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Peer to Peer Lending (Social Lending)

. . .is a new way to borrow money online directly from other people, and for people who want to lend money to make loans directly to other people who need to borrow it.  Peer to peer lending, also known as social or person to person lending, allows borrower members to borrow money through personal loans, and lenders fund these loans by investing in notes. 

Peer to peer lending is different from traditional lending transactions because it eliminates the intermediaries such as banks. Social Lending has made a difference in people’s lives, and with the economy in its current state, it may be the tool that thousands need to stay afloat.

With the combined factors credit market freeze and the power of the internet, peer to peer lending has gained a lot of momentum. One of the unique features of these social loans is that you get to fully explain the reason you need the loan and that is taken in to account by the person that will loan you the money.

The person to person lending (p2p loans) service will check your credit, just like a normal loan application, and they let potential individual lenders know about your credit profile.  They will handles all the logistics of your loan such as handling your payment so that the investor gets their money in return and provide you with customer service and  even report you good payment history to credit bureaus.

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