Archive for the ‘person to person loans’ tag
Person To Person Loans – Will This Type Of Lending Work For You?
With the big banks raising interest rates on credit cards to outlandishly high levels, plus the big banks charging way too outrages overdraft fees, it is no wonder so many people are saying F$% the big banks! A lot people are taking action and refusing to pay their credit cards even though they can afford to. It seems 2009 is the beginning of the debtors revolt to the big banks!
But let’s stay you stick it to your big bank (and maybe you should, but that is your person choice of course) and then you need a loan. Will they then give you one? Probably not.
Well it seems there is a new way to get a personal loan that completely appears to eliminate the big banks even being involved in the process. Thanks to the Internet and a website called Prosper.com it seems you can find money from Peer to Peer networks!
Maybe this is the way of the future especially since so many people are fed up with big banks and it appears congress (of whom many of their pocket books appear to be lined with money from the bank lobbyists) don’t seem to have much interest in any type of real reform that is actually to the benefit of the American taxpayers.
The idea of getting a person to person loan is great and the fact that it appears to remove big banks from the picture is a bonus (and not for the banking executives thank goodness). Keep in mind however even though these types of personal loans via a peer to peer network are available it does not necessarily mean if you have bad credit that it is OK. It appears people lending via a network still want the borrows to have good credit (wouldn’t you?).
So if you need a personal loan and have good credit and are comfortable with the idea of person to person loans, maybe you should give Prosper.com a try! If you have poor credit, then maybe a personal loan via a family member or a friend would work. If not then you may need to consider alternative financing such as a payday loan.
Whatever you choose, it is always good to have options available based on your situation.
