Peer to Peer Lending For Borrowers – With Their Online Personal Loan Applications
Peer-to-peer lending for borrowers is a unique process that you may consider if you have a large project or a hefty financial need that you need someone to back. The concept of peer-to-peer lending started a long time ago and is now a viable choice for a person who has a strong vision or challenging situation with which they need help.
If you are thinking about getting a peer-to peer-product, you’ll want to make sure that you get the best product that you can get. The following information covers some specifics of the loan type, and it gives you details about which sites are best. You will also find their online personal loan applications.
What Is Peer-To-Peer Lending?
Peer-to-peer lending is a type of lending that looks to peers or individuals for support rather than traditional lenders.
Many things make peer-to-peer lending unique, but the main thing is that these investors get together and help fund people’s dreams.
Depending on the type of P2P platform it is, the borrower could have a number of people fund their loan. Once you apply, individual investors will review loans they would like to fund. Lending Club is one of the first and largest peer-to-peer lending sites. Many others have sprung up over the last couple of years. This competition also helps you get lower rates.
What Can Peer-To-Peer Lending Funds Be Used For?
The beauty of peer-to-peer lending is that the borrower can request help for any reason.
Some people ask for help consolidating credit cards or other debt. Others may want to make home improvements, buy a car or even start businesses.
Some people ask for assistance with their medical bills and attorney’s fees.
A few others just want to use a peer to peer personal loan to pay for a vacation, new boat or motorcycle.
Once approved you can really use the money for any reason once it is direct deposited to your account.
How Does Peer-To-Peer Lending Work?
Each P2P site has its own process, but the first step is always verifying oneself on the site. Most of the P2P sites have extensive identity verification processes because of the Patriot Act and the number of people who are out in the world who have committing identity theft. Actually the form is very easy to fill out and only takes a couple minutes.
To receive funding, the borrower has to be of a legal age to apply for a loan. That age is 18 years of age. Some sites like Prosper require borrowers to have a certain credit score before they can get funds, as well. Prosper’s credit score requirement is over 600 points. Those who do not have a score in that bracket or higher cannot ask for assistance.
If you have a fair credit score which is between 600 and 699, you can apply for a Personal Loan up to $20,000 at LendingPoint.com!
After the borrower qualifies, that person is then able to get quotes, e-sign the loan and get it direct deposited.
The borrower should be have their money within a day of getting approved.
The entire process can be done 100 percent online. It is really a quick efficient process and benefits both investors and borrowers. The overhead is cut out which translates to lower rates.
Usually, the interest rates depend on the person’s credit score.
Those who have a good credit score will, of course, have access to lower rates. The repayment stage operates like any other loan. The payments come from the borrower’s bank account on a monthly basis.
Once you get into peer-to-peer lending you can get hooked. It is a great way to access cash for any reason and build your credit score at the same time.
What Are the Best Peer to Peer Lending Options for Borrowers?
The P2P lenders are plentiful nowadays, but there are still some that stand out as the best peer to peer lending For borrowers. Here are three of the best options, not in a ranked order:
The Upstart site is considered the best peer to peer lending for borrowers by some people because of its tight security, quick process and generous funding bracket.
Borrowers can request up to $50,000 for various processes such a debt consolidation or property investment. Borrowers can have access to three to five-year loan terms so they don’t have to stress to repay these advances.
To apply for an Upstart loan just visit UpstartLoans.com
Prosper is a longstanding site that has been around since 2006. Its credit score qualification is around 600 for a prospective borrower. It is an easy lending platform to use.
Prosper is a well-respected lending community just like the previously mentioned site is, but the borrower amount is limited.
Prosper applicants can ask for up to $35,000, which may not be enough for some people. But for many that amount if fine to accomplish their goals when taking out a personal loan.
One good thing about Prosper that may outshine other companies is that proper charges low fees for connecting people with loans.
Prosper may charge only 5% while someone else charges 6 percent. It doesn’t seem like much, but it can be a huge amount on a large loan.
To apply for a Prosper personal loan visit Prosper.com
Lending club is an excellent choice because it is fast. Speed is highly important to some borrowers, and this site delivers quickly. Some patrons have said they got their loans in as few as two days.
Lending Club is a good choice for someone who wants to get lower interest rates, as well. They are not all the same when it comes to that aspect, and LC can give someone an amazing edge and break.
To get started now with a Lending Club personal loan just visit LendingClub.com
All of the lenders above are great. Peer to peer lending can be fun once you get started.
Some names of a couple other peer-to-peer lenders out there are providers such as Lending Tree, SoFi – where you can borrow between $5k-$100k and Even Financial. Even Financial gives huge loans of up to $100, 000, and SoFi has super low interest rates. Lending Tree, however, will fund a person for up to 180 months. That’s a very long time.
If you have a low credit score or bad credit you can check out this option. They are rated 5/5 stars on Google & Facebook. Get up to $4K tomorrow with OppLoans.com!
Now you have ideas of the processes involved with peer-to-peer lending, and you also know of some of the best places to go to get assistance. You can apply for peer-to-peer personal loans today and make the dreams come true for yourself and your family with some of the resources that you now have.