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While the average personal loan requires a credit score between 610 and 640, peer-to-peer loans may offer loans as low as 600. Funding times are often similar to what personal loan lenders offer.
P2P loans can offer lower interest rates for borrowers with good credit and high returns for investors. Peer-to-peer (P2P) lending emerged in the early 2000s as an alternative option, letting ...
Lenders that offer personal loans for bad credit borrowers usually limit you to a $50,000 loan amount. ... Peer-to-peer loans: A peer-to-peer loan is a type of personal loan funded by a group of ...
SoFi began in 2011 as a student-focused lender but has since expanded to offer personal loans and other banking services. LendingClub was founded in 2006 as a peer-to-peer lending platform.
The UK peer-to-peer lenders quote the ratio of bad loans at 0.84% for Zopa of the £200m during its first seven years of lending history. As of November 2013, Funding Circle's current bad debt level was 1.5%, with an average 5.8% return after all bad debt and fees.
For example, the Calmeadow Foundation tested an analogous peer-lending model in three locations in Canada during the 1990s. It concluded that a variety of factors—including difficulties in reaching the target market, the high risk profile of clients, their general distaste for the joint liability requirement, and high overhead costs—made ...
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