Trouble Getting A Loan? Get It Faster, Easier, and Enjoy Better Rates via Peer-To-Peer Lending

Trouble Getting A Loan?

Whether it’s for a personal loan or a small business loan, these days people are heading to peer-to-peer lending in droves to obtain a loan instead of going to their local bank.

And it’s no wonder why:

* Better Approval Rates: No need to have exceptional credit score or ratings that traditional banks often require, i.e. Less than perfect credit or “Bad” credit OK. (details below)
* SPEED Of Approval – You don’t need to wait weeks or months to be approved (i.e. local bank). You’ll get a loan in a matter of days thru a P2P lender.
* Bigger Loan Amounts: Often significantly more than what your local bank will approve you for.
* Lower Interest Rates: Comparable to and sometimes significantly lower rates than what you’d find at your local bank.
* Zero Prepayment Penalties: erm…no contest here 😉

“Peer-to-Peer Lending is a new financial movement that promises to solve loan issues that banks cannot – or will not – handle.”

So What The Heck Is P2P Lending Anyway?
In a nutshell, P2P lending is an online platform that allows you to borrow from others instead of thru a bank. Pretty much anyone can become a lender as well and earn interest income thru this system. Sounds interesting but does it work? How about 4 Billion dollars in issued loans just in the past few years thru P2P lenders. The top P2P lender sites are funded not only by thousands of individual personal lenders, but wealthy financial institutions like Google, etc, have also stepped into the arena to back the biggest P2P players. Many say it’s the future of online banking, and so the Big Players (like Google) are jumping on this bandwagon.

So who’s taking advantage of P2P lending?
Heck, you name it. Practically anyone who wants some quick hassle-free financing:
1. Folks who want to consolidate their high interest rate credit card debt into a low interest rate personal loan.
2. Small business financing
3. Loan for home improvement
4. Other reasons include medical, weddings, auto, rv, etc.
5. Last but not least, as a safe investment (that’s if you’re interested in the lending side).

More details on why P2P lending/borrowing has exploded:

1. Less Than Perfect Credit or “Bad” Credit OK
Traditional banks aren’t lending money like they used to. The U.S. economy the past few years have been tight. You often need excellent 3 credit scores of 700+ to get approved for personal loans from a bank. But peer to peer lending sites use a slightly different credit check than the banks, using an evolving algorithm that’s based on consumer data to see what makes for a successfully issued loan. So it’s not just based on a credit score like with traditional banks. What’s more, they run a lean & efficient machine with much less overhead than a traditional bank. Much less. No expensive bank buildings with hundreds of employees to support. Everything is done online. Bottomline, it’s easier to get approved for a loan thru a P2P lending platform even with less than perfect credit.

2. Bigger Loan Amounts
This sort of ties in with reason #1. In today’s economy, people often discover they are able to obtain much larger loan amounts using a top P2P lending platform than they’re able to get from their local bank. (Try this comparison test: Just ask your bank what loan amount you’d be qualified for. Then try to see what you can get via a P2P lending platform. You’ll be amazed at the difference 😉 ). Right now the top P2P lending sites like Prosper.com or LendingClub offer loans up to $35,000. But you can start at $2000.

3. SPEED: Traditional banks often take weeks to process a loan request. With the peer to peer lending platform, you can often get approved for a loan in a matter of days. It’s that “lean & efficient machine” factor we talked about. Less paperwork and redtape.

4. Very Attractive Lower Interest Rate Loans
Another big reason why P2Plending has taken off like a rocket. And it’s one of the reasons why many are using it to consolidate their high interest credit card payments. They obtain a much lower interest rate personal loan via P2P lending. Most of these loans are monthly installment loans. 3yr or 5 yr term.

5. Zero Prepayment Penalties
Yup, zero, nada with P2P borrowing.

6. Wanna Invest? Enjoy Safe 9.09% Returns
If you’re ever interested in investing (lending) thru a P2P platform, it’s a great way to diversify your portfolio and enjoy safe and consistent returns.

What’s The Best P2P Lending Site That People Recommend?
Now you have some insight into why P2P lending/borrowing has taken off. Borrowers get access to low interest loans relatively easily and quickly. And lenders (investors) get solid and stable returns. The obvious next question would be, what’s the most popular and reliable P2P platform to use right now. Hands down, there’s really only 2 out there that I would recommend without any reservations – Prosper.com and LendingClub. They’re the two platforms that are backed by the Big Financial Players I mentioned earlier, with a solid track record, and the financial size & stability to boot. Pretty much most of that $4 billion in issued loans went thru these 2 P2P platforms.

