Best Peer to Peer Loans for Borrowers
When searching for personal loans for debt consolidation, home improvements, medical expenses or to make a major purchase, you should consider peer to peer loans for borrowers.
Over the last couple years peer to peer loans have become extremely popular to borrowers. The main reason why is the simplicity of the entire process. Everything can be done online from the easy application form to getting your money direct deposited.
How Do Peer to Peer Loans Work?
There are just a few simple steps in the process of applying for peer to peer loans you should understand. It’s super easy and a very cool way to get funds for almost anything. You get one fixed rate payment with loan terms from 3 – 5 years.
1. You will fill out the easy form with the information requested. It is a fairly simple process and only takes a few minutes to submit.
2. Once you submit your form you will receive a rate quote that will show the proposed interest rates and terms of your peer to peer loan. Once you accept the terms the loan will be funded.
3. This is the cool part. Individual investors are actually the ones funding the loans. These are just private individuals who want to invest their money into loans. Once your loan is fully funded on the lending platform you will be notified.
4. You will then e-sign the paperwork.
5. Your funded peer to peer loan will then be direct deposited into your checking account. Peer to peer loans for borrowers can be up to $40,000.
Once this amount is deposited into your account you can use the money however you need it.
These are unsecured personal loans. This means their are no assets used as collateral.
What are the Best Peer to Peer Loans for Borrowers?
There are two very popular peer to peer lending companies that we will list below.
Both of these companies have great reputations and are the two largest peer to peer lending platforms. You can apply online and if approved get money in your bank to consolidate debt or do a home improvement project. There are many reasons to use a peer to peer lender as a financial tool.
The first peer to peer lender is also the largest. You can visit there site at
Another peer to peer lender is
Consolidate Your Debts with a loan via Prosper.com. Learn more about peer-to-peer lending with rates from 5.99% to 36% APR*