Personal Loans through Peer to Peer Lending: 7.93% APR
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Recently we’ve seen banks and credit unions cut back credit lines, raise interest rates and limit new loans to those consumers with perfect credit scores. In most cases, if you’re in need of a loan from a bank, you’re probably ineligible to receive one. The vast majority of even the most well intentioned borrowers have undoubtedly seen their local bank or credit union deny their loan application.
These new restrictions on both loans and credit cards have turned consumers to new mediums in which to seek funds. Peer to Peer lending through Lending Club has provided a new and reliable means for both investors and loan seekers to secure reasonable rates. In fact, since Lending Club’s inception, those seeking loans have been able to secure APR’s as low as 7.93%. Learn More!
Lending Club has countless success stories in which borrowers have been able to secure low rates to:
- Consolidate Debt
- Pay off Credit Cards
- Pay off Car Payments
- Secure Business Loans
- Pay for Special Events (weddings, vacations, etc)
- Secure Personal Loans
Here is how it works: Lending Club is a social lending network that brings together investors and creditworthy borrowers to provide personal loans at rates that are generally better than those offered by traditional banks and credit unions.
- Borrowers apply for a loan with an online profile.
- Lenders (ordinary people, not banks) choose whether or not to lend you money.
- If enough lenders invest money in your loan request, your loan is funded. Usually, the better credit history you have the easier it will be to fulfill your loan request
- You make monthly payments to the network, who distributes your payment to lenders.
May 15th, 2010 at 6:31 am
you will only get a low apr like that if you have immaculate credit. I had a 10k loan funded at 12% and some odd change which still beats every credit card and i have good credit.