A Clever Trick For Consolidating High Interest Credit Card Debt – Peer to Peer Lending/Borrowing

Drowning In Credit Card Debt?

More and more people are rushing to peer-to-peer lenders as a way to consolidate high interest credit card debt. It’s a clever trick for sure, but you need to know what to expect or how to use it.

Here’s a few helpful facts & tips:

Why People Are Consolidating Their Credit Card Debt
Credit card debt is a heavy burden to many consumers due to the fact that it’s a high interest rate loan. Sometimes up to 18% or more. By paying this off (i.e. your credit card balance) via a low interest rate personal loan, you can significantly ease your debt burden since you’ll be making lower monthly payments. Well, it used to be an easy thing to do, but lately it hasn’t been that easy BECAUSE:

Your Local Bank Won’t Easily Lend You A Personal Loan Anymore
The U.S. economy the past few years have been tight. Good luck borrowing a nice-sized personal loan in today’s economy and with less than perfect credit. Not to mention the waiting time of weeks or even months to get approved for a loan. Debt settlement and consultation services allow you to cut thru all that redtape. It’s a much more lean & efficient machine with less overhead. Much less. No bank buildings with hundreds of employees required. It’s all done online. Not to mention, it’s much easier to consolidate your debt into lower interest rate payments. bank.

Can This Make My Debt Disappear?
Let’s be dead honest. Other than filing for personal bankruptcy, nothing will make your debt disappear like magic overnight. But what this will do – if done wisely – is to help reduce your debtload as mentioned above. Lot’s of folks are doing this successfully.

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Bottomline
**ADVISE #1 – My Deadhonest Tip/Advise if you’re in a really serious financial bind and need immediate emergency help: The very first thing I’d do is to try to work directly with your creditors to negotiate a lower payment plan. You’d be surprised how many creditors are open to help you out. (They’re not gonna bite your head off). But in case they won’t help, then you may have to go thru a nonprofit org like nfcc.org (credit counselors) and have them negotiate for you. These nonprofit outfit usually work closely with your creditors and 3 credit reports agencies. (Heck, to begin with, these nonprofit orgs were usually set up by your creditors and/or the credit card associations in order to help you out! The logic being that your creditors will continue to receive your monthly payments even if it’s significantly reduced, as opposed to getting nothing if you filed for personal bankruptcy.).
**ADVICE #2: My Personal Rant about most of these so-called “debt consolidation services” you see out there (read: scam). They prey on people who are in a desperate financial bind. They promise to make your debt disappear by waving a magical wand (but like I mentioned earlier, nothing will do that other than filing for personal bankruptcy.). They charge you a large upfront fee and never deliver what was promised. Those type of “services” you wanna avoid like the plague.)

Building Credit with a Student Credit Card

One of the coolest things about getting older is becoming financially independent, but how to do so can be a bit tricky. You have to develop good credit. It will help you to get auto insurance, loans, cell phone plans, and rental applications. Having good credit can even determine whether you’re able to get a good job or not.

How do you get going on building good credit? Open up a credit card now. If you can show that you have proof of income, it could be time to get a credit card in your name. Things have changed a lot though. It’s not like it used to be where credit cards were overflowing the mailboxes of students who were in dorms. Most issuers are no longer trying to put a credit card into the hands of every college student. Some don’t even student credit cards anymore, not since the Credit Card Act legislation. Also remember that when you get a credit card, and there are no co-signors, then managing your credit card is your responsibility and yours alone.

Get the right kind of credit card that works just for you. Once you’re a student, and you’re able to qualify to open a credit card on your own, it’s critical to keep in mind that credit cards aren’t all the same. Before any student applies for a credit card, they have to do some research on which is the best credit card for them, the one with the most benefits. If you think you could end up carrying a balance, then go with a credit card with low interest.

Only use the card for small, occasional purchases because well-managed card use and repayments on time will assist you in building an excellent credit history. It will also discourage the bank from shutting down your account because it’s been inactive. Don’t just let that tiny piece of plastic sit in your wallet collecting dust. When you get a credit card, it shows that you have a credit history, and it shows on your credit report that you have a single account and no late payments either. If you really want to start your credit going, you need to get a credit card. There’s nothing better than building up a credit history and then being able to get a loan afterward. Maybe it’s for your first house, but in whatever case, it’s worth it.

