2. Websites Also Make Small Loans Available For People

A set of online sites like Prosper and BillFloat are getting noticed in the limelight as the alternatives to banks that lends money.

For instance, BillFloat provides loans to people to make their bill payments like car insurance or other electronic utilities. This company provides loans up to $200 (12526) and considers it under short term loan.

If you buy loans from such companies, after assuring their authenticity, you can avoid costly bank late fees, overdraft charges or pricey loan rates.

3. Some Towns Come With Their Own Currencies

There are many small towns and cities that are coming up with new alternatives to banks to help their residents. These towns and cities are legally printing their own currencies to support communities to regain their power and they named it as local currencies.

Such currencies were widely used during the Great Depression to drive local business growth. Their main drawback is they offer more bang for your money.

Nick Kacher, former outreach coordinator for the New Economics Institute in Great Barrington, Mass., which helped launch BerkShares said, “The objective is bringing power back to communities, it’s a democratically controlled tool.”

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