If you’re looking for a way to get a loan without going through a bank or credit union, you might want to check out peer to peer lending sites. These sites allow you to borrow money from other individuals, and they can help you avoid high interest rates. They also make getting loans a lot easier and more convenient than traditional methods.
Peer to peer lending is a relatively new concept in the financial world. It involves a network of private investors, who seek better returns than traditional money market accounts and CDs. You can use these lenders to fund everything from business to personal loans. However, you should be aware of potential risks and drawbacks before you sign up.
The main benefit of peer to peer lending is that it cuts out the need to go through a traditional financial institution. Instead, you can get a loan online from sites like Lending Club.
There are several companies that offer this type of service. One of the best peer to peer lenders is Prosper. Their loans have low interest rates and flexible repayment terms. Plus, you can only pay one payment a month.
Another option is RateSetter. This site allows you to choose your own interest rate, and it guarantees a return on your investment. Additionally, they don’t charge any early repayment fees.
Zopa is another great website that offers low rates and no pre-payment penalties. In fact, they have one of the largest pools of private investors. When it comes to getting a loan, you need to make sure that you have a good credit score. Also, you need to have no outstanding tax liens or delinquencies.
Other peer to peer lending websites are SoFi and Funding Circle. Both sites allow you to refinance your student loans. They also have mortgages, and small business loans. Some people are even able to get cash advances through their credit card company.
Although there are several peer to peer lending websites, LendingClub is probably the best. Founded in 2007, this site has loaned more than $5 billion to borrowers and investors, and it has been around for more than a decade.
When looking for a peer to peer lending website, you should make sure that you look for a good reputation. Customer support is also a major factor, and you’ll need to be able to contact a customer care team whenever you need assistance.
Peer to peer lending is incredibly popular these days. It’s considered to be a more honest and convenient way to get a loan than conventional methods. With a FICO score of at least 700, you can apply for a loan.
If you’re looking for a site that offers loans in the range of $1,000 to $25,000, then you might want to try Lending Club. Alternatively, if you’re looking for a larger amount of money, you might want to check out LendInvest.
As mentioned earlier, you need to keep your debt to income ratio under 25% to qualify for a loan. Also, you need to have a Social Security number to prove your identity.