I am here to ask what is the method or procedure a Muslim goes about when needing financial support, say a loan. Going to a bank and asking for one will obviously incur interest so I am trying to do this in a halal manner...
I am not looking to borrow a large sum of money if that makes a difference...
please, let me know what is available as I cannot seek my family/relatives for help right now..
Whatever you do, don't resort to a loan. Money will come and go, it's nothing but a means. Don't commit a major sin on something that isn't worth it.
Why don't you resort to Allah swt instead. Look at one of his beautiful names "Al-Razzaq"- he didn't call Himself this for nothing, seek Him, call upon Him to help you. He knows what situation you're in, and this is a test, whether you will turn to Him, or turn to haraam. Honestly, just try it and see if you will be disappointed.
Do not think of minor sins as insignificant,
for mountains are made out of pebbles...
I have turned to him an I am very thankful for all he has done.
At this point, right now I am in dire need of small sum. I found one organisation based out of Edmonton, Alberta who provides interest free loan based on a secured asset but the process seems lengthy.. nonetheless, I did apply but there is no guarantee I would receive it.
Is there any one here who knows someone or another type of organization that provides loans to muslims.
I don't mean to offend you but to give the best advice possible insha Allah. I doubt there's any place that lends money interest-free. If you don't mind me asking, do you work? If it's only a small sum you need. You can do some casual work to supplement your income. Borrowing money never solves money problems in the long run. It's strict budgeting that keeps you in the black. In the past my ex bank would not even give me a £50 overdraft. I was really struggling, so I cancelled my internet and sky and even my weekly magazines. I budgeted like crazy and paid off all my bills. I then opened an account with a bank that gives a £50 interest-free OD with basic accounts. I put all my bills on DD, so that I would never have to pay a quarterly lump sum. I carried on budgeting and due to never going above my OD limit, my bank began offering me higher account levels that meant higher interest-free OD limits. Al hamdulillah today my OD limit is £1000, £500 of which is interest-free. I achieved this while being on benefits. I even went to car boot sales and sold things I didn't really need. So al hamdulillah, you can see how by eliminating unnecessary expenses and careful spending I managed to solve my money problems. I hope my advice will help you in the long term insha Allah.
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