5 Hidden Perks of Having a Credit Card

What are the benefits of credit cards? Why do people get them? Credit cards make it a lot easier to shop, and they also offer a ton of free benefits too, and many consumers aren’t even aware of them. If you use credit cards responsibly, and you pay your full balance every single month on time, then you might want to pay for the majority of your stuff with credit cards as opposed to debit cards or cash. When you pay with a credit card, you can get assistance from a credit card company if you don’t get what you’re supposed to get, have a change of mind, or get a cheaper price somewhere else sometime, or just need a little cash extra.

Chargebacks

If a company doesn’t deliver on a service or product that they say they will, and you’ve already paid for it, and they won’t give you your money back, then the credit card company could do it. This whole thing is called a chargeback. The credit card company will give you a refund on the money, and then they will charge the business. The credit card issuer might make you meet some guidelines, like contesting the charge in a certain amount of time, trying to solve the issue with the merchant at first, and then getting a tracking number to show that you’ve really shipped something and are returning it to the merchant.

Extended Return Policies

A lot of retailers will cut down returns to a 30 day window, but a lot of credit cards will lengthen this policy to three months. MasterCard will give you a refund of up $250 if you were dissatisfied with a purchase within two months if the store won’t take the return.

Extended Warranties

Did you get a one-year warranty with your new purchase? Your credit card could give you additional protection out to two years. Visa and MasterCard will double the warranty for a period of up to one year. American Express will even extend the warranty of a manufacturer for a period of a year.

Price Protection

If the retailer you purchased a product from doesn’t have a policy on price-drop, you can get back the savings you didn’t get from the credit card company you have.

You probably didn’t think there were so many benefits to getting a credit card, but there are. It’s up to you to make the smart choice and get one today. No one can force it upon you.

10 Simple Ways to Protect Yourself Against Identity Theft

These tips will help prevent against identity theft. Identity theft is public enemy number one at the Federal Trade Commission. The reason is that it tops the list of fraud complaints. Because it’s so prevalent, you need to have a cursory examination of some tips to help prevent identity theft. You can win the fight against identity theft by curtailing the efforts of the identity thieves before they can strike. They’ll come up empty when they try to go after you. It’s not just about reducing the use of your computer. Most identity thieves strike offline. Even worse, 43% of identity thieves know their victims.

Take a look through these 9 simple tips to help prevent identity theft:

1. To prevent identity theft, don’t ever release your Social Security number. Keep this information as close to your breast as possible. The only thing an identity thief needs to steal your identity is the Social Security number you have.

2. Keep all passwords in your memory. Never write the passwords down or carry the passwords around with you ever.

3. When you’re at an ATM machine, be absolutely certain that no one is leaning over you and watching you enter your password in.

4. When you’re bidding in an online auction, make sure that you pay the seller directly with a credit card so that you’ll be able to dispute the charges if the goods do not arrive on time or they were not represented well. If you ever can help it, then avoid paying by money order or check.

5. Make sure that you have healthy skepticism, as far as your attitude, when you are looking at websites that are offering giveaways or prizes. What’s usually the case is that you’ll just be asked to buy something that you didn’t want to begin with, even if you think you’ve won it.

6. Make sure that your children know not to ever give out any of their personal information like their password, telephone number, or address.

7. Use a protective subscription service that alerts you to identity fraud.

8. Make sure that you don’t carry around too much in your wallet or purse. Common theft is the easiest way for criminals to steal your identity. Make sure that you don’t have your Social Security card, birth certificate, or passport with you when you go out shopping. Don’t carry around any extra credit cards with you when you go out shopping.

9. When you’re making your PINs and passwords, never use the last four digits of a Social Security number, your birth date, or your middle name. Don’t use anything that could be easily guessed by an identity thief. You’re just asking for trouble.

10. Make sure that you review your credit report right now. One of the best ways to know if a criminal has taken your identity is to look at your credit report. Make sure that you report any mistakes to the credit bureaus. You can receive one free copy of your credit report every year according to federal laws.

How to Get a Car Loan With Damaged Credit

Do you want to get an auto loan, but you have damaged credit? That can be hard to do. It can be hard to find a good deal. Let’s take a look at some steps that you can do to get a good car loan with poor credit. You may just be able to pull it off.

Bad credit doesn’t mean that you can’t purchase a car at all. It doesn’t even mean that you can’t procure an auto loan with terms that are good. Poor credit is just a point of degree and opinion If your score is right on the edge, some lenders might think you’re still a great prospect, and others, that have slightly varying criteria, would calculate additional risk there.

The most important step is to go shopping. Some auto loans are made at around 20 percent. You definitely don’t want a mindset of just getting any loan. There are definitely a lot of deals that you can make.

