Did you ever burrow from private lender?

[Kane]

In our country, the maximum interest rate that a bank can charge is 16 percent, cooperatives and micro finances charge upto 24 percent, but private lenders are notorious for charging 36 percent interest. The private lenders also have shorter repayment time, something like 3 months or 6 months. That's why I do not burrow from private lender.

 

[saoussen57651]

Sometimes you do not have choice like there are upcoming sudden events like pay for scholarship of your children that doesn't wait until you make money from some tricks and needs funds now so you are forced to take borrow from private lender and pay back with interest.

 

[Kane]

Sometimes you do not have choice like there are upcoming sudden events like pay for scholarship of your children that doesn't wait until you make money from some tricks and needs funds now so you are forced to take borrow from private lender and pay back with interest.

In our country, there are micro finance and cooperatove companies that can give you loan in one business day. If you have gold, you can get loan in one business day. Therefore, there is no need for private lenders.