In present circumstances everyone have to face with financial crises no matter how much financially settled they are. So in case of financial crisis we have to borrow money to meet our present requirements. But this is not very much easy to borrow money from outside. As it is matter of money so no one easily trust on anyone whether it is our relative or close friend or colleague. When matter comes to borrow Lån several unanswered situations comes in front of us. But to take money from bank is quite a complicated process and needs so many documents for its complete sanction procedure.
The rate of interest they charge is also very high and if you want to get rid of interest and want to pay the loan back before decided time then also you will have to pay redemption fee. Mostly people prefer to take loan from bank only as it is the most common option for every matter related to money. But there are several drawbacks in withdrawing Lån from bank. When you want to take money from bank then you have to keep some of your valuables with them as a security or guarantee. Another disadvantage of it is that it takes a long time to get approved or sanctioned. Generally it happens in case of large amount of money. So we can understand that borrowing money from bank is not suitable if you want large amount immediately, as bank’s procedure of sanctioning loans is quite complicated and time consuming.
