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P2P lending - Do they charge high interest rates just like payday loans?

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I have heard about P2P lending. Is it better than payday loans or it’s just another name of payday loan. Do they charge high interest rate same as payday loans?

A loan from P2P Lending and payday loan is quite different.
A Lending Club loan has comparatively lower interest rates, which doesn’t increase even if you miss a payment. Such loans are available even in the states where payday loans are illegal. You also receive the borrowed amount within 6-7 days and usually you can repay the amount without any penalty.

Sub: #1 posted on Fri, 07/29/2016 - 15:37

Good Nelly Good Nelly
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(Posts: 2668 | Credits: 533.16)

You're talking about peer-to-peer lending. This is obviously better than payday loans. Here are a few reasons:

As Nelly said, interest rate is lower, which means you've to pay less. Such a relief!
You have to make a single monthly payment
There are no prepayment penalties or hidden fees
The money will be directly deposited in your bank account
The loan term is fixed -> 3-5 years usually

Sub: #2 posted on Fri, 07/29/2016 - 15:50

ditchdebt ditchdebt

(Posts: 667 | Credits: 254.01)

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