There are many ways to get private money to borrow and it can done through friends and family, but the drawback of taking the money is that your relationship suffers and it won’t be like before if you pay and don’t pay back the loan on time. The value of your relation decline with the time.A better option might include personal loans through peer to peer lending as well as other private money sources. You just need to know where to look and be creative about finding the loan you need.
Here are the steps to get private money to borrow
First you need to arrange your documents, check your credit report and decide how much money you need to borrow and what will be the time period. You’ll need your social security card, proof of income and past years’ taxes. Check your credit report to ensure it’s positive, and check at your credit score so you have an idea of the kind of interest rates you might receive before to get private money to borrow. The amount of money you borrow depends on your purpose.
Think about the peer to peer lending for a personal loan. There is a good amount to get private money to borrow through P2P lending services online. At sites like Zopa your request for a loan is matched with an investor’s deposit.
Look into private grants and loans for specific purposes or groups, such as new business start up funds, nonprofit organizations and schools to help you to get private money to borrow
Look for a private loans and scholarship funds offered by your school, college or university. Some private high schools offer private loans to qualifying students, and many institutions of higher learning have private monies available as well.
Consider private investors and lenders when you’re looking for private money to borrow. If your purpose is venture capital, business expenses or other investment possibility, some investors will lend money for a share of the profits or other arrangement.