The best peer-to-peer lending sites

There is a new and emerging source of micro loans, meaning loans from $2,000 to $35,000 in the form of peer to peer lending. Also known as social lending, p2p lending provides a common platform for lenders and borrowers without involving any third party like a bank. Banks pay low rate of interest to those saving money and lends these savings of others to borrowers at very high rates of interest and thus make profit. This system of peer to peer lending is rather new as it wasn’t there till about a decade ago. Nevertheless, it’s a classic example of how people with surplus funds can assist those needing money, while benefiting both the parties involved. For those that are interested in online p2p lending, here is a list of the most known peer-to-peer lending sites: – is the largest peer to peer website in the US. It is ran by Prosper Marketplace Inc. and provides unsecured loans up to $25,000 to individuals and small businesses having credit score above 620. This company formed in February 2006 and is renowned for having introduced the concept that has provided loans to the tune of $262 millions till autumn of 2011. Though initially the investors offered bids on rates, now Prosper decides the rates for loans. The company operates in almost all the states. Current borrowing rates at start from 6.59% APR and ROI for investors starts at 10.59%.

Loans are offered on one, three or five years.

Lending Club – is the second largest peer to peer lending site in the US. The maximum amount offered is $35,000 and current rates for borrowing start at 6.78%. Lending Club continues to be the largest as far as the amount of disbursed loans is concerned. Founded in 2008, Lending Club, since its inception has been setting the rate of interest for all loans. The company’s watchword is “Investors earn better returns, borrowers pay lower rates.” Lending Club had funded about $226 million in loans as of February 2011.

WikiLoan – offers documentation, tools, and other support that one may require while taking loan from or lending money to friends and family or for getting loans from one another. Borrowers can also approach it for loans from the WikiLoan community (read from strangers) but on a very limited scale, compared to the three entities already mentioned. The size of loans varies from $500 to $25,000.

LendingKarma – Though LendingKarma is unlike any of the previous four loan providers, it has many similarities with WikiLoan. LendingKarma does not offer loans to or from strangers. The company only facilitates loans among family and friends. If you need finance for expansion of your business and some member of your family or an accountant friend is willing to offer you the needed funds in the form of loan, you can seek help from LendingKarma. LendingKarma will help explaining loan terms, lay down schedule for repayment, and track the same.

Zopa, Fynanz and Virgin Money, some of the early social lending sites are no more operating in the US, though the companies are still there. Of these, Zopa and Virgin Money still continue their lending operations in the United Kingdom (U.K.) and other countries but not in the US. Fynanz totally redesigned its business. At present it offers student loan assistance via credit unions and similar organizations.


Mortgage Investors Corporation Reviews

Mortgage Investors Corporation, otherwise known as MIC is a company that does not believe in impossible requirements and qualifications to apply for the Veteran’s Administration Interest Rate Reduction Refinance Loan (IRRRL) program. In fact, they allow customers to take advantage of all the potential benefits this program entails.As you will be able to read in just a few of the Mortgage Investors Corporation reviews submitted over the years, the process of lowering the mortgage bill of veterans has never been easier. Let’s take a look at the first customer testimonial worth noting:

“One of your loan officers came to our house today to present the VA Loan Refinance Program you are currently using. He thoroughly presented the program to us in a way that we understood completely. He was totally respectful and courteous. He explained the forms thoroughly before we signed them. It was a refreshing event. He is definitely a great asset to your company. Please inform him of this gratitude. Thanks for your time.”

This testimonial, submitted by Russell and Dixie, explains the basic process of getting started on your IRRRL with MIC. Assuming you can and wish to proceed, you will be assigned a representative to work directly with you. Depending on your location, he or she may schedule a time to come visit you and your family at your home. MIC wants the entire refinance process to be convenient for you and they will walk with you each step of the way.

Another customer review that holds a large amount of value was submitted by another married couple named Donald and Vicki. They simply said that this was the, “Easiest refinance ever.” Such a short and straightforward testimonial for MIC carries a great deal of weight because it really does summarize what their company is all about. They require minimal paperwork, the process is fast and their team consists of true experts at what they do. No, you won’t have to worry about your income verification, how much debt you owe, the amount of equity in your home, or even conducting a home appraisal or pest inspection. All you need to focus on is the light at the end of the tunnel, and that light could be bright because it may represent extra cash for you and your family!

