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How Peer to Peer Lending Works

There are no shortage of options, when it comes to applying for personal loans online. The speed, convenience and ease of use of the entire process makes it simpler than ever to get money when you need it. Many online lenders use a model called peer-to-peer lending, where multiple individuals provide all or part of the loan, rather than having it come from banks. Here’s how peer-to-peer loans work: Someone looking to borrow money applies for credit with a P2P lender like Prosper, Lending Club or SoFi. Once they are approved, the borrower is placed into a risk category, where the interest rate of the loan that they will receive is determined. The loan is then funded by an individual investor, or possibly a group, who functions as the lender, similar to how a bank would in a traditional loan. For borrowers, P2P lending can be a good deal since they can potentially get a better interest rate than they would through a bank or credit card loan. And the benefit for lenders lies in the fact that they can earn a higher return rate than they could through savings accounts or certificates of deposit. Plus, the company facilitating the loan makes money too, taking a percentage off the top of every transaction. Before you go straight to the bank for your next personal loan, consider P2P lending as a possible alternative. Like what you just saw? Search the topic right here on creditloan.com for more information. And please share across your social networks! Follow us!Twitter/IG: @CreditLoan Facebook.com/CreditLoan