It’s a great time to start searching when you have poor credit. Credit restrictions are starting to loosen up, and borrowers are looking for an auto loan. It’s become a lot simpler than it used to be before to get an auto loan. Our economy is getting better, and there are financing sources that are returning to the market.

Don’t think that the worst is going to happen. Pull up your credit reports at no cost. Even two people with the same score might look different to a lender. Even if a bad credit score is holding you back, you have an improved chance compared to someone with an identical score and zero credit history.

Be aware that car loans are different mortgage loans, and you pay less cash over much less time. A car is much easier to get back than a home too. The identical credit score that may have placed you out of a reach of a mortgage loan might not be so bad when you’re looking at getting a car loan. If you really try to go out and get a subprime loan, then you’re probably not going to get the terms you deserve.

Some lenders will look at your bad credit history in a better light than other people. It becomes very critical to shop around because you are going to get more favorable rates at different lenders if you really look around. Watch out for any lenders that work specifically with subprime customers, though, because that can be a bit of a red flag.

Even if you think you’re unable to get a loan, you need to go to a credit union or bank. Do an application at the place that you have a savings account or checking account opened up already. Check to see if your insurance company or employer has any auto financing.

Three Weird Tips to Save Money on Your Car Insurance

Everyone wants to save as much as possible on their car insurance. It’s a large bill each month and cutting down on it can be liberating. One thing you can do save a lot of money on car insurance is when you self-insure to the full extent that you can. In order to do that, try the following 3 weird tips:

1. Go for higher deductibles. Everyone says to do this, but that’s because it’s the simplest way to reduce costs. If your car is more than a certain age threshold, though, like ten years, the savings might not be all that much.

2. Take off towing. Good planning and maintenance can keep cash in your pocket. Never let your gas tank reach empty. Don’t ever lock the keys in the car. Always make certain that you keep a spare tire and that you know how to replace the tire. Sometimes your car might break down, but if you maintain your car well, it won’t happen that much at all. You pay between ten and 30 dollars over a policy’s lifetime and a single tow costs $100. Remember that in the event of a wreck, collision almost always covers towing.

3. Don’t do car rentals. Small cheap cars cost between $20 and $25 every day that you rent it. Car rental is about $20 to $40 a year. Go with the odds on this one. If you do a car rental for the purposes of a vacation, the insurance will cover it while you are driving that vehicle. Don’t pay for the additional coverage. The only items those offer are the following:

  • Zero deductibles. You already go throughout the whole year with the deductibles you have, so why should you change now? Furthermore, if you use a credit card to pay for the car, they could be for anything out of pocket in an accident.
  • Downtime coverage. Downtime is basically when the rental car that were in an accident with is being fixed, other customers can’t rent it out and they might hit you with a daily fee. This could be a thing if they can demonstrated that all the other cars were rented by other customers and they didn’t make as much money because you. Hawaii is infamous for charging this. However, it’s a risk you could choose to self-insure instead of paying the $21 a day to get the insurance.

Things to Consider Before Getting a Car Loan

There are a lot of things to consider before you get a car loan. You want to save as much money as possible. You want to ensure that you don’t overspend for something that’s already going to be a huge purchase. It’s prudent to at least take a few steps before you get a car loan. You don’t want to walk into the first car dealership you see and have them just hand the loan for you.

1. Shop around a lot for a car loan. This is one of the easiest and most overlooked steps out there. The most crucial point is that you don’t get your car loan from a car dealership. That’s the first misstep that people make. You should definitely check with a P2P lending source, bank, or credit union before you decide on a source for your car loan. Why not shop around first? Saving a couple thousand dollars might make a big difference to you. If you consult with a few lenders before you ever step out onto the lot, then you’ll be armed with some good information when you go into the car dealership. You’ll have some bargaining power.

2. Sidestep prepayment penalties. Things change all the time, and it’s important to have adaptability. Your car loan should be very flexible. You need to find a lender that will let you make additional payments or pay off the loan completely without any fees. It’s very critical that you look at the fine print because some penalties aren’t even called penalties.

3. Consider the kind of insurance you have before you go in for a car loan. Some lenders will want you to have disability insurance or life insurance before you get a car loan because they want to know that you can pay back the loan if you die. Having insurance might not be a requirement to get the loan, but you should have it if you maybe want to get better deals on the loan.

4. You need to look at the whole picture when you’re getting a car loan too. You don’t want to just pay attention to the amount of the monthly payments if they’re very low. You might end up paying a lot more over time. You could pay much more than the car’s worth. Use an online payment calculator, also known as a loan amortization calculator, to know what your monthly payments are going to be.

