With the introduction of many different new options for personal and business loans, from peer-to-peer lending to rentals, there are now more choices than ever to get a loan. But what about options for individuals without credit scores or bank accounts? With the launch of a new loan option that has been created specifically for unbanked consumers, Americans who need financing can now find it easily.
What is a “grant” loan?
A “grant” loan is a type of loan designed specifically for low-income individuals who are not able to qualify for traditional loans. It provides the borrower with funds up to $1,000 without any restrictive covenants or requirements.
A “grant” or “scholarship” loan is basically a short-term loan that can be used for anything from buying groceries to paying bills. It’s funded by grants and scholarships from organizations like the United Way and the U.S. Department of Education and is offered to any borrower who meets the qualifications.
How can a grant loan benefit unbanked Americans?
Unbanked Americans can now get access to a new financial option that only requires a very small loan. The grant loan program provides unbanked Americans with an interest-free personal loan of $500, in order to purchase their first smartphone.
A federal grant to be awarded to the Association for Community Organizations for Reform (ACORN) will allow them to provide their low-income members with a loan that can be repaid through deductions from their check or with interest. Approximately 100,000 Americans will now be able to take out a loan that is typically reserved for those who have credit cards and large savings accounts, reports Vox.
How do I find a grant loan?
If you live in a state that doesn’t offer competitive payday loan rates or you are underbanked and can’t get a bank loan, you might be interested in finding alternative financial options. One solution is to find a grant loan. These loans are money for free but the borrower must agree to give their grant back when they’ve repaid their loans. Find out more about this payment plan here: https://www.reloadloans.com/
If a person is unbanked, they are unable to bank with banks. However, there is now a way for people who aren’t on any financial institution’s books to get access to loans. Grants loans give individuals and families the chance to invest in their future without the help of a traditional bank or lender. Loans can be used to start a business, pay off debts and even fund education. The process starts by first finding an accredited lender through the Government Grant Lending Directory and then filling out a loan application online.
Comparison of loans
There is a new and approved financial option for Americans who are unbanked. The company offered an instant loan of $25 that was approved within minutes, and was funded by the start of the business day. This loan made it possible for them to buy groceries or other necessities.
A new website launched on Monday is now allowing unbanked Americans the option to apply for a loan. The website, called Betterment, aims to offer loans at rates of 8% or less to those who are considered high-risk and cannot get access to traditional banking options.