Borrowing Money From Your Peers:

Looking for a practical alternative to traditional 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 personal loans are easy to secure – and to repay.

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

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Prosper Loans Review

When people take out a loan from the bank, it’s usually because they need a substantial amount of money.  Whether you’re buying your first home or a new car, banks are generally the best option for large scale loans.  But what about when you want to borrow money for the smaller things like weddings, home renovations or debt consolidation?  There aren’t a ton of options when it comes to small scale loans and that’s where peer to peer lending steps in. Prosper is the original peer to peer lending broker and they provide a safe and secure third party marketplace for investors and borrowers.

If you’ve never heard of the term peer to peer loans, don’t worry it’s just like any other loan.  And as the name suggests, instead of borrowing money from the bank, you’re borrowing money from casual investors.  Prosper’s application process is relatively simple and within minutes of entering basic information like the purpose of your loan, approximate credit score and loan amount, you’ll get a customized rate quote.

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Prosper is open to most US citizens, but there are a few restrictions… (Residents of Iowa, Maine and North Dakota are ineligible to borrow money from Prosper.)   Depending on the rating you receive from Prosper, you will be eligible for a fully amortizing loan anywhere from $2,000 to $25,000.  Loan terms are offered in 1, 3 and 5 year increments and there are no penalties for early payoff.  The only other hurdle is that borrowers must have a credit score of at least 640 to move forward in the process.

Prosper is attractive to borrowers because it generally offers lower rates than one could get at a bank.  Since Prosper is essentially a broker with little overhead, their fees are nominal and they do a good job aligning borrowers and investors.  The loans entice investors by offering rates above fixed income investments like CD’s and bonds.

Prosper was founded on the tenets of providing an open marketplace where investors could help boost the economy by providing micro-loans to fellow citizens in need.  Prosper had some trouble with high default rates when they came onto the scene, but they’ve worked diligently with the SEC to tighten lending requirements and they are now a prosperous and growing company indeed. So, if you are looking to borrow money in the $2k – $25k range, peer to peer lending with Prosper may be the perfect choice for you.

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Click Here to Explore Prosper 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 Peer to Peer 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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