5. Know how much you can spend on a car loan each month before you go out and get one. Most people aren’t diligent budgeters, and it’s rare to find them. However, if they know how much they can pay each month, they won’t end up incurring troubles that they don’t want to deal with.

These tips should help you save a lot of money on your car loan. You should try to manage it more wisely because you don’t want to spend a lot of money on your car loan. That money could be used for a lot of other things.

5 Steps to Take Before Getting A Car Loan

It’s always great to have the keys to a brand new car. However, for most people, the real challenge is just forking over the money for that brand new car, which most people have trouble doing. Unless you get a lot of cash together, you’ll need to get some kind of car loan. You have to follow through on these six steps to get a great car loan, and you will then be able to ride around with the certainty that you got the sweetest deal.

1. Manage credit well. Initially, before you ever go out there and apply for a car loan is to take a look at your credit. Every US consumer can get a free credit report, so use this source very wisely. Take a look and see if there’s anything you have to fix. Any red flags or errors could hurt your car loan rate.

2. Know the amount you can spend each month before you go out and try to get a loan. It’s hard to find the really diligent budgeters out there because there’s not that many of them. You can find out the amount your car payments could be with an online payment calculator.

3. Look at the whole picture before you get a car loan too. Your car loan terms will depend on how much you pay and the amount the car loan costs total. Just keep in mind that an initial low cost may not translate to a lower total cost in the future. For instance, some people that take out home loans may pick a low down payment because it’s easier to manage now, but this will increase the whole cost of your car loan, and it will leave you owing much for several years.

4. Take insurance into account before you get a car loan. When different lenders offer you a deal, they may want you to have life insurance or disability insurance. They are probably a little scared that you might die and not have the ability to pay them back.

5. Shop around to get the best car loan. This is one of the easiest things to do, but it’s often not looked at. The most critical factor here is you won’t have to get your car loan from a dealership. Go to a P2P lending source, online lender, bank, or credit union. In the majority of cases, the car dealer won’t be able to offer you the best deal. If you check with an alternate lender prior to going out to the dealership, you’ll be well-stocked with the knowledge of what’s fair to get, and you’ll have a little bargaining power along with it.

These tips should help you when you’re getting a car loan. You shouldn’t go into the process blind. That would be extremely foolish. This is an important purchase. You want to have the best possible deal so that you don’t end up paying an arm and a leg for what could cost a finger, figuratively.

The Easy Way to Save Money on Life Insurance

Most prudent people know that it’s a good idea to save on life insurance, but they want to save on life insurance so that they don’t spend more than they need to. A lot of judicious people would agree that life insurance is a necessity if you have children or a wife, but the high cost of life insurance is discouraging. These tips should help make purchasing life insurance a lot easier for you.

1. Consider getting term life insurance. A lot of financial planners say permanent life insurance policies are better, especially if they have cash value elements, because these policies make you save cash. Others say that you should purchase term life insurance to get the less costly premium and then put the difference in whatever you want. You can’t consider cash value life insurance to be a typical investment though. Any loans or withdrawals will cut down on the death benefit. Furthermore, if you do a little cash value withdrawal in your policy in an amount that is more than the total amount of premiums, the withdrawal that is greater than full premiums will be considered to be taxable income. Moreover, the discrepancy in premiums between permanent life insurance and term life insurance is more than just a couple of dollars every year.

The Society of Actuaries says that whole life premiums can get up to five or ten times more than the equivalent amount of term life insurance, depending on what variation of level term is being looked at. For instance, if you’re looking at the premiums of a 30-year term that’s level, it’s going to be a tinier multiple, and 10-year policy premiums could go to a bigger multiple. Each time you go to renew your term life insurance, your premiums begin to go up. If you renew a short term life insurance policy repeatedly, it isn’t a prudent use of cash. Instead, you might want to buy a long-term life insurance policy, or you could purchase whole life insurance when you want to pass on some money to your children.

2. Look for low-load insurance policies. Low-load life insurance policies have less expenses that are built into them like fees and agent commissions. If you have life insurance that is variable, then this means that these lower expenses could mean that more of your premium starts working for you, and this will allow you to get your cash worth up faster.

3. Don’t get a guaranteed issue policy if you’re in good health condition. Guaranteed life insurance policies don’t need a medical exam, but they might just ask you a couple simple medical questions. These kinds of policies are a little bit more risky the insurance, and they are more expensive. These policies are usually for people with trouble getting life insurance because they have medical problems. The really high premiums, plus the low dollar price for your death benefit, make these policies a lot less desirable.

These tips will help you save money on life insurance. Life insurance is expensive, and you don’t want to spend more than you have to.