Best Answer

Besides a bank, you can borrow money from a credit union. However, you must be a member of a credit union you borrow from. A bank will lend to anyone who walks off the street.

User Avatar

Wiki User

โˆ™ 2014-09-15 00:00:20
This answer is:
User Avatar
Study guides


20 cards

How long does it take for a check to clear

Are chemicals safe

How could the federal reserve encourage banks to lend out more of their reserves

What is M2 today

See all cards


21 cards

Which of the following most accurately explain why commodity money has value

Which governmental organization currently serves as the central bank of the US

What problem did banks established by the National Bank Acts have

What do board members of the Federal Reserve obtain their positions

See all cards


21 cards

How do you find the profile of a user labeled only by an ID

Which locations can you approve a transaction

How do you view statements for different accounts if you have access to more than one cardholder account

How would you run a report that included only office supply merchants

See all cards

Add your answer:

Earn +20 pts
Q: Are there any other agencies aside from banks that I can borrow money from?
Write your answer...
Related questions

Commercial banks and their relationship with the reserve bank?

we take/borrow money from the commercial banks and the commercial banks take/borrow money from the reserve bank

When banks borrow money from each other?

Banks usually borrow money from one another when they are running short of cash. They charge a smaller interest (when compared to what interest gets charged to a normal loan customer) when they lend money to other banks. This lending interest rate is called Inter-Bank Lending Rate. Banks even go to the central bank of their country to borrow money if they need it.

Why do banks give interest on deposit?

Banks make money by lending money to people and charging people for borrowing. The amount banks charge is called interest. Banks borrow money from other people and pay them interest on the amount borrowed. Banks charge more interest on the money they lend than they pay one the money they borrow. That is how they make money. When people deposit money with a bank, the bank is literally borrowing money from some people so they can lend it to other people. That is why banks pay interest.

Where do banks get the money they lend?

The sources of funds for banks are as follows:Take money from the capital investment on the bankTake money from the money deposited into their accounts by customersBorrow money from other banksBorrow money from the central bank of the country

How bank create money?

Money is CREATED by governments, not banks. They store money. Banks also EARN money by loaning money to people. People pay the banks back more money than they borrow (interest)

Who borrows money from federal reserve banks?

All member banks of the Federal Reserve in USA can and do borrow money from the federal reserve. The Federal Reserve is the banker of banks to whom the banks go when they need money.

Where do banks get the money to make loans?

Banks may get money to make loans, by the following ways: a. Use their Capital Reserves b. Accept Deposits from customers c. Borrow money from other banks d. Borrow money from the central bank

Why banks need to borrow money from RBI?

Banks may not have all the money they need for their day to day operations. In such cases where they have a deficit, they borrow money from RBI. For example, during festival seasons bank customers may withdraw more money than usual. So, at such times they may borrow extra money from RBI to meet their sudden withdrawal demands.

Question 22 text When banks borrow money from the Fed they reduce the money supply?


In order to distribute money does the government sell money to the banks?

No, the Government does not sell money to the banks. Instead they loan it to them at very low interest rates. The banks borrow money from the central bank a.k.a the government to use for their operations and repay the money along with the interest to them.

What do banks do with the money you deposit into your savings account?

Take the money, put it aside for you and wait for you to return and get it.

How does bank earn profit?

The way banks earn money is basically a two-step process. First, banks borrow money from other banks as well as from their depositors. The banks then loan that money out to businesses and people, and charge them a higher rate of interest than they are paying on the money. Banks also earn money by charging fees for services they offer.

What are source of bank funds?

The sources of funds for banks are as follows:Take money from the capital investment on the bankTake money from the money deposited into their accounts by customersBorrow money from other banksBorrow money from the central bank of the country

What are the sources of funds of a bank?

The sources of funds for banks are as follows:Take money from the capital investment on the bankTake money from the money deposited into their accounts by customersBorrow money from other banksBorrow money from the central bank of the country

Can Australian citizen borrow money from offshore bank like Japan or US?

Some banks allow Australians to borrow money. It is in your best interest to find a bank with an international presence.

What are the advantages and disadvantages of banks?

one advantage is that you could borrow money and one disadvantage is that people steal money from the bank

What is the definition of a money market bank?

Money market banks are a large financial service firm that offer commerical lending service. They lend and borrow from governments, banks and large corporations.

How does increase in repo rate effects interest rates?

Repo rate is the rate at which banks borrow money from the central bank of that country. So if the central bank (say reserve bank of india) hikes its repo rate, it becomes costly for banks to borrow money from RBI so they in turn hike the loan interest rates at which customers borrow money from them to compensate for the hike in repo rate.

How do you understan borrowing in math?

Borrowing is the act of taking with intentions of returning it. If you borrow money, most people will charge interest on the money. Most banks charge interest yearly, sometimes monthly. The interest depends on who or where you borrow the money from.

The Prime rate is the lending rate at which the largest and most creditworthy corporations borrow money from banks?


Can an Australian citizen borrow money in UK?

Short answer: No. Long answer: if you have British citizenship then maybe, depends on the banks!

Why do banks want interest rates to remain low?

With low interest rates the prices of bank borrowing (you borrow money to a bank) is low, therefore they can re-borrow money to others at lower costs and this leads to either A) more people borrowing if price is low or B) more profit for banks if price is high. In both cases, banks win.

Why do you borrow money?

When you borrow money is because you don't have money and you can borrow money and then you have to pay them back of how much you borrow from them.

How do i borrow money from the government?

Depends on what you are borrowing it for. Small business loans, FHA loans, student loans are through different agencies. You don't borrow directly from the government. You borrow from a private lender, and a government program guarantees them repayment.

What are the importance of banks in the economy?

Banks do not create any money. It only borrow and lend money from their customers. Banks are very important to economy because if bank have certain amount with them then bank can invest in other sectors. which will help in long term by giving them return. Banks have a certain team to do that.