For many of us looking to borrow money, we might not immediately consider trying out international brokers.  It certainly did not come to my mind immediately when I was looking for a personal loan to help me pay for my wedding.  However, as I started to do more research, I began to realize that it is indeed a viable option

So, if the title intrigued you and you want to know more, make sure to keep reading.  While you can read about what loans are almost anywhere, hopefully you can benefit from a more unique perspective on it!  Here are five interesting facts about them that you may not know!

  1. Loans Can be for Many Purposes – not Just School, Homes, or Cars!

I feel like it is easy to forget the true adaptability of them, as we so often only hear about student loans, auto loans, and mortgages.  These “big three” as I like to call them seem to take up most of the media coverage and most of our understanding of these funds but trust me when I tell you there are more.

Take small business loans, for example.  Some of these are even offered by governments during times of hardship.  I know that there has been some talk of them in recent years due to the COVID-19 pandemic and the relief bills that were created throughout the world, but in general, they are still not exactly popular.  

In addition to that, there are personal loans.  Often, these are called cash advances.  While many of us tend to think that we can only borrow money from a bank or credit union, there are other options too.  One such are credit card companies – so, if you are looking for a cash advance, that might be one place to start. 

Obviously, you cannot use them for anything that you can think of, but they are quite versatile.  You can plan a vacation or a wedding if that is your sort of thing, or you could turn your attention to bettering your credit score.  That could be in the form of using it to consolidate your other debts, or by taking out small amounts and then paying it off in stages to boost your credit score.

  1. Looking Internationally is Totally a Possibility

I know that this point definitely sounds a bit odd.  After all, why would someone look to borrow or take out a loan from a lender in another country while there are perfectly viable options at home?  They might not even speak the same language!

I understand that reaction, certainly, but hear me out.  Perhaps one of the most important things that we can do as borrowers is to keep an open mind.  This allows us to find more opportunities, even if there do not seem to be any at first!

When we think outside of the box, we open ourselves up to more possibilities.  Other countries have lenders and creditors that can potentially offer better interest rates or more lenient repayment plans.  It is not always the case, of course, but it does make them worth checking out.

Maybe you are wondering where you would even start looking.  This is definitely a fair concern.  One example is https://forbrukslån.no, though there are certainly others as well.  It is easy to have concerns about language misunderstands and such, but the small amount of extra work is well worth it.

  1. Debt is not Always a Bad Thing!

Now, I totally recognize that this one absolutely sounds far-fetched.  I mean, on what planet is it considered a good thing, right?  Well, you might be surprised to hear that it is in fact a good thing here on planet Earth (in some circumstances).

Bear in mind that I am most definitely not saying that all kinds of debt can be beneficial.  That is far from the case, in fact.  Most of it can be quite damaging if left unchecked.  However, if we are talking about building a credit score, that is the type that can be good.

Consider borrowing in small amounts.  If a lender provides options for say, a few hundred dollars or euros, that could be an opportunity for growth on your end.  Pay a small amount on the loan each month and you will see a boost in your score.  

  1. Banks are not the Only Lenders

This is another fairly common misperception.  Many people believe that the only places we can safely borrow from are banks, but there are other options out there.  An example I like to remind people of are credit unions, which generally offer good repayment plans and low interest rates.  That certainly makes them worthwhile.

Another is virtual lenders.  While they might seem sketchy on the surface, many of them are plenty reputable.  Just check out reviews if you are unsure.

  1. The Paperwork is Worth it

If you are anything like me, you hate having to deal with paperwork.  Honestly, I think it is safe to say that it is the bane of my existence.  While I do hate doing it, I must recognize that in the case of borrowing money, it is well worth the stress and hassle to get it all done and to understand as much as I possibly can about it.

Double and triple check that contract before you sign it.  Ask questions along the way – your lender should absolutely be able to answer them.  Never instantly agree to anything, as you might end up with a really bad deal if you are not careful.

Honestly, that is a solid approach to have when it comes to any part of borrowing.  Caution is always better than recklessness.  Our financial health can have serious implications for how our lives play out, so be sure to keep that in mind.

Do not let it slip through your fingers.  Pay attention and be safe out there.  If something seems too good to be true, remember that it probably is!

By Manali