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The under banked are the population which suffer from financial crisis. They are the people who are not able to apply for bank loans. The main reason is that they have a bad or a poor credit history. But it does not completely mean that they have no doors open to get a financial help. Banks offer them money but only within a certain limit so that even if the borrower does not repay, it does not harm the financial status of the banks.
Theoretically it is easy to say that an under banked can apply for loan but practically speaking it is very difficult. When you reach the bank, they will try to overlook your application and in that case what are the other options for you? Some form of loans which a common man with even a poor credit history can apply:
1). Mortgage loans: These are the sort of loans in which you can expect money in place of any guarantee. This guarantee should have a value equal to the amount you are applying for. So if you want a high amount of loan and you do not have that much to submit, you can just look for other options. Also most of the companies offering such loans are not registered with the government. So in this case you may have to compromise with the amount of loan if you do not have enough to submit.
2). Payday loans: Payday loans are a sort form of loans. These are generally meant to meet your emergency crisis. You can apply online from a lender and can expect money into your bank account in a matter of few hours. Most of the lenders are operating via websites. So applying for them is not a very tedious job. Just a simple five minute application form and the process is done. The payday lender will verify your application status and after that you will receive a confirmation message from them. So in as less as few hours you can expect to get money into your bank account. The companies also provides many attractive features like live chat etc. You can use these help resources to know more about payday loans before applying.
3). Micro loans: These are very small amount loans as their name suggests. mainly people go for such loans when they need small amount of money for activities like paying bills, repairing cars etc. In true sense payday loans are very much similar to micro loans with difference that payday loans are much more faster as compared to micro loans. Also their process is very transparent and the consumer can expect money into his or her account in a matter of few hours.
