How to Borrow Money from Peers:

Looking for a smart alternative to standard bank loans? You’ve found it: Peer to Peer Lending is a growing marketplace in borrowing money that eliminates the need for financial institutions by creating a direct connection between individual lenders and borrowers. These innovative personal loans are easy to secure – and to repay.

Within the realm of peer to peer loans, we’ve found two front runners with the absolute best platforms and services to resolve your financial needs: Prosper and Lending Club.

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Lending Club Loans Review

Over the past few years, there’s been a large credit squeeze in the financial sector.  Banks have tightened their lending requirements and it’s now more difficult than ever to secure a personal loan.  But even though the banks aren’t lending, emergencies still come up, and peer to peer loans have stepped in to fill that void in a innovative way.  A peer-to-peer loan is brokered by a company like Lending Club and their job is to match qualified borrowers with investors.  Investors can invest as little as $25 or up to the full value of a loan.

Lending Club’s goal is to reduce the cost and complexity associated with bank lending, while passing the savings onto you.  Although they charge a small fee on each loan, borrowers will receive better rates than any bank with Lending Club.  The application process is relatively simple and once you’ve input all the pertinent information, you’ll be provided with a rate quote.  Lending Club can at the very least be harnessed as a fantastic comparison point, since it requires little effort to obtain a quote.  The rate you receive will be based on your income, credit score and ability to repay the loan.

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Although, potential investors will be able to see data about your loan, no personal information will ever be shared.  Lending Club makes every effort to protect your identity and within the past year they’ve even changed their policies to reflect and support that end.  (Investors can no longer ask personal questions about the borrower’s finances and instead must choose from a predetermined set of approved questions.)  Many investors were upset by this change but it’s greatly increased borrower confidence.

The most popular type of peer to peer loan is debt consolidation.  If you have multiple streams of credit card debt you can consolidate all of those into one simple loan with Lending Club.  Annual percentage rates (APR’s) range from 6.78% (A1) to 27.99% (G5) and although a large number of loans are for debt consolidation, you can request a loan for any reason. Lending Club also lets you tell your ‘story’ about why you need the money and what you plan on spending it on so that investors can have a better look into your loan and empathize with your personal situation.

Prosper and Lending Club are both two attractive options for peer to peer loans and although they have some major differences for investors, borrowing money with either company is a simple and safe bet.  They’ve both streamlined the borrowing process and made it easy to get verified and on your way to securing a peer to peer loan.  Banks and credit card companies tend to have high operating costs and the rates they offer reflect those costs.  Lending Club on the other hand – has worked hard to eliminate overhead and that allows them to efficiently match up borrowers and investors for the mutual benefit of all.

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Click Here to Explore Lending Club Loan Options.



Prosper Loans

Posper Loans - Peer to Peer LendingProsper is the largest peer-to-peer lending marketplace in the world. With Prosper, borrowers can request loans up to $25,000, and lenders can invest as little as $25 in each loan listing, creating a community that is both financially and socially rewarding. Start today!

View Prosper loan options here.

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Lending Club

Lending Club - Peer to Peer LendingLending Club is an online financial community that unites trustworthy borrowers and qualified investors so that everyone benefits. Signing up is free and quick, and Lending Club has funded over 500 million dollars in loans since launching in 2007. Learn about their offering below.

View Lending Club loan options here.

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Top P2P Lending Benefits

  • Flexible loan options
  • Easy application process
  • Cheaper borrowing costs (low rates)
  • Quicker approval time
  • Avoid banks (no more middle man)
  • Streamlined repayment methods
  • Peace of mind (money in hand)

 

Looking to Borrow Money Fast? Explore Payday Loans!

Need money, quick? Payday loans are the absolute fastest way to secure a short-term cash loan to help you cover your needs between now and the next paycheck. These handy financial vehicles really save the day if you find yourself in a tight spot — see our reviews of the most trustworthy providers here.

 

– Have questions? Feel free to Contact Us.

 

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