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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?




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

ditchdebt ditchdebt

(Posts: 631 | Credits: 249.99)

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

Good Nelly Good Nelly
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(Posts: 2633 | Credits: 529.22)

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