Peer To Peer Loans

• Peer To Peer Loans

  
  Typical Requirements:
  •  Credit Score: 600+
  •  Minimum Income: $2,000 per month, must be verifiable
  •  Income Source: Employed or Self-Employed
  •  Loan Range Given: $1,000 to $35,000
  
  Peer-to-peer lenders connect borrowers directly to investors, rather than offering the loan themselves. A peer-to-peer or P2P loan means that you will be borrowing money directly from a person or company, rather than the bank. Peer-to-peer loans ensure that borrowers are paired with individuals looking to invest in a detailed note. Often your loan reason will be disclosed to the investors reviewing the notes available on the peer-to-peer lender system.
  As the borrower, you will fill out a basic loan request form and post your desired loan amount. Investors will then view your listing and choose the one that best fits their specific needs. Once a deal is brokered, you will make fixed monthly payments to the investor until your loan is paid off.
  The entire process takes place online, so you will never have to leave the comfort of your own home. Requesting a loan only takes a few minutes, and if you qualify for a peer-to-peer loan you may be given a list of loan options to choose from. Many borrowers prefer peer-to-peer lending due to lower rates.
  You can borrow anywhere from $4,000 to $35,000 with a peer-to-peer loan, depending on your credit type. PersonalLoans is partnered with several peer-to-peer loan lenders and each lender has their own set of investors and terms. Peer-to-peer lenders often collect a loan origination fee of anywhere between 1 to 5% which is deducted from the loan amount given to the borrower.