Use these online loan resources and websites to get back on track and avoid debt disaster!
Peer Loans Online was created because I’ve been in the same spot you are now. I destroyed my credit by missing a few mortgage payments and payments on credit cards. After that, the only loans I could get were from check cashing stores and high-interest rate loan sharks.
It’s only by using the online loan resources below that I was able to get out from under debt and rebuild my credit.
Don’t think it’s as easy as taking out an online loan and all your debt problems will disappear. It took me years to rebuild my credit after consolidating my debt with a personal loan. I had to change the way I spent money and learn how to use debt as a financial tool.
That’s what the blog is all about, sharing the process I used to rebuild my credit through personal loans and other credit. The process works and you’ll be amazed how quickly your credit score will improve and you’ll start getting offers at lower interest rates.
You don’t have to avoid debt!
Online loans are a financial tool and can help you do more than you imagine. I share below some of the same peer to peer lending websites and resources I used to get back on my feed.
These online loan resources will not only get you the money you need but will help manage your debt and keep you from falling into the debt trap again.
You’ll rebuild your credit and be able to get larger loans at lower rates. It won’t be long before you’re able to use debt like the wealthy and large corporations have done, to buy assets that make more money than the cost of interest.
You’ll find the online loan resources below to help consolidate your debt and get back on track. You’ll also find resources to better manage your personal finances and some great websites to learn about making money, investing and managing money.
Using Online Loan Resources to Consolidate Debt and Build your Credit
Debt consolidation is where it starts for a lot of people. If you’re buried under a mountain of credit card debt and payday loans and just can’t seem to get out ahead, an online loan to consolidate your bills can help lower your payments and start on the right path.
Not all online loan sites are created equal and not just any website will be best for your needs. I’ve used online loans from five different providers and have reviewed dozens more but there’s only a few that I recommend.
Online loans can be a slippery slope and there are a lot of websites that will trap you into a cycle of high interest rates and higher fees. Check out the online loan sites below for your best deal.
PersonalLoans.com is one of my top picks for loans on bad credit. One of the biggest complaints I hear about Lending Club and other peer lending sites is the strict credit score requirement, usually around 640 or higher on the FICO scale. That shuts out about a third of Americans and forces them to get money from loan sharks and payday loan scams.
I used personalloans for debt consolidation loans when I was first repairing my credit. The loan allowed me to put all my bills on one monthly payment so I stopped forgetting payments. It also lowered my monthly installment to the point I could actually afford to pay my bills.
PersonalLoans.com matches borrowers with its network of lenders and can help borrowers with bad credit or no credit at all. The site has a great Frequently Asked Questions section that can help answer all your questions about online loans. Personal loans are available up to $35,000 and you can repay on terms up to five years.
For borrowers with higher credit scores, I usually recommend Upstart or one of the peer to peer lending online loan sites like Sofi. These sites connect borrowers and investors directly, cutting out the banking middleman and can offer lower rates than other personal loan sites.
I used Lending Club for one loan after my credit score increased to the point that I was approved. I now use it for investing in loans, helping other people to get the money they need.
The application process and loan repayment process is the same on any of these sites. The only difference between p2p loan sites and online loans is the credit score you’ll need for approval. You’ll need a credit score well into the 600s to get a peer loan but rates can start as low as 6% APR. Rates for an online loan will usually start around 10% but even bad credit scores can be approved.
The higher rate on online loans is still much lower than that on payday loans and credit cards. Using a debt consolidation loan will help to save interest and improve your credit score. After about a year, your credit score may be high enough that you can get a peer loan at a lower rate.
|Peer to Peer Lending Site||Loan Fees||Credit Score Needed||Loan Rates||Notes|
|5%||580||9.95% to 36.0%||Best p2p loan site for bad credit borrowers. Lower credit score and three options including peer loans, bank loans and personal loans.|
|No Fee||Not available but higher than most, around 680 FICO||5.99% to 16.49% (fixed rate)|
5.74% to 14.6% (variable rate)
|Special discounts for variable rate loans. Offering $100 cash back on peer loans.|
|1% to 6%||620||6.25% to 30.0%||Best peer loans for graduates and no credit history.|
|No Fees||520||Vary by State||No fees and lowest credit requirements for lenders|
|1% to 6%||640||6.95% to 35.89%||Low rates on p2p loans for good credit borrowers.|
Of course, the idea is to examine your budget and make sure you are using the debt consolidation loan as a tool and not as a way to spend more. Online loans can help you lower your payments and keep track of your bills but will get you in trouble if you just use them for more debt.
Check out these reviews of financial products that I use myself and ways to save money.
An online loan will help you consolidate your debt and get back on track but it can’t do everything. You still need to manage your money to save and invest. This means using the best financial tools online. I use each of the financial tools below to manage my money, invest and save.
TaxAct Online is a do-it-yourself income tax software I have used since 2012 to do my own taxes. The software is easy to use with an interview-style format that helps you find the deductions and credits you deserve. TaxAct is one of the least expensive tax solutions, with no charge for people using the 1040EZ form and just $22 for those needing small business and investing forms.
Personal Capital is an online personal finance tool that will help you manage everything in one place. You can connect your bank accounts, credit cards, bills and investment accounts. The site then helps you manage everything through its tools including budgeting, retirement planner, investment checkup and bill pay. Personal Capital has saved me a ton of time by not having to go to the handful of different websites where I have all my accounts and finances.
I've put together five personal finance and investing calculators that will help you better understand your money. From growing your nest egg to seeing how much you can save on interest, use these calculators to make your money work for you!
Some of My Favorite Blogs for Online Loan Education and Personal Finance
I put a lot of work into the information on this site but want to get you all the best info no matter where it is on the internet. That’s why I have put together a list of the best resource sites for peer lending, online loans, investing and personal finance. Click through to the links below to visit the sites…just remember to come back to Peer Loans Online when you’re done.
PeerLoansOnline, ok putting myself at the top of the list might be shameless promotion but can you blame me? As a finance guy that has seen how the top 1% control money in America while the rest of us get shut out of the market, I am super excited to see online loans changing how we think of lending.
Peer lending is already going mainstream with a stock issue by Lending Club and rumors that Facebook might put its hat in the ring. Fast forward a few years and I doubt anyone will remember the old, restrictive way we used to get loans.
Peer loans online provides information for both investors and borrowers to help everyone learn about this revolutionary movement in online loans and how it will change our lives.
PeerFinance101 is my personal finance blog including topics like managing money, paying off debt and meeting your financial goals. I talk a lot about how I reached financial freedom after decades of being stuck in the rat race and regularly interview readers about their stories of success.
PeerFinance101 is the peer movement applied to personal finance, sharing our stories and all growing together!
My Work from Home Money is a blog about every way you can use to make money from home, including how to start your own home-based business. I quit the rat race in 2013 to work from home and have never been happier. I work harder than I ever did for an employer but I love what I do and make a lot of money doing it.
My StockMarket Basics is a blog about my experience investing and how to make achieving your investing goals easy with the basics. I started investing in my 20s much like most people, jumping at stock picking recommendations on TV and ultimately losing money. After working in the investment industry and earning the Chartered Financial Analyst (CFA) designation, I’ve learned what it takes to be successful in the stock market. Here’s a hint, it doesn’t involve picking stocks and listening to market pundits!
Too many people still think of online loans as a last resort but they are really a great financial tool. I’ve used an online loan several times to consolidate debt, increase my credit score and buy investments that return higher than the interest payments. By using these online loan resources, you’re stepping into a whole new world of financial empowerment.