To read more informative Mortgage Investors Corporation reviews and to receive your approximate monthly savings within minutes on the phone, simply call a VA refinance expert at 866-659-2477. A brighter, more comfortable future may be yours. All you need to do is seize the opportunity by reaching out to MIC right now!

Latest Developments on Payday Loan Companies and Lending Laws

Of late, enough has been said on the risks of short term loans offered by non banking entities and their harmful effects on consumers. The financial experts are divided on their opinions regarding whether new laws should be implemented to tackle the practices of entities that offer personal loans online at very high interest rates which they project as one time charges. The detractors of these loans are of the view that the lenders end up paying a huge mount as interest for quick cash and often they take up new loans to repay old ones.The government and its financial watchdogs have suggested some reform measure to ease the burden of consumers. However, it is imperative to understand why the fast cash loans providers rose to prominence in the first place. Their growth has been fueled by two factors mostly. The financial crumbling of economy and subsequent toughening of bank lending rules forced millions of people to look for alternatives for short term and quick cash needs in last few years. The younger generations for whom credit card and online shopping has become part and a parcel of life often run into monetary crunch owing to uncontrolled spending. They find the no credit check payday loans companies a better alternative than banks.

The convenience of instant loan processing and simple documentation offered by these agencies keep the younger lot lured to these financial solutions, say industry experts. They do not mind churning out steep processing charges required by these agencies as it saves their time and enables them to get personal loans online in accounts without many terms and conditions. However it has also been seen that several people facing expected money crisis resorting to these loans, including those who are cautious spenders.

In various states of the USA, laws regarding payday loans are not exactly the same. Of late, politicians, financial experts and consumer forums are calling for reforms and law amendments to make the laws more suitable for customers. As a matter of fact, the no credit check payday loans players are not exactly sitting idle over these developments. In recent times, a trade group for short-term lenders published its objections to analysis of a federal regulator on this industry. The payday lenders representative, Consumer Financial Services Association reacted to a report published by Consumer Financial Protection Bureau. The latter may propose to standardize the loans and a lengthy battle may ensue in near future.

Payday loans, which usually have repayment duration of two weeks, are offered by online brokers to help people cope with unforeseen cash crunch. The CFPB report came down heavily on this industry mentioning that consumers get into a cycle of borrowing after resorting to these loans. The payday-loan trade entity confronted the regulator’s analysis saying that it is exaggerating consumers’ repeated borrowing.
While the CPFB says almost 48 percent of borrowers taking fast cash loans took over 10 such loans in a year, the lenders argue the frequency is not that high. The lawyer Hilary B. Miller representing the payday-lenders body said that the CFPB report focuses on the heavy users and effectively generalizes the result.

While the CFPB has declined to comment on the development, the former deputy director of the entity, Raj Date has spoken at length about plans to develop alternative to no credit check payday loans. After leaving CFPB early this year, Date opened Fenway Summer a consumer finance consulting firm. While the firm will focus mostly on mortgages, he said recently in an interview that the next target is the controversial area of short term cash loans.

Date also said that for the welfare of low-income groups, developing more affordable and feasible fast cash loans is the need of the moment. He added that he is open to the idea of collaborating with one or more banks to develop such financial solutions in near future. It may not be an easy thing to accomplish, even more so at a time when banks are walking tip toe- in their bid to cater to cash-strapped customers better without drawing wrath of consumer groups. Regulators have pioneered firm guidelines that may eventually erase out deposit advances offered by leading banks like Wells Fargo. As it is, the CFPB is in process of making regulations to impact short-term fast cash loans for both payday lenders and banks.

Date is of the view that banks have the means to churn out more affordable short-term loans without incurring losses. He thinks general no credit check payday loans cannot get much affordable owing to profit margin reasons. Date cites example of the way prepaid cards used to be much more expensive till Wal-Mart reduced its variant’s price. The same logic can be applied for short term fast cash loans.

