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Today, there are many ways to borrow money. From banks, pawnshops or via platforms on the Internet. But what if you just want it? Direct and uncomplicated and without intermediaries or brokers.
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What should be noted for lenders:
The lender has the financial resources and makes them available. Lenders can be one or more people in the network. Important before the money is lent is written documentation or, even better, a contract that records how much money, how long and at what interest rate will be lent. Similarly, the repayment modalities must be fixed in writing. The amount of the rate and the rate of the rate (monthly, annually).
So that the lender does not take too high a risk, he should insist on collateral. Valuable items such as jewelry or vehicles are a good choice. Likewise, life insurance policies can be used as collateral. If there is no collateral, the lender should insist on a guarantor who must step in if payments are not received. However, the guarantor can also be insolvent and therefore does not offer a fully fledged alternative to the collateral mentioned above. No collateral should be granted without collateral, otherwise, it threatens the total loss of the borrowed sum. Collateral becomes the property of the lender upon conclusion of a contract and can be sold in the event of default. The exact design should be regulated in the contract.
What needs to be considered by the borrower:
The borrower accepts the funds. So that his risks are known to him, he should pay close attention to the conditions on which he gets the money. Is the interest rate in line with the market or are credit institutions possibly cheaper? Can he afford the rate or does it push him to the limits of his abilities? What happens to collateral he has handed over? When can the collateral be used by the lender? Can the lender transfer his claim to a third party and what rights would he have to the borrower?
For both sides, the credit from private to private is not without risks. Therefore, it is recommended in a contract to record everything and collateral to agree. The simple promissory note usually does not meet these requirements. If you want to borrow money from a friend, you should be able to get out of the case in the event of payment difficulties with a clear conscience. These are collateral that borrowers should insist on. Conversely, the lender should not, as the saying goes, be loan sharks and scent the big business, to make loans from private to private not enough.