Loans are always needed in times of emergencies and also when someone wants to start a business (capital). There are different ways of acquiring loans both short term and long term. The first one is through the loan sharks ,these are people who give loans depending on ones items (loans on items) .Their interest is always 30% and payback period depends on the amount given. Defaulters suffer a risk of their items not being returned to them.
The second ways is through the mobile apps that are available in play stores .This mobile apps require few legal procedures before acquisition of loans. Such procedures include name, identity number and also someone's financial description for example if employed or not. Their interest are relatively low as compared to the loans on items people.
The third one is through joining Saving Account and Credit Companies(Sacco) where members are able to save and later be given loans as an individual. The last way is through banks, but one must at least have an an active account. Banks always give both long term and short term loans.
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