There are many ways of getting loans in different parts of the world. Some of these are common in few countries but may not be suitable for every person. Therefore it is best to choose a loan option going best with your financial conditions. Some of the ways are discussed below;
The governments of many countries give loans to their citizens according to their needs. These schemes offered by governments are considered extremely safe and that is why people use them because of their trust in the government. For example, the UK governments give loans to the UK Citizens to get their graduate degrees from good institutions. They also offer flexibility in return options.
Almost every bank has the policy of giving loans to citizens with comparatively high-interest rates than government loans. The amount of loan approved by the banks depends on upon the income of the individual. Most of the private banks have made giving loans a business or receiving profit by high interest, and it often takes a lot of time for a loan to get approved in a bank. Government banks, however, may give interest fee loans to students or low-income people, e.g. The National Bank of Pakistan, upon receiving necessary evidence of low income.
People often take help from tribal loan companies which have the ability to give fast loans at the instalments you can afford. All you need to do is determine tribal installment loans and check the authenticity and reputation of the company before reaching a decision. Some examples of such companies operating in the United States of America would be Tribal Instalment Loans, Tribal Credit Programme etc.
This is one of the types of loan which is relatively unsafe and pretty stressful. Especially in South Asian countries, many poor people take loans by mortgaging their property or jewellery from landowners or powerful politicians in areas with poor law and order situations. Such people often get deceived since the people from whom they got the loan are not officially authorized to give loans. However, this method becomes relatively safe if you are getting a loan from a bank or government by mortgaging your property, in case you do not have another evidence of returning loans and amount of loan required by you is high. Nevertheless, this process is somewhat risky.