Break Tradition with Peer to Peer Lending
Peer to peer lending is the newest way to borrow money at low interest rates. This is a complete turn around from traditional bank loans. Millions of people across America are avoiding bank loans carrying high interest rates. They are now going online to peer to peer sites which are much more to their liking. These sites are filled with people helping people – borrowers and lenders – who are there to give a hand to fellow human beings. Peer lending eliminates the bank “middleman” which results in much better interest rates for all parties involved. Some lending sites, such as Lending Club, require their users to have FICO scores of at least 640. This means that not all loans are approved by all sites. Finding one that fits your life circumstances is not all that difficult to do if you just take a few minutes to browse the web. Most lending sites look at credit trends over the past few years. Individuals with high credit ratings are the best risk, proving to have less than 5% default rate even during recessions. Lenders at some sites have the opportunity to view a borrower’s profile online and then decide for themselves if it is worth the risk to lend him money.