Peer-to-peer (P2P) loans are a viable option for business or personal loans if you do not qualify for or choose not to approach a bank for the funds. P2P Credit offers small business loans in the form of start startup or operating loans. The loans are available with fixed rates starting at 5.99 percent.
Small business loans can be used to add working capital to a current business, expand inventory, advertising, and other daily expenses. P2P Credit provides access to personal loans, debt consolidation, and loans for bad credit. P2P Credit helps business owners link up with the right match for a loan. Most lending and investing is done through Lending Club and credibly.com. Consumers who choose P2P should remember that they must have a credit score of 550 or higher.
Business owners are more likely to qualify for a startup business loan through peer-to-peer lending than going through a credit union or bank. Larger institutions have stricter scoring criteria and are less likely to fund a startup company. While there are limited options for poor credit borrowers, there are still options available. A business with good credit standing will have better and more options.
Interest rates for small business loans are more appealing through peer-to-peer lending. It's entirely market-driven. The only thing that causes rates to move is investor and borrower demand in the platform. The lack of a bank, with its high overhead, skimming off the transaction, allows P2P Credit to offer access to providers of lower, fixed rate loans and cleaner fee structures than traditional financing products.
This is a helpful tool to determine what payments may look like with varying loan amounts and interest rates. By entering in loan amount, interest rate, and length of loan you can calculate based on these terms to help determine what you need.
P2P Credit lending has missing or lack of information on its website. The only way to contact the company is by filling out the form on the website or emailing them at [email protected]. You will not receive a quick response by doing either. There is nothing about the company on its website including how it got started, how long the company has been in business, and what the mission of P2P Credit is.
P2P Credit's term of services states that the rates, fees, terms, and all other details on the website are for informational purposes only. This information should not be considered binding. When applying for a loan, you will be redirected to other company websites, and their rates, fees, and terms are what will be binding.
The information for a small business loan is very brief and not detailed. The information given focuses on what the funds can be used for and explains that a business owner is more likely to qualify with peer-to-peer lending rather than with traditional banking sources.