The new laws pertaining to changes in payday loans may not be totally against the interest of the sector. The consumer protection groups went gaga over Joint Finance Committee’s decision to take away a condition from state budget that could let off the fast cash loans players from orbit of consumer protection laws. However, the budget amendments now impose stricter rules on deadlines for repayment for borrowers.
Under the current law, a borrower is considered defaulter after 40 days of due date for a loan. After the new amendment is implemented, payday lenders can declare a borrower as defaulter just after 10 days of due date for repayment. Thereafter, they can allocate that debt to a collection entity or sue the borrower. Wisconsin Public Interest Research Group’s executive director Bruce Speight said it was a favor done to the payday loan industry. Senator Glenn Grothman also expressed disappointment at the development.

However payday lender entities were quick to term the development as striking a balance between business fairness and consumer protection. The view was echoed by Advance America’s VP of public affairs Jamie Fulmer. The entity is a South Carolina based payday lender. He added it is important to ensure customers pay back in time to continue transactions with an entity.

What is the difference between APR and interest?

Applying for loans and working out which is the best for you can be time consuming. There are many different variables to consider, such as the length of the loan, the amount you’re borrowing, the policies of the lender, and the APR and interest rates.
Lenders will quote you figures and percentages, but how often do you actually think about what these numbers mean?
It is important that you understand what interest and APR actually are and how they relate to you. It’s especially important when you’re taking out a loan of any kind, but even if you’re not it pays to be savvy about these things.

What are interest rates?

A country’s official standard interest rate is set by a financial body – for example in the UK it’s the Bank of England. The Bank of England sets the UK’s interest rate, taking into account economic factors both national and global. This standard rate is then used by lenders to determine what rate they are going to charge borrowers – but they don’t just charge you the standard interest rate. More goes into it than that. The interest rate you will pay on your loan can also be determined by risk. The lender will assess the risk of lending you money, and offer you an interest rate based on this.

To do this they’ll look at your credit profile to get an understanding of your previous history with managing debt and making payments on time. Responsible lenders will also look at your current situation, such as your employment status and income, to assess whether you’ll be able to keep up with the repayments.

If they deem you to be a high risk – or the loan they’re lending you is particularly risky – they’ll offer a higher rate of interest to protect themselves. This is so that if you only make a few payments they will have recouped more money through interest and won’t be so out of pocket. It is also intended to encourage and reward good borrowers, who make their repayments on time all the time and manage their finances effectively, and to give people with bad credit histories and impetus to improve their profile first rather than getting into more debt.

How is this different from APR?

Looking at the interest rate of a loan only shows you how much interest you’ll pay on top of the loan. You might also have other charges and fees to pay, and the APR includes all of these. It stands for Annual Payment Rate and it shows you what you will pay on the loan over the course of a year. It’s much better to use APRs when you’re comparing loans. Remember though that online calculators and quotes might not give you an exact figure, as they could be an estimate rather than based on your personal circumstances. Always find out what you’re own rate will be before you accept a loan or credit agreement.

High interest loans

Recently many high interest loan companies have flooded the market. These lenders often offer instant transfer into your account and very little in the way of qualifying questions. Some don’t even check your credit history, they just want to know that you’re going to repay the money.

This might seem like an easy way to get cash but it can be very damaging. As I said earlier, a high interest rate is caused by high risk, and these loans are inherently risky. Sold as a way to plug a gap in your finances until payday, they’re usually for relatively small amounts, with repayments spread over, say, 6 months. The problem is if you need this short term fix in the first place you might not be in the best position to meet the monthly repayments. If you owe £500 and you miss a payment of £90, you don’t just still owe £500. You owe that plus the extra interest – and when that interest rate is several hundred percent the £500 can quickly escalate into a lot more. Your repayments increase as you miss payments making it harder to catch up.

The loans are generally unsecured as well so lenders will employ bailiffs to recover the debt by taking away your possessions.
What seems like a small quick cash fix can end up costing you thousands of pounds and borrowing from these lenders is generally bad for your credit profile. You’re better off tightening your belt and saving for a few months – in the long run you’ll have more cash.

