Even though credit cards and personal loans can provide you with some extra funds in the event of a financial emergency, there are some other ways to get a financial boost and avoid excessively high interest rates. Peer to peer lending programs may be especially attractive to those who have been turned down by a bank. BloombergBusinessweek recently reported on some of the top benefits of peer-to-peer lending programs, highlighting the fact that these programs have significant cost advantages. There are a number of online lending options available for those with average credit scores, and you’ll find that many of these loans offer competitive rates and flexible repayment options.
Here are seven online sources to borrow money:
#1: Lending Club
The Lending Club online loan program provides low-interest, fixed rate personal loans with the peer lending method. It’s a financial community where borrowers can apply for loans to get the funding they need quickly and easily, and avoid the high costs, fees, and complicated application process associated with traditional banking systems.
If you need a home loan, auto loan, or other type of larger loan, you can tap into the network of lenders available at LendingTree. This is an online lending exchange that offers a variety of low-interest loans for individuals that might not have qualified for a bank loan.
Prosper.com offers online investing options for personal loans, and is another rapidly-growing peer to peer lending site. The site offers unsecured fixed rate loans and promises easy monthly payment programs. According to the latest data, the fixed rates range from 6.38% to 35.36% APR.
#4: Quicken Loans
If you’re looking to buy a new home or refinance your existing home loan, you might choose to work with Quicken Loans for the best interest rates and fast service. Quicken Loans is the leading online lender and the third largest retail mortgage lender in America, according to National Mortgage News. You can pick a fixed term and match a mortgage to your budget.
If your primary financial goal is to pay down student loan debt quickly or plan for college, you can compare student loan rates and programs, and learn more about financial aid options on Simpletuition.com. You can also apply for student loan refinancing to pay off that debt as quickly as possible.
Crowdfunding site SoMOLend allows investors to take a closer look at your business before agreeing to provide financing. It prides itself on being more transparent than other lending programs, and uses social networking to help entrepreneurs raised funds from several different sources with best practices crowdfunding.
The Kiva loan concept has become increasingly popular in recent years and works as a microfinancing program for low-income individuals that want to start their own business or grow an existing business. Kiva operates on an international level.