Borrow Money With Prosper & Lending Club
Earlier this year, I hosted a guest post by Jonathan sharing his experiences with borrowing money from peer to peer lending network Prosper. Just recently, I received the following email from a reader singing their praises:
I’ve borrowed twice now from Prosper and I love it. The first loan was $7000 at 8.65% for three years and the most recent was $8000 at 9.65% for three years. I got the 2nd in response to the credit cards jacking up my interest rate and slashing my credit limit no reason. I was so angry about the credit card behaviors that I wanted to get my debts as far away from them as possible.
There is no hassle, I applied for the loan, watched people bid the initial interest rate down, and eventually got the cash. Once the loan was funded, they called me to verify who I was. You have to provide documentation that you are who you say. They direct deposit the money into the account you specify a day or so later.
Benefits
With lenders being very strict about who they offer loans to and credit cards slamming people with interest rate hikes and fees, borrowers are turning towards some atypical sources of funding to help pay down debt. Loans from peer to peer lending networks have some significant benefits:
- Fixed interest rate: Unlike credit cards, these loans have fixed interest rates that will not change. The rates can’t be lowered or increased simply because the lender “feels” like it or because some equation tells them you’re suddenly riskier.
- You can’t add to the debt: One of the difficulties with getting out of credit card debt is in the card itself. If you’re in debt, you can continue to pile on the expenses. That’s akin to digging your own grave when you think you’re filling in the hole!
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Categories: Uncategorized Tags: Borrowers, Borrowing Money, Credit Card Debt, Credit Cards, Debt Loans, Debts, Direct Deposit, Email, Hassle, Interest Rate Hikes, Lenders, Lending Networks, Peer To Peer Lending, Sources Of Funding