The loan between individuals is a credit to be made to an individual or a specialized financial institution without having to go through a bank. Before, it is done mostly in a family or friendly, but now thanks to the emergence of private lenders and crowdfunding or crowdfunding, it is increasingly easy to access this type of loan.
The particular loan does not necessarily require a written formality, but it would be more favorable to carry out this operation by establishing a loan agreement between individuals or a debt recognition to guarantee and ensure repayment of sums due.
What is a personal loan?
There are many people who want to borrow money, yet there are also those who want to grow theirs, hence the concept of lending between individuals. The borrower wants to finance his projects and the lender offers him this possibility by granting him the amount he needs, but still subjecting him to his conditions, especially relating to the repayment period, monthly payments and interest paid. To do so, both parties attest the existence of the loan in writing.
This approach is strongly recommended as a guarantee. At a minimum, the applicant must provide a piece of identification or even a photocopy of his identity card and a domiciliation address. However, loans with family or friends are much more flexible. In these cases, there are no interest rates, no need repayment deadlines and even fewer written formalities. In spite of this,
A loan subject to the loan agreement in general
Like any other loan, the loan between individuals or credit without a bank is subject to the rules of loan agreement in general. Regarding the remuneration, it is free, but above an amount of 760 USD, the drafting of an act mentioning the terms of repayment is mandatory and entails declaratory tax obligations.
Whoever borrows, it is better to write a paper using the usual conditions. Thus, the remittance of the funds is justified and the writing can be considered as an acknowledgment of debt.
Where to subscribe to a credit without a bank?
There are financial institutions that offer loans to individuals. For this, the documents to be completed are downloadable on the internet, then the loan is between the borrower and an individual. The loan application between the individual is therefore achievable online by completing a form. Before that, one must first register on a loan site between serious and reliable individual to access the download of records. Generally, the application fee is 1% of the amount borrowed with a minimum and a maximum depending on the institution.
As you can see, a serious individual loan is the best way to borrow money without having to go through a bank or other organizations. As much subscribe now if you have a project in mind.