Payday loans vs. Finsocial: find out why we are better

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Joined: 19-12-2019
Posts: 100
composed on: 22-12-2019 07:06
Title: Payday loans vs. Finsocial: find out why we are better

Let’s face it - nobody likes to borrow money - it’s stressful, it takes a toll on your happiness, there’s interest you have to pay, so you’re actually losing money in the long run when taking out a loan, but all this is made even worse when you are not able to get a loan easily from a local bank or credit union. This can be for a variety of reasons and it can be extremely unfair -in the age of banking, there are millions of underbanked Americans who suffer due to their economic disadvantage every year. This is where FinSocial comes in - our mission is to connect underbanked individuals who have trouble getting a loan through traditional channels with lenders who want to make a little extra money and help people in need at the same time. Here are a few reasons why FinSocial is one of the best payday loan alternatives.

Peer-to-peer lending is fast and convenient

Payday lenders do only one thing well - they provide loans quickly, you can typically get an injection on cash the same day you request it, which is perfect in many situations when you don’t have the luxury of waiting for your application to be approved by a bank. On the downside, payday lenders are notorious for charging huge interest, so in the end you will get the money you need fast, but you will also lose a huge amount when you repay your loan. On the other hand, FinSocial combines the speed of payday lenders with relatively low interest rates, giving you the best option for taking out a small loan fast. All you need to do is sign up, request a loan and confirm the offer once it gets accepted by a lender. You can do it anywhere - from home, work and even when traveling.

P2P lending helps people improve their finances

Traditionally, payday loans have helped people get cash quickly but then ended up undermining the financial stability of many individuals by charging unreasonable interest and all kinds of hidden fees. At FinSocial, our goal is to help people improve their financial situation, not ruin them. This is why we allow the borrower to propose the conditions of the loan, which are then agreed to by the lender. This way, the borrower gets the money he or she needs, and the lender makes a reasonable profit from interest when the loan is repaid - a win-win for both parties.

Loans for underbanked individuals

Banks and other traditional financial institutions have fallen far behind when it comes to the needs of modern society - they have been extremely slow to adapt to the changes that came about with the rise of the internet and smartphones and to the changing population of America. Millions of individuals are left underbanked and disadvantaged: everyone from people with financial difficulties to Millenials, who live their financial lives differently from their parents and, therefore, don’t have good credit. The metrics, by which financial institutions evaluate credit are outdated and archaic, this is why at FinSocial we don’t require a minimum credit score, which allows us to serve a wider range of the population.