Borrowing Money from P2P Lending Sites:

Taking a loan out through a P2P lending website can be very benefical especially when compared to credit card interest rates and extremely beneficial compared to payday loan rates! In fact the top reason people applying for P2P loans is to pay off credit card debt or payday loans.

EasyP2PLoans.com has taken loans out through both Prosper.com and LendingClub.com so we can provide accurate information to visitors of our website. We believe this is the only way to provide accurate information about these two companies.

P2P lending does not only offer loans to help people pay their debt off. There are also many borrowers using P2P loans in place of traditional loans. Here are just a few types of loans currently seen on both Lending Club and Prosper:

  • Consolidating Debt
  • Dental Expense Loan
  • Divorce Loan
  • Expand Business Loan
  • High Interest Credit Consolidation
  • Loan consolidation
  • Loan for Surgery
  • Loan to fix my car
  • New Baby Loan
  • New Business
  • Oil & Gas Investment
  • Pay down higher intererest credit card
  • Paying for Grad School
  • Personal Loan
  • Purchase Company Truck
  • Refinancing Credit Cards
  • school debt Loan
  • Tax Lien Loan
  • Unexpected Medical Expenses
  • Upgrade computer system Loan
  • Wedding and Honeymoon Loan

These are just a few of the reasons people are currently applying for loans on LendingClub and Prosper. Hopefully this will give you a better idea as to just what kind of loans the lenders of these two sites are willing to fund.

Application Process:

Applying for a person-to-person loan is just as you would expect applying for any other form of loan. They will collect all of your personal information including your SSN in order to run a credit check on you. You will then see how good or bad your credit is and will then have a good idea as to what kind of rates you can expect if you continue your application for a P2P loan. You will also need to add your bank account information and confirm it before being eligable to have your loan funded.

The best company for you will depend on your credit rating, state of residence, and other factors. Read more on Prosper vs Lending Club