What You Should Know About Personal Loans

When you need extra cash to pay for a home remodeling project or other major expense, a personal loan can be a low cost solution. You can use a personal loan to pay for almost anything.  All you have to do to be approved is meet minimum income and credit standards set by the lender.

Despite their flexibility, personal loans aren’t right for every situation. Before you complete an application, consider the pros and cons.

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Are Peer-to-Peer Loans a Good Solution?

 

After the financial meltdown, lending guidelines tightened, paving the way for peer-to-peer (P2P) lending—a new product that offers consumers personal loans at competitive interest rates.

One primary difference between P2P lending and traditional loans is the lenders; P2P loans are backed by a pool of everyday investors—or peers—instead of financial institutions. The lending companies act as the middlemen between the investors and the borrowers.

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