I Need a Personal Loan Fast!
There are many rich people lending others money out there. While you will not get the loan free of charge, or get millionaires to send you free cash to have and hold, you will be able to find options for borrowing money, even if you have really bad credit. This type of arrangement is made possible by a fully legal and legitimate industry known as peer to peer, person to person loaning, or sometimes P2P loans. While the names of the programs may very a little bit, they are all the same. In this article, person to person loans will be the main focus, along with some other places you can look to get some cash when you need it. Let’s look at how to get rich people lending others money to give you a loan.
About Peer to Peer Borrowing
The basic guiding principal behind this industry is that people are more willing to pay back money to real people, whether rich or not, instead of paying back a faceless bank. This type of lending process was popular for lenders as well, since they could get a good rate of return through their loans. For those looking to borrow, they found loans with varying requirements, including bad credit.
This industry took off with the internet. There are now many different sites that are home to this type of loaning. The first US based company to offer this type of service was Prosper. The company is still around today and you can still borrow money from millionaires or the rich people that are looking to lend out money to others.
This industry took off in 2007, when the global economic crisis began. It became so popular that many other peer to peer borrowing sites started popping up. Today, there are many such sites to choose from, where even those with horrible credit can borrow.
What Type of Loans Are There?
Like all other types of personal loans, these have criteria set forth. In general, each lender sets their own criteria for the loan. Some may only be willing to borrow to those looking to start a business while others may prefer to borrow to those looking for unsecured small personal loans. It’s really up to the person borrowing the money to decide. The people that are looking for a loan from the rich will have to search for those lending in areas that meet their personal needs.
Some of the people that borrow to others are willing to accept those with very bad credit. Since personal loans for people with bad credit often have high rates of interest, many lenders are willing to accept this risk. This is part of what makes this type of arrangement so appealing to borrowers and lenders. Both sides are able to get their money and are happy.
How Do I Get Started?
If you would like to find rich people lending others money, you will need to find a peer to peer site that appeals to you. Like all other types of small loans, whether for $5000 or $50, you will need to provide some basic information.
Be prepared to create an account on the sites you choose to use. You may even have to pay a small fee upfront to use the site. Some will allow you to register free and pay a small administrative free if you secure a loan. Of course, others change the lenders the fee. It really all depends on what sites you use.
What Information Is Required?
You will need to prove who you are and provide some financial information in most cases. You will usually need to submit to a credit check, like you would from a bank. You will find that the requirements are very similar as they are through traditional loaning institutions. Since you can often borrow money with bad credit, it may not matter what your score is, but you will need to prove it.
Is There Legal Protection?
Yes, there is legal protection for both lenders and borrowers. Like most banks, there are contracts involved, so this is not a free money giveaway to anyone that needs it. You will have specific repayment terms that will be disclosed in the contract, along with interest rates, collateral, and many other things you would expect. Rich people lending others money want protection, just as those borrowing the funds would want some form of legal protection.
Is Face to Face Meeting Required?
Generally speaking, face to face contact is not required with peer to peer loans. Almost all communication is done electronically online. This is common with this type of arrangement and is no different than using online banks.
Are There Alternatives?
Of course there are alternatives. Listed below are just a few things you may want to consider if you need a personal loan quick, but have bad credit.
Car Title: If you have a free and clear car title, you can borrow from many different lenders. Of course, the collateral you are providing is your car title, so you need to make sure you don’t make late payment or go into default, or you will lose your vehicle.
Banks/Credit Unions: If you have a decent score, you can simply go to a local bank or credit union to get what you need quickly. The turnaround times for banks and credit unions has gotten much better, with many giving approval or denial in a day or so.
High Risk Personal Loans: You can find these online or through traditional banks. You will pay a high rate of interest, but bad credit is okay with these institutions. This is a very viable alternative that you may want to consider before you sign any paperwork.
Email lists: You can find email addresses of rich people lending others money online. If you want to try a direct approach, give it a shot. You might find someone willing to help you out this way.
Now that you know how to find and contact rich people lending other money, go out there and get what you need.