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Loans

What to do when you have no more money? This answer is simple: borrow money!

But to borrow money isn't free, because when you so, you have to pay interests. Interest is the fee paid on borrowed money that is used for compensation for the loaned money.

It is possible to benefit loans from the government like those submitted to students, which is a good thing because they pay the interests. In certain special cases, you may also apply for shcolarship, which means that you have no interests or capital to pay, but do not dream too much: those cases are rare and shcolarship isn't given to everyone.

You can access to loan if you need money for your studies, to buy a car, a computer or a house. It is usually the only way most people finnance these kind of purchases.

Before borrowing any money, you'd better know more about the interest rate.

Interest rate

How does the interest rate works?

Who loans money?

Who could loan you money?

» Your parents
» Your friends
» The bank
» The finnancial help departement of your school
» Other public, private, or governmental organism

Loans from parents and friends

If you are lucky enough to find parents or friends who accept to loan you money, then you save a lot of time and trouble for asking an access to loans. But you must know that your parent's or friend's capital is limited compared to banks and this might create tentions between you and the person who loans you money if you have difficulties refunding.

Loans from the bank

Banks have many credit types available. Here are the types of loans you can have from the bank:

» Credit card
» Personnal loan
» Line of credit

Loans from the government

The government may loan money in certain particular cases: financial help for studies, for the poor, for enterprises, and more. To help the pursuit of studies, the government can give you acces to student loans or scholarship. This type of financial help is great for students because interests can be paid by the government during a certain period of time.

Giving acess to loans can also benifit back to the government because by doing so it increases the number of formed people ready for employment, which is good for economy. Financial help for enterprises works the same because they give them the opportunity to develop and employ more people.

Too much debts: dept consolidation

When you have too many high rated debts, then you need to consider the debt consolidation which groups together all your debts to form a bigger debt at an inferior rate. It is easier to manage this way, and you can still borrow money at an inferior rate to refund your debts.

Overflowed by debts? Meet bankruptcy

Bankruptcy is when someone can't refund it's debts anymore. Bankruptcy gives another chance to restart our financial life under strict conditions.

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