which is why the financers are strict with the repayment dates of the loaned amount. The date is decided at the beginning and only with the approval of the borrower regarding repayment date, the loan is processed.
4. High Collateral:
High collateral reduces the risk of the lenders by ensuring that the collateral amount is enough to cover the loan in case of a default.
Online Unsecured Loan Services
Handling loans is quite a complicated task. Hence, the borrower can look out for an online website like marwadihandloan.com to acquire unsecured hand loan services. This website makes it easy for the borrower to scan through the many given options of lenders. Also, it saves the whole trouble of going through paperwork as the documents can be uploaded online as per the lender’s requirement. The borrower can choose from the list of lenders and talk to them regarding the service they offer and how flexible they are with the repayment schedule. It is the simplest as well as a convenient way to obtain unsecured hand loans.