Everyone needs a loan from time to time. It could be to cover a shortfall until the next paycheck comes in from your employer.
A great example of someone who needs a little boost is Tom. He needs cash to get his motorcycle “tuned up” and repaired so he can sell it for a higher asking price than it would fetch if he sold it in disrepair.
His credit is a little shaky thanks to some bad investments that did not pan out well. In a way, getting a personal loan can help out his credit. For one, it will help him make more money on the sale of his bike. In addition, he will improve his credit score by opening a line of credit and repaying it.
How Do You Find Top Rated Personal Loans?
Tom is financially savvy, despite his mistakes and financial setbacks. He repays his bills as he can.
He does not have the time to fill out a big application at the bank, deal with finding a lot of documentation in order to get a rejection.
Lower Interest Rates
He has heard about person-to-person lending programs sites that may help him secure the top rated personal loans.
Such sites as Prosper and LendingTree allow him to shop among individual lenders. With a site such as Prosper, he enters his financial information and requests the amount of money he needs. In return, Prosper returns the amount he is eligible to borrow along with the interest rate, and different payment plans.
Prosper is one of many person-to-person lending sites, where all different individuals lend out their money to earn interest on Tom’s loan. Avast is yet another popular site with a similar method to make lending quick and easy.
Consolidate Credit Cards For Faster Repayment
Tom told his cousin Rosie about his experience. She has poor credit thanks to some hefty medical bills following her husband’s death a few years ago. She wants to pay off her credit cards that she used to finance the debt faster.
This will help her rebuild her credit by allowing her one payment instead of several every month. She will pay less in overall interest, while freeing up space on her cards faster. This will all help give her credit score the lift she needs.
While it is good to start with top person-to-person and aggregate lending sites, it is also important to keep tabs on the credibility of lenders. With a site like Avast or Prosper the money is given to the borrower almost immediately following approval through transfer to a specified bank account.
Avast, Prosper, and Lending Tree are the top sites for person-to-person, or peer lending. They provide the money quickly. And, when you are able and want to, go ahead and invest in people to make a return on your own money.
A great way to stay up-to-date on everything dealing with personal loans is to read online about it. People review everything from their personal banking and person loans to their credit cards and peer-to-peer lending experiences. Stay abreast of the information as things can change quickly.