Personal Loan A peer-to-peer lender might be the best alternative for you if you have been rejected for a personal loan elsewhere.
Borrowers can get a loan from a peer lender without going through a traditional financial institution. People with less-than-perfect credit histories may still be able to get a loan from a peer-to-peer lender.
People who need loans but have poor credit will pay greater interest rates than those who have strong credit and consistent salaries.
The first step in working with a P2P lender is to visit their website and fill out certain form fields. While the specific steps required to obtain a loan may vary by lender, in most cases you will first need to open an account and fill out some basic financial information.
Individual lenders will review the data you provide and your credit history to make a lending decision. Once you are approved for a loan, the website will take care of disbursing the funds and keeping track of your repayments.
We work with the peer-to-peer lending sites LendingClub and Prosper to ensure you receive competitive interest rates. Read on for more about the available loan providers:
Chase Bank, like many other traditional financial institutions, does not provide customers with access to personal loans. A personal loan from the bank where you conduct the majority of your banking might result in a quicker loan payoff and could make managing your loan installments less of a hassle. It’s also possible to get a lower interest rate based on your preexisting relationship with a certain financial institution.
For a lower interest rate on a personal loan, contact your bank and inquire about any current promotions. Over the course of your loan, this might mean a savings of several hundred dollars in interest payments.
With the opening of a new checking and savings account and a personal loan at the same time, new clients at traditional banks may be eligible for promotional rates. You may require collateral in order to get a loan from a traditional bank, depending on how good your credit is.