Use Alternative Methods To Get The Loan You Need
People who have credit scores under 600 can turn to peer-to-peer lending. This is a better way for people with bad credit to be assured of being granted with a loan. There are now lots of social loan sources that are willing to lend money though the borrower has bad credit. Peer-to-peer loans works by getting your loan into an auction. The lenders bid on your loan application and when the auction is closed. The loan will go directly to your account. The more bidders the lower your interest rate gets. Bad credit personal loans are best dealt with peer-to-peer lending. The payment will be deducted from your account monthly. With many peer-to-peer lending sources nowadays, you will not have a difficult time looking for one. Here are some of social lending sources that you can inquire with or send loan application to.
Prosper is the most convenient, easiest and fastest way to get a loan even with bad credit scores. This is the most preferred peer-to-peer lending company nowadays. Their actual minimum credit score limit is 540 making people with credit scores under 600 eligible to borrow from prosper.com. Good payers will be given competitive rates, better loan terms and easy application process if in case you want to renew your loan. Lenders also prefer bidding on prosper.com because it lets them set their own minimum interest rate for the loans that they are bidding on.
This is one of the most popular social lending sources around. Many business people prefer borrowing from the Lending Club because it has its fixed term and reasonable rate. Also, with Lending Club, you are required to state the reason why you are applying for a loan. This way, you might even have other people who are willing to help you out with your financial troubles. Your privacy is also protected with this lending company. Applying for a loan is simple and easy. Lending Club has lots of investors so you do not have to wait for a long time before your loan gets approved. The loan is directly deposited to your account the payment will also be coming from. With the Lending Club, you do not have to go through all the hassles of borrowing from a bank.
This is the top peer-to-peer lending company in UK. It offers low rates plus you do not have to go through bank transactions to pay for your loan. Just like the first two social lending sources, Zopa provides an easier way to fix your financial crisis since most loan applications in here are approved as long as you can prove through your job or business that you can pay on time. So if you have a credit score under 600, you do not have to worry of being not granted with bad credit personal loans because peer-to-peer lending is the answer to your problem. It is not as difficult and complicated as with bank loan applications. And not as high as the interest rates of lending companies. So, if you want to solve your financial problems, you may turn to peer-to-peer lending like Zopa.