Where to Get a Loan; Help, I'm Really Struggling
I Need Money
I’ve never tackled this subject, but I realize sometimes there are circumstances when you need a loan. You may want to Borrow With Prosper! If you need money to:
- Take a course which will make you more employable.
- Build your small business.
- Pay off all of your debt.
- Make a home repair.
- Get out of a short term financial jam.
- Pay for unexpected medical expenses.
- To settle with the IRS.
- Finance an unexpected personal need.
Then you may want to Borrow With Prosper!
In today’s tight money environment, when banks are slow to lend, you might consider borrowing with peer to peer social lending. It’s a relatively new concept where you borrow from regular folks instead of a bank. The lenders benefitbecause they are helping you and they get the interest from the loan. The borrowers benefit because they are able to borrow the funds they need without a bank middleman.
What is the Process to Get a Loan?
Now, this does not mean you just show up and get the cash.
A borrower must have at least a 640 credit score, and the better the score, the lower the interest rate. To get started a borrower completes an online form. Next, the basic information is verified to make sure the applicant meets certain minimum qualifications. As part of the process a borrower must write a statement describing his or her financial need. In fact, since regular folks contribute to your loan, the more specific and well written your description the more lenders will be interested in funding your loan. And after you are approved, your listing goes on line and lenders elect to contribute to your loan. You can even have friends and family contribute.
If you have really good credit, you could get an interest rate for as low as 6.59%, although realistically, most of the rates are higher. Actually, the interest rates can go as high as 30% for someone with very poor credit. But as with any loan, the better your credit score, the lower your interest rate.
Where to Learn More About Peer to Peer Social Lending?
Click on the “NEED MONEY” picture to get to the Prosper website. Next, checkout their blog, other folks’ loan listings, and get all the information you need. To apply for a loan, just click on the BORROW tab on top. I have decided to try out this concept by lending through Prosper. I’ll be writing about my experiences as a lender in the future.
And, in the meantime, please check out my favorite debt blog, The Debt Myth for really helpful advice.
Have you ever been in a real financial jam? How did you get out of it?