Do brokers do personal loans?

Functions of financial intermediaries

Borrowing money is usually a subject that, on most occasions, tries to go unnoticed and concealed by those who ask for it. The need to have to resort to outside sources of financing can be a reason for a lack of liquidity in the family economy, something that is embarrassing in front of others.

However, this type of loans, in addition to being requested among family or friends, can also be managed on platforms designed for this purpose. Despite the fact that in none of these cases is dealt with a banking entity, the most convenient thing to do is to formalize a contract when lending money to avoid risks or future problems.

By means of the crowdlending online platforms, private investors are put in contact with these entrepreneurs and, either individually or collectively, lend them the money needed to carry out their business or any other purpose.

It differs from the (more famous) crowdfunding in that investors have a profit motive, and either through interest on the loan or participation in the business, they intend to earn more money than they originally lent.

Importance of financial intermediaries

Younited Credit and Vivus lead this month’s ranking of the best loans without salary: the first has the most attractive offer if you do not want to direct deposit your salary in another bank, and the second if you do not have regular income.

If you prefer to find for yourself the proposal that best suits your needs, do not forget that you can compare the characteristics of all the offers on the market and hire the one that most interests you through our personal loan comparator and our microcredit comparator.

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The digital company specialized in consumer finance Younited Credit offers, this month, the best personal loan without direct deposit of your salary in the market, with its Younited Credit Loan. This product will allow you to borrow between 1,000 and 50,000 euros, to be repaid over a period of between six and 84 months, in exchange for a minimum interest rate of 1.83% NIR.

However, you must bear in mind that this interest is the minimum that the entity will charge you, and that, depending on the risk analysis carried out, it could increase. However, it will never exceed 15.37%. As for the rest of its features, the Younited Credit Loan does not charge for the study or for early repayment (i.e., if you decide to repay your debt, or part of it, early). What it can charge is an origination fee, although it does not do so in all cases. In addition, the amount of this commission will never exceed 12% of the amount of the loan.

Non-bank intermediaries

Chelsa Bocci, one of the four founders of Kiva, and today its Vice President of Marketing and Communications, commented on the organization’s origins, consolidating, perhaps unintentionally, one of the unwritten rules of late capitalism: “A donation has more to do with pity, even if it is made with love,” she said. In contrast, a loan unites sender and receiver, we understand, in a more horizontal, less unequal, more commercial way. I lend to you and you undertake to pay me back. And as long as no one fails to fulfill his or her part, there will be no problems.

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The narrative of Kiva’s origins complies with several precepts of the utopian capitalism of Silicon Valley, which at times could be part of the script of the HBO series but which appears, truthfully and factually, in TechCrunch: it was born in a shared apartment in Palo Alto (where the square meter sells for 15,000 dollars) and after “experiences” in trips to Tanzania, Uganda, South Africa or India, where, the founders say, they met entrepreneurs who needed money and could not get it.

Financial intermediaries pdf

The best personal loans of the moment are BBVA’s Préstamo Rápido Online, ING’s Préstamo Naranja and WiZink’s Préstamo because they offer the lowest APR in the current market. To make the ranking of the cheapest loans, we have taken into account the different conditions and promotional offers of each financial institution.

ING’s Orange Loan is crowned as one of the best personal loans as it is one of the cheapest loans of the moment, as it offers an interest rate from 3.99% APR (4.06% APR) to 12.49% APR (13.23% APR) for its customers. In addition, it is free of commissions and its application is processed online.

If speed and low interest rates are what interest you most in a loan, check the conditions of the Crédito Directo de Cofidis (18.31% TIN and 19.93% APR), one of the best fast loans of the moment. This credit is ideal if you need up to €4,000 quickly to finance any project. Cofidis does not require additional products, nor does it require you to pay opening or study costs.

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Do brokers do personal loans?
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