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What is Peer to Peer Lending?

Peer to Peer lending is basically a loan you can apply for that doesn’t involve a bank. What did I just say? YES, no banks. You’ve got to love that.  Don’t get me wrong, I love banks, and yet my love has waned a bit lately. So when I started reading about P2P lending, I have to admit I got a bit excited… (Don’t tell my wife :) ) Although there is a qualification process the loan is potentially funded by hundreds of investors, so even if you aren’t a perfect borrower you can get your loan funded.

At this time there are just two major players…and my radar says to watch the horizon ’cause I bet there’s going to be a lot more very soon. Those two players are LendingClub.com and Prosper.com. Although Prosper has been around longer and have funded more total loans, they recently relaunched to reduce risk to investors where Lending Club is boasting they have now made 133 million in loans and have 85% of the Peer lending market share with over $10,000,000.00 funded last month.

Here are a few stats:

  • Loans are available to qualified borrowers (minimum 640-660 FICO) in most states from one or the other institution, (sorry Iowa, Maine and North Dakota residents, NO SOUP FOR YOU!) and for investors (lenders) from just over half the U.S. states. (if you just CHECKED out because your score isn’t that high, then we need to speak, today!)
  • You must qualify BOTH to be an investor (lender) or a borrower separately.
  • Both companies are boasting over a 9.5% net return for investors and both have very low (recent) default rates despite our country’s economic climate.
  • Over 60% of loans issued to date have been used for debt consolidation, something you almost can’t find these days from banks.

So why should you care and what does this have to do with Debt Consolidation?

Because if you are a typical American, you carry credit card debt and it’s got a HIGH rate of interest, and you probably already know that, but like most of us… you just don’t care to spend the time to fix it. Well here is your incentive.

If you are unable to pay off your credit card debt in full and you can qualify to get one of these loans, DO IT, when you move this debt over from a revolving debt to a fixed payment debt your score is going to FLY through the roof for a couple reasons. (I cover this process and MANY more in my upcoming book “CreditWise”, be sure to watch for it.)

In Part 2, I’m going to talk about how your score will dramatically improve by implementing one of these P2P loans and how you could pocket over $100,000.00 for your retirement by using this technique.

If you DON’T have a high enough credit score to use P2P lending, LET’S get you one, call me today so we can get started on your CreditWise future with credit repair, credit restoration and credit consultation services from Home Solution.

For your Health, Wealth and Liberty

Mark Ruiz

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