Have you ever been in a situation where you needed extra money for something, but you simply did not have it? You are not alone.
Because there are so many people who often deal with the same problem, Lending Club has popped up that offers peer to peer lending. If you are in need of cash, you could apply for a loan with them.
It is much wiser to apply for a loan with the Lending Club than it would be to try applying for one with your bank for several reasons. If you go through the bank, the entire process could take several weeks. And, you might not have much time to wait when you need the money immediately.
The bank may want to charge you high-interest rates, which would cause you to pay much more than you originally borrowed. However, you can enjoy lower rates with this loan option. Investors choose to lend their money to borrowers and earn some extra money back while you get what you need as quickly as possible.
If you go online and read different reviews on the Lending Club you will find it offers a convenient feature that allows you to check your rate beforehand. The neat thing about this feature is that it will not appear on your credit report, so you do not have to worry about it having a negative impact on your current credit score.
If you would like to check your rate, you simply need to provide a few details, such as how much you would like to borrow, what you plan to do with the money you receive and what your credit score currently looks like. These details are needed so that a lender may offer you a loan with specific rates.
Instead of waiting a while to find out if your application has been approved, you can easily find out in less than a minute. Once you have received that approval notification, you may need to provide details on where you would like to have the money sent.
Make sure to read the terms and conditions. While reviewing the agreement, you will learn more about the fixed monthly payment you have to make. Decide whether or not it is reasonable before moving forward. If you can afford that monthly payment with no problem, agree to the terms and receive your loan directly in your bank account.
There are a lot of good reasons to apply for a loan. You may want to consolidate some of the credit debt that you have, especially if you are tired of trying to remember when the monthly minimum is due for each card. However, you may also want to use it for other expenses.
Some people choose to use the loan to remodel their home or to replace something that is no longer working, such as a washing machine or refrigerator. No matter what you plan on using the loan for, there is now a much easier way to get the money you need instead of going through a traditional bank for help.