Most consumers turn to a bank for a loan. Mostly this is the house bank where the current account is also kept. However, there may be reasons not to contact the bank. This is the case, for example, when loans are already paid off at this bank and an increase is not approved by the bank or is not desired by the borrower. But it can also be done without a loan from the bank.
Loans without a bank
There are several ways to cover a financial shortage with a bankless loan. Of course you can borrow money from friends and relatives. Another option is the peer to peer process. This system has not been on the market for long. In plain language, this system means that it is not banks who lend the money, but private individuals make it available. Spin Lender was the first platform to put the system on the market.
If you are looking for a loan without a bank, enter your loan request and interest rate on the Spin Lender platform. If there are interested parties for this project, a loan agreement is concluded. The rest works like the banks, the money is repaid in monthly installments.
What is the interest rate on a loan without a bank?
Spin Lender has a minimum and a maximum interest rate. The range starts at 5.99 percent and ends at 21.75 percent. The higher the interest rate offered, the more likely it is to get a loan without a bank through Spin Lender. After all, the members are investors who are naturally interested in knocking out as much money as possible.
The Credit Bureau
Even though the Spin Lender donors are private individuals, the applicant’s creditworthiness is checked. After all, they also want their money to be secured. With a negative credit rating, there is no money here either.
Spin Lender for investors
Spin Lender is not only interesting for people who are looking for a loan without a bank. Investors also benefit from this. Hardly anyone will want to pay an interest rate of 21.75 percent, but the returns are higher than with an investment in the bank.
Due to financial hardship, many people are willing to pay higher interest rates on a loan before the bank rejects it. If your credit rating is right, getting a loan from Spin Lender is no problem. This gives more financial leeway and no justification for the credit at the bank counter. It is often uncomfortable for individuals to ask their bank again for a loan if a loan contract is already in progress.