The process to apply for personal loans from peer to peer is delineated to connect you (a) with a particular lender of a network to finance your loan. If you are properly connected, you can receive the money you need in as little as 24 hours (business day). Then, it will take between 6 to 72 months to repay the loan, this will depend on the terms agreed upon by your lender. The lenders in the private personal loan network have a representative APR level and it is between 5.99% and 35.99%.
The whole process is extremely safe and works in these simple steps
You complete a simple loan application form on the bank’s website that will connect you with a private lender. This includes how much money you want to borrow, what type of credit you have and the reason for the loan. The form will also require you to provide basic personal information, bank account and income information. This information will be used by the intermediary entity (which is in charge of connecting you with a lender) to determine for what type of loan you may be eligible.
After receiving your loan application, the individual lenders affiliated with the network will make a decision about whether to approve your application or not based on the information you provided. If approved, it will be directed to the loan agreement of the lender. At this point the lender will make clear their terms and conditions, including the amount to be paid and the term to be paid. Make sure you understand the key points of your loan agreement, including the loan interest, as well as the repayment term before accepting the lender’s offer.
Shortly after you accept the terms and conditions of your lender the funds will be transferred to your bank account. The exact amount of time it takes your money to get to your account will depend on when you approve the loan, as well as the lender you work with, but you will surely receive the cash in five working days, it will depend of your eligibility and preference.
Next, you will be directed to the account center. When you log in, you can change basic information, such as your contact information and your password. You can also send another personal loan application with the click of a button and using your existing information. Other offers will also be presented depending on the preferences of your account.
Qualify for a loan from private lenders
Although they accept loan applicants with any credit score, there are still some basic requirements that you must meet to qualify. Before applying for a loan, be sure to comply with specific guidelines regarding these points:
– Age, ID and residence status. You must be over 18 years of age or older to be eligible for a personal loan. You must also have a valid Social Security number and be a legal citizen of the United States or permanent resident.
– Revenue To ensure that you will be able to repay the loan, you must have a full-time job, be employed by your account, or receive regular social security or disability benefits. Some lenders may require two more recent pay stubs or another form of income verification.
– Bank account. The vast majority of lenders claim to have a current checking account, since once a loan is approved, your lender will deposit the cash directly into that account.
– Type of credit. It is not necessary to have a good or excellent credit history to qualify for a personal loan. However, most lenders require applicants to show a pattern of responsibility to pay. To be eligible for a personal loan product, typically an individual must not have an account more than 60 days past due. They should not have recent or active bankruptcies. You must not present a pattern of late payments. You should not have any debt that you can not pay with your monthly income. And you should not have any recently overloaded accounts.
Meeting these requirements does not mean guarantee of an approval for a personal loan, but it greatly increases the chances of the approval being carried out.
The typical requirements of personal loans from private lenders
– Credit score of 600+
– Minimum income of $ 2,000 per month, amount that must be verified
– Source of income from a job in a company or on your own
– Loan amount from $ 1,000 to $ 35,000 dollars