The economic slowdown all over the world has caused financial issues for millions of people worldwide. According to statistics, there are over 21.1 million personal outstanding loans in the US alone and this figure increases every year. So why does this happen?
For starters, borrowing money for college and buying a car is a common practice in the US. Obtaining a degree or buying a new car now is much more difficult financially than it was two generations ago. Individuals have to borrow large sums of money if they want to secure their future or enjoy a good lifestyle.
Consequently, students and other individuals who obtain these loans are then stuck in a debt trap, a situation where it becomes extremely difficult or impossible to repay debts due to high interest payments that prevent the repayment of the principal amount. Moreover, those who have odd jobs often run out of money halfway through the month and have trouble paying for expenses such as rent and utility bills.
For this reason, many people are now opting for crowdfunding, which is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the internet. It is becoming one of the most popular forms of financing because it solves the problem of repayment and most importantly, no interest is charged so you only have to pay what you borrowed.
There are many platforms that allow people to raise money through crowdsourcing. One of these is Hizzah.
Hizzah is an online platform that allows people to request for crowd loans i.e. loans raised by crowdsourcing for a short term. People can request loans for different purposes such as paying rent or utility bills. Here are the steps you need to take to set up your loan request:
#1: visit www.hizzah.com and create an account
#2: decide the amount you need to raise, for what reason and when you can repay it
#3: submit your request and wait for it to go live
The process is extremely easy and secure. Borrowers are verified through state ID and all transactions are documented and mutually confirmed. Moreover, lenders also have an option to chat with the borrower before lending any money.
The best part? There are absolutely no hidden charges or interest, which means you have to pay back only what you borrowed – nothing more. Besides this, you can also choose to pay the whole amount upfront or even in installments – whatever suits you best.
The platform does not only provides an innovative solution for people’s financial difficulties, but it also provides a chance for individuals looking to save money. If you have some extra cash and don’t know how to put it to good use, then become a lender Hizzah today because you won’t find a more safe and secure option.