Secured Loans

Secured loans like car credit, mortgages or other forms of credit secured on your property or possessions can often give lower interest rates. This is because the lender knows that they have something tangible that they can recover if you become unable to repay the loan. For example if you enter an agreement with a car finance company for credit to buy a vehicle, technically the lender owns the car until you’ve repaid the loan in full. Because the finance company owns an actual asset as a result of lending the money, it’s much less of a risk for them. The risk for you, of course, is that if you stop repaying them they can repossess the vehicle.
Interest rates and APR on secured loans will still be based on your credit profile and ability to repay, though. Some companies are happy to lend to applicants with poor credit, but responsible lenders will always look into your current circumstances and ability to repay.
Usually, you can lower the amount you’ll pay each month by lengthening the term of the loan, but be aware than longer loans usually have a higher APR so you’ll end up paying more in the long term.

There are many different types of loans and lenders on the market, with a huge variety of interest rates and APRs on offer. Never take a loan offer at face value – make sure you understand what the APR is so you can get an idea of how much you’ll be paying in a year. Also look into are there any hidden charges; can you afford the monthly repayments; how long are you committing to the loan for? If the company seems unwilling to give you all the information, don’t borrow from them.

Kat writes about personal finance, loans and lifestyle topics, giving advice about borrowing and budgeting for Car Loans for you.

Different Loan Types

There are many different types of loan currently available in the UK, both for personal use and business. As with many financial services the jargon and lingo used to describe the product can sometimes make it difficult to decide what loan is best for you. Here is a loan guide to some of the more common loan types to be found.Personal Loan – a facility arranged by your bank, building society or other loan provider that allows you to borrow up to £25,000 to be repaid in installments for a period of up to 7 years. The monthly repayment rate and rate of interest are fixed for the life of the loan. This type of loan is also known as an ‘unsecured’ loan, which means that you do not have to use items such as property as security for the loan.

Home Loan/Mortgage – unless you are very lucky to be able to buy outright, then the chances are that when you decide to buy a house you will need to take out a mortgage loan. There is a wide range of mortgage types available, from Interest Only and Repayment mortgages, to mortgages with flexible features that allow you to combine your mortgage with other accounts such as savings. There are also a number of mortgage products that cater to the base interest rate, which often changes; by offering fixed rates for a set number of years, borrowers benefit from knowing exactly how much they will be paying for the duration of the product. Alternatively, variable rate mortgages change with the base rate, the upside being that if the base rate goes down, so does the interest rate on the mortgage. The amount of money you can place down as a deposit and the period of time for which you wish to have the mortgage will also affect the type of deal you will get. A standard mortgage is for a period of 25-30 years, with repayments normally made monthly. Should you default on payment without prior approval from your lender then you are at risk of losing your property.
Secured Loan – very much like a personal loan, except that the borrower uses some form of collateral to prove that they are able to pay off the loan. Normally this collateral is an item of worth, such as property, and should the borrower default on payment during the term of the loan then the collateral is passed over to the lender as final payment.

PayDay Loan –an increasingly popular type of lending facility, whereby a borrower can receive up to the full value of his or her monthly pay cheque. Despite having high interest rates, this type of loan is ideal for people needing money in an emergency to tide them over between paydays. This type of loan is also ideal for people with a poor credit rating as very often no credit checks are required; you just need to be able to prove that you can pay the money back on your next payday.

Debt Consolidation Loan – designed to help people experiencing difficulty in paying back debts accrued from other loans and bills they might have. A debt consolidation loan puts all of your debts into one place, so rather than having to make many payments to many lenders you simply make one payment against your consolidated loan, which can ultimately reduce your monthly payments and make your finances far easier to manage. When used properly, a debt consolidation loan can prove to be a highly efficient tool.

Small Business Loan – ideal for those with a vision to start their own business, or for those already in business wishing to expand. A small business loan helps the entrepreneur get started on their road to success, without them having to worry too much about how they can afford the necessary start-up costs. Business Loans are often a necessity for small start-up businesses, with most financial institutions offering them.

My credit is bad – Can I receive at least a $1000 loan?

The downward trend of economy has affected most people. If you are also hit by the present state of economy or you made some wrong decisions in the past as a result of which you have a bad credit, you will find it almost impossible to get a $1000 loan for buying anything or paying your bills even. However, despite the present difficult time, some companies, having realized the hardship that many honest people are undergoing, are here to lend a helping hand. The help comes by way of bad credit personal loans. Even if you have bad credit, you’ll find the information here of great help in getting such loans.

