Banks have been the traditional facilitator in helping individuals and businesses in obtaining a loan. Unfortunately for borrowers, dealing with banks can be a tedious and drawn out venture. Along with the bank adventure will come high interest rates. Now you can borrow money via a social lending network below bank rates and without the headache of dealing with a financial institution.
A social lending network is a community of individuals, also know as Peer-to-Peer lending network, that you can join and can easily obtain a loan, without the involvement of a bank or other traditional financial institutions. A social lending network puts together investor and creditworthy borrowers.
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Keep in mind the creditworthy statement. Borrowers must be creditworthy, meaning they must meet a minimum credit score rating. This minimum is set by each lending network, and differs between the available social networks. Once you are approved by the network as a qualified borrowing member you can start borrowing money. Interest rates for borrowers are preferable over bank rates and will be better for those with a higher credit rating. The process is fast and easy for the borrower, however the maximum amount that can be borrowed for most networks is a $25,000. Some lending networks will only provide personal loans and some will also include business loans.
If you are not looking to borrow money, you can also join the social lending networks as a lending member. Investors will definitely see a better return on their money then bank interest rates and generally lender members will spread their investments across hundreds of qualified borrowing members for diversification.
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