Peer Lending Borrowers
Years ago, p2p online loans seemed only for those with no other alternative. Rates were insanely high and there just were not enough investors to get good loans funded.
Things have changed and peer lending could be ready to kick it into overdrive. Both the peer lending sites in the United States have funded billions in loans and are originating well over $100 million a month. Big companies like Google and private capital investors are putting money behind the sites to jump-start growth even more.
Peer lending and online Personal Loans is becoming just as commonplace as visiting your local bank and is much easier. Rates have come down to around the same you’ll find on traditional loans and you can personalize your loan for just the right terms. Unlike personal loans at a bank, peer loans come with no prepayment penalties so you can pay it off any time and won’t be locked into an interest rate.
P2p online loans can be a great alternative to traditional bank or credit card debt. First, unlike credit cards, the rate on your peer loan will not increase. Rates for peer loans are also often much lower than those on credit cards, especially if you have less than perfect credit. This makes debt refinancing one of the most popular loans on Lending Club and Avant Credit. More than 80% of all loans are to pay off high interest credit cards.
Peer lending, or p2p online loans, may be changing how we get money but there are still some important things you need to know before starting the process. Spending a few minutes to read through the articles here can help you save thousands on your loan by raising your credit score and getting a better rate.
Getting started with p2p online loans
Getting started with the process of getting a p2p online loan is extremely easy through one of the personal loan sites. I’ve put together a couple of articles to guide you through the process and a few tips to getting the best rate and getting your loan funded.
Check out this list of the best online loans and peer lending websites, including the rates and special features on each.
See the complete process for getting a personal loan in this review of Avant Credit. Learn how to check your rate without hurting your credit score and how to find the right loan for you.
Find out how to increase your credit score fast to get a better rate on your personal loan. There’s a process to improving your credit with some tricks that will immediately boost your score. Other tips will take a little longer but can save you thousands on your loan.
Check out these other articles on peer lending risks and how to get the money you need!