Peer to peer lending allows an individual person to lend money to another individual seeking out a loan. These could car, home, college, or even a non traditional loan for items such as a trip to Hawaii. While each platform has their own niches and strengths, here is our top suggestions for getting started with peer to peer lending.
1 – Upstart
Upstart is the peer-to-peer lending platform that investors have been waiting for a long time too. This startup has partnered with many banks so it can expand its businesses. Yes, Upstart is here to truly stay for a long time too. Upstart is all about AI \peer-to-peer lending these days.
Upstart has also raised $50 million to take its power and influence in the marketplace to a new level too. Upstart is here to stay for a long time because it allows the system to see who should get a loan. It uses the power of AI to get the right information at the right time.
Upstart will also identify the right size of the loan for the right borrower, and that is just part of the things this software can do these days too. This is a San Francisco-based startup that is taking the world by storm.
Prosper is one of the best peer-to-peer lending platforms out there. If you are an investor, Prosper is for you because it has all the features that you might want to get the most out of your money these days too.
You will manage to pick up a lot of good-credit borrowers who will be more than willing to make you money down the line too. They have the outstanding credit score that you want to see, and that is just part of what Prosper has in store for you. Prosper can become a money-making machine.
You can start with $2000 so you can see for yourself what Prosper can do for you. The typical APR start at 6.95%, and you will have to deal with some origination fees right off the bat too. There is also a late fee of 5% of any unpaid amount out there too.
3 – Peerform
Peerform is the perfect peer-to-peer lending platform for those investors who do not mind dealing with bad-credit-score borrowers. If you do not mind this reality, Peerform is for you because it has been designed with this end truly in mind too.
You will also have to do business with borrowers with only one year when it comes to credit history. This might be either good or bad for you depending on your particular risk tolerance and situation these days too. You can also invest in the world of debt consolidation via Peerform today.
You will need at least $4000 to start lending to these types of borrowers, and you should be able to lose some money. For debt consolidation, you will need to shell out at least $10,000 bucks. The typical APR is 5.99% a year for a 3-year long too.
4 – Lenmo
Lenmo is the common-sense micro-investing app that you, as an investor, have been seeking for quite a while. Lending and borrowing money is easy again thanks to the power of Lenmo today. You can lend up to $5000 to any borrower via the famous Lenmo so you can make good money down the line.
If you want an investment environment without the volatility of the traditional lending platforms out there, Lenmo is for you because the site has been created with this end in mind too. This is the alternative lending system that investors and lenders have been looking for these days.
One of the best things about Lenmo is that borrowers can choose any payback term they want, and that will give them a lot of flexibility in the world of lending. Dwolla, a payment service, will handle all of the payments between borrowers and lenders at all times too.
5 – Zopa
Zopa is a UK-based peer-to-peer lending firm that you need to use today. It has secured a bank license so it can better serve its clients in this ultra-competitive business. Zopa wants to serve its clients with credit cards and savings accounts so they can take their financial lives to a new level.
The problem with Zopa is the fact that it cannot work as a bank fully just yet. The reason is that Zopa has some restrictions about the things it can do these days too. Regulators in the UK say that Zopa has to meet certain criteria before it can work fully as a new bank. Yes, Zopa is truly here to give you what you need as an investor.