Get A Personal Loan With A P2P Lender
Even for small loans, you need to qualify. There are strictures everywhere you turn. With something as powerful as the Internet, a concept once considered silly like actual people lending each other money online has become a reality. It is called Peer To Peer (P2P) lending, and a P2P lender picks up where old-school trends leave off.
- Banks and institutions are one thing, but they demand a lot; for good reasons. However, appealing to a stranger can bring multiple benefits.
- Even these are regulated so no worries about being cheated or even cheating others. Online peer-to-peer lending institutions are getting to be as strong as other similar bodies only more versatile.
- Technology is growing and, despite grander more sophisticated examples, we believe people will better understand Facebook, Twitter, and their potential to connect people across vast distances. Come to think of it, you could say the same for online computer games (MMOs), not to forget Reddit and Craigslist.
- The financial industry is noting the rapid growth of P2P in its domain with predictions of it exceeding $5.8 billion in 2010 (Celent, a study).
- They are here to stay. With economies that are prone to mood swings and unemployment at every corner, people are desperately seeking the lowest interest rates so they can find what jobs they can to pay off any outstanding balances in their finances and set their lives in order.
- One could say that bank loans and credit cards have become so strict these days that they are responsible for birthing the era of the P2P lender.
Good news aside, the whole landscape of P2P tends to change more than it grows. Take Fiserv; for example, who are known for their email or phone based lending services for payments or personal loans that can be made via a secure credit union or bank. Compare them to PayMate who use their own banking channel partners to help people borrow or lend. Enter, Kiva, a non-profit giant in the P2P micro-lending sector but who met with some suspicion recently (check out a New York Times article on it).
What we are trying to convey is that you do your homework, research several P2P lender options, make inquiries, and go for sit-ins or consultations. Make up your mind on whom you wish to ‘bank’ with only afterwards. Here are some P2P lenders we found who could have what it takes to make finances work for you. (currently only Kiva serves in India.)
- Kiva (Non-Profit)
- Fiserv (For-Profit Facilitators)
- PayMate (For-Profit Facilitators)
- SBI Customers Can Now Get Pre-Approved Cards - 05/10/2017
- How Do I Know My Credit Limit On My SBI Card? - 02/10/2017
- I’ve Lived Outside India For 20+ Years, Do I Have A CIBIL Score? - 25/09/2017
- Still Have A Low CIBIL After NOC From Settlement? - 20/09/2017
- Can Changing Your Mind On A Credit Card Hurt Your CIBIL? - 17/09/2017