{"id":4492,"date":"2019-09-06T01:00:31","date_gmt":"2019-09-05T19:00:31","guid":{"rendered":"https:\/\/itgust.com\/?p=4492"},"modified":"2021-11-08T11:54:08","modified_gmt":"2021-11-08T11:54:08","slug":"peer-to-peer-lending-bad-credit","status":"publish","type":"post","link":"https:\/\/itgust.com\/peer-to-peer-lending-bad-credit\/","title":{"rendered":"Best Peer To Peer Lending Bad Credit"},"content":{"rendered":"\n

Although the digital age has offered P2P lending a facelift, it is not a new concept to anyone. If you have ever borrowed cash from a relative or colleague you have taken part, in peer to peer lending, though informally. Today, the internet has transformed P2P lending into a whole new industry with person to person loans exploding on the scene, usually offering personal loans with low credit score<\/a> to thousands of borrowers. If you are in dire need of money to start a promising business venture, but all mainstream banks and credit local are not willing to offer you a loan due to bad credit score, P2P lending platforms could be the next sure bet.<\/p>\n\n\n\n

Since P2P platforms are branching out into highly specific niches for lending including mortgages, refinancing student loan debts, personal loans, and business loans. Slowly, these niches are moving into personal loan with no income verification<\/a> catering to the needs of borrowers with less-than-stellar credit scores. Progress on bad credit loans has been quite slow. Nonetheless, there are still prospects to get loans from P2P lending sites if you are looking at less than fair or bad credit score. Therefore, you should not resign yourself to a permanent situation of poor credit when there is plenty of peer to peer lending bad credit loans in the market.<\/p>\n\n\n\n

In reality, however, this bad loan lending is still a new concept in the P2P industry. With increasing investment interest on these platforms, the future is bright for borrowers facing challenges accessing funding opportunities due to poor credit scores. It is only a matter of time before more peer to peer lending sites start offering bad credit loans. So how is the industry like now, and what are your options if you have bad credit? There is plenty of misleading content on various sites and news sources claiming that P2P lending sites are a place for consumers with bad credit to access loans. Even as some lenders are providing guaranteed loan approval no credit check<\/a> financial products, most of the information out there is generally incorrect.<\/p>\n\n\n\n

Where Can I Get Peer To Peer Lending Bad Credit Loans?<\/h2>\n\n\n\n

It is perhaps an overstatement to use bad credit and P2P in the same context. Closer to the reality, is that there is peer to peer lenders who work with fair credit borrowers, and some can go below fair, but a limited number of them will actually give loans to levels of credit categorized as bad. It is essential to understand why this is the situation. P2P lending sites bring together investors and borrowers. These investors are often the primary reason behind fewer loans being available for customers with bad credit.<\/p>\n\n\n\n

However, we are going to highlight specific peer to peer lending bad credit loan providers that carry more liberal standards of credit.<\/p>\n\n\n\n

1. PersonalLoans.com<\/h3>\n\n\n\n
Loan Amount<\/strong><\/td>Interest Rate<\/strong><\/td>Loan Term<\/strong><\/td><\/tr>
$500 to $35,000<\/td>5.99% – 35.99%<\/td>3 \u2013 72 Months<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

PersonalLoans.com<\/a> is majorly an online lending platform that connects borrowers with direct lenders and banks. Therefore, this site functions as a peer to peer lending forum. You can get loans from $500 to $35,000 and the loan terms often range from 3 months to 6 years.<\/p>\n\n\n\n

Subject to the lender you choose, you can sometimes access the funds as soon as the next day of business. Although the network does not have a specific minimum credit score for loan applications, you may still have to qualify for specific income requirements. Furthermore, respective lending partners on the platform have their own requirements for peer to peer lending bad credit loans.<\/p>\n\n\n\n

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\nPROS<\/b>\n