When Michelle Watson compared the interest rate car loans together with the interest rate of its two credit cards offered by peer-to-peer, or P2P is a leading loan website, his jaw dropped when he realized that he had wasted his money away on interest rates high over the years. You can also take the benefits of best peer to peer loans via https://crowdfunding-platforms.com/.
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As the owner of a blog that highlights his way to becoming a single mother debt-free, Michelle is quite particular about financial products and services he recommends to his readers. However, he was more of animation in P2P lending support.
Basics of Peer-to-Peer Lending
Michelle is part of an increasing number of people who said goodbye to credit cards and turned away from the bank, not to turn to individual investors for the funding they need to consolidate high-interest credit card debt to them, took a much-needed vacation, or achieving their dreams to start their own business.
The premise behind P2P lending is rather simple. Borrowers simply fill out the online application detailing the desired amount and the reason for the loan. Then, investors review the application and decide to lend money to applicants that they consider valuable. Often, even with less than a credit score star can receive funds only by providing an interesting story.
Peer-to-Peer Loans to Pay Off Credit Cards
Although peer-to-peer loans can be used for various purposes, paying off the credit card and debit consolidation is largely popular borrower demand. People have grown sick and tired of paying the astronomical credit card interest rates and switching to P2P lending sites like Lending Club Prosper, in growing numbers to receive low-interest personal loans to pay off their credit card debt.