Loaning or borrowing money is the absolute last resort for a lot of people, as the weight of debts is a heavy one to carry for, usually, many years. Aside from that, the requirements and checks that come before acquiring the loan can seem intimidating to the uninitiated, and a lot of people tend to back off before even trying.
However, there just comes a time that you need that extra, especially when you are a parent. As a mum, the safety of my kids is my top priority. Our income is enough for us all to live somewhat comfortably, but practicality wise, we do not have enough set aside if the worst were to happen. Sadly, the worst is often the most unpredictable, and so you can’t help but get caught off guard. On the other hand, some parents want to give business handling a try, not only to be their own boss but also set up a good, stable option for their kids once they are old enough to take over. Opportunities are getting as slim as ever, and that can go either way as the years go by.
Regardless of the reason, a loan is rather unavoidable these days. A traditional loaning process would include credit checks, history digging, interviews, big words, and everything else that people are usually not too keen on. As a mum, I’m thankful I was able to waltz right around that.
Peer to peer lending was an alien concept to me for a while, as loaning in general was something I tried to avoid. After hearing about it, I dutifully scoured the internet to get a better idea of what I was (and wasn’t) going to deal with. I was pleasantly surprised.
The usual hoops that we had to gracefully jump through were absent. Peer to peer lending, as it is called, simply asks for a loaner and a loanee, the first of which will be easy to find in a peer to peer lending platform like Unbolted, which is based in the UK. For collateral, a borrower’s personal assets are put on the line for security, which is quite fair, as then you will not have to go through a credit check. This is also means that the playing field is completely leveled, and both parties know exactly what they are getting into. No mind boggling terms, no sudden spikes a few months down the line, and no unforeseen consequences, unless you are unable to pay- if this is the case, then your stated collateral will be sold.
Finally, motives will not be questioned, unless of course it is murder, in which case financial loans and their requirements are not the issue of importance. Whether you are in it for business and personal motivations is only your business. As long as you have assets that are reasonably easy to liquidize, you will be able to find a breather during the worst case scenarios.
For a mum, that’s a great relief.