When looking for a private loan, it’s a good idea to choose a proven and reliable source for borrowing extra cash.
If we cannot borrow money from the bank and the conditions presented by non-bank companies and Shareabanks do not suit us, then we also have payday loan services offering private social loans. One of the most popular such websites is Loan and Credit.
Why are we talking about a Payday loan and Credit loans as private loans?
In short, because they are provided by private individuals. The company Loan and Credit is in charge of the service which only supervises everything that happens through the service and the cash is actually borrowed by private investors who decide to participate in a specific auction, obviously profitable for them in financial terms.
If we are taking our first steps in the subject of the said website, it should be known that at first it may not be as colorful as it may seem to us. First of all, as a new customer, we will have to verify our identity or scan the ID card in order to send it to the website.
We also need to know that if we already apply for the first loan, the maximum amount we have a chance to get with this first loan is 5000 USD. However, if we repay the first loan in a timely manner and prove to be a reliable borrower, we will be able to obtain much larger loans in the future. At present, the largest possible loan limit available through the Loan and Credit website is USD 25,000.
The main advantages of a private loan in Loan and Credit
This biggest advantage is definitely a cost because if we prepare our loan auction well and at the same time it is attractive to investors then we have a chance to get a loan at much lower costs than in the bank. When we issue a loan auction, we indicate the interest rate on the loan from 1 to 17.5%. Of course, the higher it gets, the better chance we will have to get the cash we need.
Simply issuing the auction does not provide us with a loan, because to get the full amount you need investors who will want to lend us a specific amount. Looking from investors, the auction must be attractive to them, so both the interest rate per year must match and the person applying for a loan will be credible in their eyes.
If we are able to obtain the first private loan, we will be able to pay its repayment via the account created on the website. All loan installments at Loan and Credit are repaid by the 11th of each month, with the exception of non-working days. In this case, the installment must be paid on the first business day following the day off.