Top 5 Unorthodox Ways People Can Take Loans

Many people find it difficult to borrow money from banks for a number of reasons. They might have a low credit score, negative information on their credit file, or the lender might just decide that they won’t be able to afford to repay the credit they applied for.

As a result of this, many people turn to payday loan schemes with extremely high fees out of desperation. Unfortunately, while these loans are easy to set up, they can quickly lead to a bigger problem than the one you started with, leading to even more debt.

Thankfully, there are now many other options available for people. So if you’re finding it difficult to borrow money from a bank and you’re looking for some unorthodox ways to take out loans, we’ve got you covered.

Use your NFTs for loans

NFTs have exploded in popularity over the past year. While many people have been quick to dismiss them as a fad, there is no doubt that they have opened up many unique opportunities. NFT lending is one of them. 

The rise of NFT lending means that you can use platforms like Drop Loans to put your NFTs down as collateral, and in turn receive instant access to a trustless loan without having to talk to the lender or wait for it to be approved. 

By using your NFTs as collateral, you can borrow up to 80% of the value of your asset (which is determined by the floor price). You will then receive an instant, permissionless loan from the Drops lending pool. 


Websites like Kickstarter and Indiegogo have made crowdfunding easier than ever before. If you’re looking to raise money for a product or a service, you can give donors early access to your product or service, or give them a share of your company in exchange for a fee.

So far, the Kickstarter website has successfully funded 214,591 different projects, with a total of over $6,333,544,424 pledged overall. To increase your chances of success, Kickstarter recommends running campaigns for 30 days or less on its platform.

If you don’t have a company or a product to leverage, then you can use websites such as JustGiving, which can be used to set up campaigns for donations if you’ve found yourself in a sticky spot.  

Peer-to-peer (P2P) lending

P2P lending is designed to connect those who need a loan with people who are looking to invest in and lend money to others without charging high-interest fees. Essentially, other people take on the role of banks or lending institutions. 

The process is often overseen by a third-party website that matches up lenders with borrowers. 

If you apply for a loan through a P2P lending website, you will be subject to credit checks by a credit referencing agency. You’ll also have to pass the company’s own checks. 

Ask Reddit 

Back in 2016, The Atlantic wrote an article about r/borrow, a subsection of Reddit that is helping borrowers with bad credit to get emergency loans. 

The subreddit actually works and is still in use today. Multiple people have used it to borrow money in tough times. 

The subreddit is still active today, with users requesting to borrow money for things such as buying groceries, fixing up home repairs, and covering them until payday.

Pawn shop loans

Unlike a personal loan, pawnshop loans don’t require you to do a credit check or a lengthy application process. This makes them a good option for people who need cash quickly.

While pawnbrokers typically offer significantly less competitive rates than some of the other options we have listed above, they often offer significantly better value than typical payday loan schemes. 

This can be a good solution if you’re in a pinch and looking for a short-term solution to your cash flow problems, but they’re typically not a great place to go if you’re looking for a longer-term loan. Pawnshop loans can often include high-interest rates, which is why many locations have had to step in to regulate the industry. 

So, there you have it: the top 5 unorthodox ways to take out a loan without requiring a bank. We hope you found these solutions useful. And remember to always check out the repayment terms for each of these options before you commit to borrowing money.

Disclaimer: The ‘Crypto Cable’ section features insights by crypto industry players and is not part of ZyCrypto’s editorial content. ZyCrypto does not endorse any company or project on this page. Readers should conduct their own independent research before taking any actions related to the company, product, or project mentioned in this piece.

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