Usually, individuals need to provide collateral, especially real estate mortgage, when they apply for loans from banks. If you have no collateral, you can apply for a credit loan from the bank, but only if your personal qualifications are of high quality. For example, if you are a civil servant, a public institution or a Fortune 500 employee and the social security accumulation fund is paid normally in all aspects, then go to the bank to apply for an unsecured credit loan. It is no problem for a single bank to grant credit within 300,000-500,000, and it can handle 7-9 banks at the same time. However, if you are just an ordinary wage earner, with no real estate to mortgage, no provident fund and social security deposits, and little running water in the bank, then you should not think about taking money from the bank.
It is precisely because many people do not meet the requirements of bank loans that there are many online loan products in the world, such as micro-loan companies, micro-credit loan companies, p2p, pawn, online loans and so on. These loans have corresponding potential people. As long as these loan companies are formal and the annualized interest rate is less than 24%, they can actually apply for loans.
Of course, the loan industry is mixed at present. There are both formal loan companies and some informal loan companies. An informal loan company is actually a pit. Once everyone is in contact, it will fall into an infinite loop, so it is best not to contact these informal loan companies. Generally speaking, don't touch those whose annual interest rate exceeds 36%. More than 36% is a typical usury. Once contacted, everyone will pay a lot of interest, which is not worth the loss.
Don't touch private lending. Interest is very high, usually above 5% per month. Once overdue, you will face a horrible collection, so don't touch it easily. Loans with interest and methods within the scope prescribed by law are both formal loans and loans. This varies from person to person and there is no fixed standard. As long as it is a formal loan, there are actually corresponding people. Ask more questions and compare more when handling loans, and take fewer detours.