Why $1000 Personal Loans

The present state of economy coupled with the difficulties faced in procuring loans by people with bad credit has led to the reemergence of lending industry. Even those having a credit score of 100 are entitled to have a personal loan. Moreover, the procedure adopted for paying back the loan helps the borrowers in coming years by improving their credit score.

Personal loans make a very viable option for getting cash quickly in case of any financial emergency. There is no dearth of lenders offering such loans, making it a very competitive business. That goes to the advantage of consumers as they are offered loans by a number of lenders whenever they need to have one.

Who Is Entitled for $1000 Bad Credit Loans

As already pointed out, the most helpful feature of these loans is that these are available to even those with bad credit scores. It doesn’t matter if the borrower has IVA’s, CCJ’s, defaults or arrears. These are really for everyone. Moreover, the borrower may use the money for whatever purpose, from paying old dues to home improvements.

Kinds of Existing Personal Loans

You can secure personal loan as secured or unsecured loan. It’s not difficult to understand that the rate of interest charged for secured loans is lower. That’s because such loans are provided against some valuable personal assets, like a home. When the borrower offers some assets as collateral, the lender is almost sure of getting back his money, thus reducing his element of risk, and that allows him to charge a lower rate of interest and offer more credit.

Who Offers Personal Loans

The simplest way to get 1000 dollar personal loans is to approach your bankers. However, you may have to look for other options if your credit score is low, as normally banks wouldn’t entertain consumers with poor credit rating.

Whom to Approach

Looking for such lenders is very easy. Once you go online, you’ll find a very large number of lenders willing to provide you the much needed funds. You can get quotes from a few of them to make a comparative study and settle for the one making the most competitive offer that best suits your personal requirements. You need to shop around and compare the offers from different lenders regards the interest charged, schedule of paying back and penalties, if any.

For availing a 1000 dollar loan, one is typically required to make an online application. The lender evaluates your application and on finding it acceptable approves the loan. Usually, the funds are transferred to you bank account within 24 hours of approval of application.

So, you need not fear asking for a loan even if you have bad credit, as there are many willing to offer you the required loan. You just need to be smart and look for a lender giving you the most suitable deal.


Searching for a $1000 payday loan

You may be in need of funds to the tune of $1000, while your next payday may be a couple of days away. You have the option of asking some friend to lend you that kind of amount, but this friend himself may already be in a tight financial position and unable to help you with your present crisis. Your next best option is to go for a $1000 payday loan. It’s a very convenient way of getting cash quickly as you can procure funds in less than 24 hours. A very important feature of such loans is that they are very discreet. Nobody comes to know that you are passing through tough financial position and availing loan.

Where to Look for a Lender

Need Cash Today? Finding a lender willing to offer you quick cash advance loan is very simple and easy because of the Internet. Nearly all the reputed companies offering cash loans have a website of their own and they keep it updated about the kind of loans they can offer. Just being on the net allows you to compare the terms and conditions of loans they are offering. You can even file your online application for loan. Alternatively, you could look around for such lenders through yellow pages and classified ads which list the telephone numbers of such lenders and their agents. You should know that the fee charged by such lenders offering short term loans is rather high. So it will be worthwhile to spend time looking for a dealer who makes the most competitive offer to you that matches your requirements.

How much money can you get

As the name suggests, the maximum amount of loan that you can avail via a $1000 payday loan is limited to $1000. You need to look for lenders offering cash at reasonable terms. Because of the high fee, you may be required to pay $250 for a loan of $1000. Yet, this amount works out to be lower than the penalty you would have paid for having failed to pay your credit bills in time or for overdrawing from your bank.

Application Process

The process of applying for a payday loan is very simple and fast. You apply for a loan and you are almost sure to get it. You are not required to fax any documents to the lender. Perhaps the most helpful feature of such a loan is that the lender doesn’t check your credit score. Meaning that even if you had a bad credit score, you stand as good a chance of getting a $1000 payday loan as when you had an excellent credit score. The only condition is that the loan needs to be paid back when you get your next paycheck. There is little doubt that these loans make a viable option when you are facing any financial emergency.

Though payday loans come easily, it’s not recommended to opt for loan unless there is a real emergency as the rates of interest charged are too steep.