Something has come up and you need a loan right away. “Who you gonna call?”
Your bank? Maybe. If you credit score is at least 680 they might be willing to give you a loan. Banks today prefer customers with credit scores above 720, but there is still hope. If your credit score is between 680 and that magic 720, you can still qualify for a loan, but be prepared to give collateral and bring a co-signer. If your credit score is 650 or less, forget it – your application will go to the bottom of the pile.
You need your loan now? Loans officers have their own schedule. Rarely does it match yours. They must adhere to loan protocols, process lots of paperwork, perhaps even pre-approve you. When you finally receive your answer, let’s say it is a “yes,” it still takes more time before the money is in your hands. By then, your need for the loan may have reached a crisis state.
Credit cards? A lot of people do it. According to Nerdwallet, the average American household is carrying a little more than $15,000 in debt on their credit cards. US national credit card debt is hovering around $884B. If you use your card to give yourself a loan, thereby reaching your credit limit, you can expect to see some changes in your annual fees and interest rates. If you haven’t accrued the best payment history, the new interest rates will kill you.
Pay-day loans? It can be tempting, especially since the payout is fast. But, it can be a nightmare. Interest rates can be as high as 500% or more. Most borrowers are forced to take a subsequent loan to pay their Payday loan. A Payday loan can trap you in an endless cycle of debt from which you may never recover.
What other options do you have?
Welcome to the new world of lending.
Getting a loan today is not like it was in your parent’s day. It is not even like it was when you were born. The world is digital and so is the lending marketplace. Not only that, but the digital revolution that forever altered the way we connect across the globe also changed the world of lending, bringing people together—lenders with borrowers.
What is this lending revolution? Marketplace lending, otherwise known as peer-to-peer lending (P2P), is a revolutionary lending platform that will get that loan into your hands when you need it the most.
- You can apply for a personal loan online, from the comfort of wherever you happen to be at the time. No business hours to worry about.
- Many marketplace lending platforms, such as Peerform, have developed their own evaluation tool for assessing your ability to repay the loan. They look beyond your credit score, factoring in other data about you to determine your credit worthiness.
- You will have an answer quickly and the funds in your hands quickly.
- Interest rates are manageable. There are no hidden fees or penalties. Everything is completely transparent.
- Payments on your loan are made easily through automatic monthly payments. You do not have to worry about forgetting or remembering to post the check.
Most importantly, marketplace lending is about personal connections instead of dealing with a bank. P2P loans are funded by institutional investors who are interested in helping you get the loan you need to buy that car, house, take care of much-needed medical treatments, get married, take a vacation, move to a new location…the list goes on and on.
In this millennium age, marketplace lending is one of the best creations to have come into the world in a long time.
Need a loan? Hop online and get your loan today.