Have you been considering getting a loan from a bank? If you're concerned about getting turned down -- and what that might do to your credit score -- consider giving peer-to-peer lending websites a try. These person-to-person loans and becoming more popular. People have been borrowing money from friends and family for as long as there as been money. These websites put potential borrowers and potential lenders together through the Internet. And interest rates may be better than what you can obtain from a bank.
Things You'll Need
- Internet access
- Personal financial documents
Lending Club is one of the leaders in peer-to-peer lending. Visit its website, check out its lending requirements and consider applying for a loan.
Prosper is another leading peer-to-peer lending site. As with other lending sites, the lower your credit score, the higher your interest rate will be. Prosper was one of the first websites to offer peer lending.
In the United Kingdom, you can get a low rate loan from a nonprofit, member-owned credit union through Zopa.com. Zopa does require a higher credit score in order to be approved for a loan, but it also has better interest rates.