Borrowing money from family or friends can be easy, but approaching them and asking for a financial help may not be as comfortable as it seems. The reason being, when you borrow from a relative or a friend, there is nothing official that can be documented. Not only is it a risk for the lender, but also becomes awkward for the borrower. Zimplemoney is one such platform where you can ask your friends or family to lend money and make it official.
Approaching a bank or any other financial institution seems systematic. They have their own interest rates, terms and conditions clearly stated in their loan agreement. However, at times you may not qualify for a loan from any bank and this is when you would need your family or friends to be at your side. Zimplemoney makes borrowing less painful. Let us look at how to approach your near and dear ones for money.
Applying for a loan through Zimplemoney
The first thing even before applying for a loan is to check how much loan you can afford to borrow. Once you have a fair idea about the amount, you can sign up and become a member at Zimplemoney. Once you have created an account online, you can invite your friends and family to review your profile and offer the money you need.
Zimplemoney is a platform where you can make things less complicated. Whether you are parent, a sibling or a friend, you can help the ones in need. Charitable organizations, small business enterprises and even property owners use Zimplemoney to keep a track of their financials. Documenting all details make borrowing official.
The company has an easy-to-use calculator so that the lender as well as the borrower are aware of repayments too. You need to enter the loan amount, interest rate, type of loan, loan term, payments made (monthly, weekly or quarterly), and the start date. Once you click on submit, you would know the total amount due as part of repayments.
The calculator would also show you the payment schedule. This would give you exact dates on which you are liable to make payments. Zimplemoney makes financial transactions easy by calculating the exact amount due. This would let the borrowers know if they can afford the repayments. Borrowers are free to recalculate payments by choosing a longer term in order to be eligible for a loan.
Zimplemoney for Bad Credit
If you have a subprime credit limit, you may not be eligible for a loan anywhere. However, when it comes to friends or family, they would understand your monetary condition better than a bank or a financial institution. This is why, those with bad credit may qualify for a loan, provided the lender does not have any problem with the borrower’s previous credit score.
Granting a loan or rejecting a loan is ultimately the lender’s decision. Zimplemoney does not have any influence on the lender. It is here only to make lending official. It would ask both the parties to sign an agreement document and also charge a fee for the same. So, if you have a bad credit but also have someone to help you in your crisis situation, you may qualify for a loan instantly.
The final say
Platforms like Zimplemoney offer good support to people who are new to borrowing. It not only makes them save on interest rates, but also instills a lot of faith in one’s own circle. Banks and other traditional means of borrowing would be an expensive option. So, if there are people who can help you out and offer the money you need, get them on Zimplemoney and make borrowing simple.