There are a lot of ways to obtain a small loan. Some are reasonable whereas others are costly. Some are easy to obtain while others a more difficult. Knowing what you need, where to find them, as well as how to obtain one is particularly crucial especially when you require immediate funds for unforeseen expenses.
In Norway, långuiden.no/smalan-pa-minuttet/ is a site you could visit as it provides a list of the leading and recommended banks in Norway that offers small loans with a possible loan amount of 1,000 kroner to 50,000 kroner. But there are banks on the list that even offer up to 500,000 kroner. Submit an application for small loans form the financial institutions listed on långuiden.no/smalan-pa-minuttet/ is easy and prompt as the requirements to prequalify and be approved are few. Hence, you could immediately get hold of the funds you need to finance your immediate expenses.
Small Personal Loan – What Is It?
A small loan, to put it in simple terms, is a kind of personal loan that does not need any sort of collateral. Hence, it is also called an “unsecured loan.” While there is no definite or set amount, the loanable amount will depend on the financial institution or lender and the type of small personal loan they offer.
Although small loans don’t require any collateral and only necessitate a few requirements to avail, qualify and be granted, the interest rates are usually higher because the financial institution or lender are more at risk than the borrower. But then again, some lenders or financial institution offer small loans with very favorable terms making it easier for the borrower to repay. However, as there are only a few options, it may be difficult to find a small loan with very agreeable terms.
Small Personal Loans – Where To Get Them?
While several lenders only offer larger loans, there are numerous places to visit for a small personal loan. Let’s have a look at some:
CREDIT UNIONS AND BANKS
Several traditional banks as well as credit unions offer small personal loans, wherein some begin with an online application however require you to personally visit their physical branch prior to the funds being released. Also, several credit unions offer payday loans that might help you obtain a small loan even thigh your credit score/rating isn’t good.
A lot of lenders operating online specialize in unsecured small personal loans which you could make use of for just about anything. As they are internet-based, it is frequently easy to find out if you prequalify for a small loan. It might take a few days for the process and your application be completed and the funds to be transferred to your bank account.
PEER-TO-PEER LENDERS (P2P)
P2P lenders operate online and these online lending platforms match up borrowers with potential investors who are willing provide the loan. With P2P lending platforms, the interest rates are usually low and the process is quick. However, note that not every P2P lending platforms offer small loans.
For really small loans, like $500 or eve less, payday loans might be an option. However, this type of loan is a very expensive choice because of the high fees tied to it. So, make this option your last-ditch effort if you aren’t able to qualify for small loans elsewhere.
LINES OF CREDIT OR INSTALLMENT LOANS
Several online lenders and traditional financial institutions offer lines of credit loans or high-rate installment loans with high fees or interest rates that could range from 60 to 199%. Although these types of loans are cheaper compared to payday loans, this should also be your last option because of the high interest rate which could make it really difficult for you to pay off.
It’s always best to shop around and compare requirements, conditions and terms when looking for a small loan.