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Advantages and disadvantages of inter-personal loan sites
In recent years, the number of personal loan sites has steadily increased. The purpose of these sites is to connect people (not banks) who want to lend money with those who want to borrow money.
Designed for unsecured personal loans, some of these sites boast of being an alternative to credit cards and other types of personal loans.
These loans between individuals have some advantages, however they are not suitable for everyone. Let's take a closer look at their advantages and disadvantages.
A low credit score.
Given the fact that credit card companies and banks generally refuse to lend to people who have a bad credit rating, these loans between individuals can be suitable. However, applicants will be able to expect high interest rates from these sites.
You might consider personal loan online as another interesting option. These lenders will ask you for a pay stub and a statement of account, without requiring an exhaustive check of your credit. So you can, even with poor credit, get a loan.
How much do you have to borrow?
A personal loan online allows you to borrow what you need even if it's only $ 500. Loan sites between individuals can require a minimum loan of $ 1,000, even if you only want $ 500.
Those who are consolidating their debt or borrowing a larger amount do not consider the minimums as a problem in themselves. However, if you ask for this amount for a major purchase or to allow you to go to your next salary, a loan between individuals will be exaggerated.
Online management only
In the case of the loan between individuals, everything is done online. As a result, interest rates and fees are cheaper because they do not have physical locations with high operating costs. Thus, in many cases, peer-to-peer borrowing is worth less than a comparable loan in a bank. If you want to change your loan agreement or have a problem, you will need to consult the services online or by phone. You will not be able to go to a building to talk to someone face to face. Depending on the person, you will consider this situation to be an advantage or a disadvantage.
You could do better
A good credit score will allow you to get lower interest rates. You could even apply for a credit card that offers a 0% introductory interest rate. Once accepted, you will not pay interest on balances transferred from other cards or purchases for six, 12 or even 18 months. So you can consolidate your debts and buy without having to worry about interest to pay.
You want to borrow more than $ 1,000 and you are not eligible for credit card introductions, so only you can consider interpersonal loan as a solution.
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Quick Money Loan is a Belgium-based personal credit brokerage company, without a credit check. We guarantee professional, discreet, fast and safe service. Our goal is to find personal loans for our clients, regardless of the status of their credit report. We only do business with lending companies licensed by the Office of Consumer Protection. Fast money loan is summed up in three simple words: fast, safe and confidential.
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