Peer to Peer Lending also known as Social Lending is emerging as a popular way to lend and borrow money. There are two companies at the top of the social lending space. Pertuity Direct and Lending Club both offer the opportunity to lend and borrow money.
Lending Club is a social lending network that brings together investors and creditworthy borrowers to offer value beyond traditional banks. Borrowers with good credit can get personal loans from $1,000 to $25,000 at interest rates that are often significantly better than rates from conventional sources.For lenders, money invested goes immediately to Lending Club’s approved borrower members. Most lender members spread their investment across tens or hundreds of qualified borrowers.
Social lending is the new way to borrow. We call it Mutually Responsible Banking – it’s people working with people, where everyone comes out ahead. It cuts out all of the high fees and rates that the big banks charge, which means you can make smarter financial decisions. Pertuity Direct provides savers and borrowers with a new, efficient and secure way to meet their financial goals.
Typically reserved for people with good credit scores of 660 and higher to reduce risk. It may not be available to everyone but one thing is for sure everyone is talking about Peer to Peer Lending. From the Wall Street Journal and Yahoo Finance to National Public Radio the topic is buzzing.