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Most people will take out a loan with bad credit, which is linked here at some point in their lives. When taking out a loan with bad credit, there is always a lot to consider – you should be sufficiently informed in advance about this issue. So one expects no bad surprise in the end. Among other things, you should make sure that you can repay the loan with a very high probability as easily as possible. If you have doubts about whether this is possible at all, you should rather refrain from a possible loan.
Because a loan that you can not repay can become a big problem. It is quite possible that you can get heavily into debt because of a loan that you can not repay on time. For this reason, one should make sufficient considerations in advance of this topic.
Take a loan from private individuals
For private loans, roughly two models can be distinguished. One is classic lending in the circle of friends and relatives. Here the personal relationship is in the foreground and less money-making by lending. The second model has become very popular in recent years. In doing so, loans are transferred from private investors to potential borrowers on Internet platforms.
On the following pages, it’s all about model number 2. The internet has opened up possibilities that were unthinkable just a few years ago. Private mortgage lending platforms allow investors to lend their excess capital to borrowers at lucrative interest rates. The return is often much better than with money market accounts or other investment options.
Credit risk mitigated
The advantage of donors is also an advantage for prospective clients. These can provide fresh cash away from banks and professional credit intermediaries. So it may be possible to get a loan even in difficult cases. The default risk for personal loans is minimized by the community of platform participants. It can not be a total failure.
Furthermore, there are different types of loans. For example, personal loans are suitable for people who do not have the good credit standing to get credit from an official lending company with good terms. A personal loan is a loan in which the lender does not trade commercially – but as a private individual. Theoretically, you can get a personal loan from every person.
It is completely up to the lender to decide whether to get a loan or not. Therefore, there are no specific requirements for a personal loan – who can convince the potential lender, who simply gets the loan. But it is also clear that even a private lender would like to have certain collateral. He/she also wants to be convinced that the loan is highly likely to be repaid.
Requirements for a personal loan
As mentioned before, there are no specific requirements to be met in order to get a personal loan. However, a private lender will want to have some collateral, just as it would be if you wanted to borrow from a bank. However, there is much more scope for a personal loan.
The only requirement is that you convince the prospective lender to lend a loan to you. Otherwise, there are in principle no specific requirements if you want to get a personal loan.
Further information on personal loans
Anyone who wants to take out a personal loan must expect that he/she has to pay higher interest rates on the loan than if he/she takes out a loan with a bank. This is simply because most people who take out a personal loan have a lower credit rating. As a result, the risk for the lender – so it is more than understandable that in a personal loan, the interest rates are usually quite high.
If you have the option of taking out a loan with a bank, you should usually do so as well. A personal loan, however, is particularly suitable for people who do not have a perfect credit rating. For them, it is easier to get a personal loan than a “normal” (conventional) loan.