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Using a peer-to-peer loan for debt consolidation purposes can help you consolidate all your outstanding debts into one single, more convenient loan, giving you one single monthly repayment to make and helping you pay off your debts in a more practical and cost effective way.
Peer to peer lending is basically people lending money to other people who are not friends or family. This type of lending does not go through any traditional financial institution, such as a bank, but instead uses an intermediary company such as Zopa that vets applicants and decides whether they are a low enough risk lending to. The majority of peer to peer lending is done as unsecured loans and the interest rates as set by the lenders in relation to the individual. Higher risk lenders attract higher interest rates, and lower risk lenders attract lower interest rates.
The intermediary companies that actually administer the loans are for-profit organisations who generate their revenue from the fee that is charged in order to take out the loan. They also make money from the investors in the form of a fund management fee, which is either a fixed amount or percentage of the loan amount. Operating completely online, there are also few overheads, especially as many of the processes are automated, so running the company is cheaper than for mainstream lenders.
There are really only three things that you need in order to qualify for a peer to peer loan. Firstly you will need to be able to confirm your identity, usually through a passport or driving licence, you will need evidence of your income and ability to make the repayments, in the form of pay slips and bank statements, or the equivalent of these if you have slightly different circumstances, and finally you will need a good credit history and ben able to demonstrate a good track record of repaying your debts.
If you have no credit history or bad credit then you may still be eligible for a loan. Simply use the eligibility checker above to get your results today.
This will depend on a number of factors, but it will mostly be related to the amount that you borrow. If you borrow a small amount, or a large amount you will find that you will pay higher interest rates of around 12%. If you have a loan of around £5000 to £20,000 you will find that you pay between 6% and 7% depending on the term that you choose to repay the loan over. It is also worth noting that you don’t generally have early repayment fees.
Check your eligibility and apply online for a loan in the UK here on Lending Expert.
Loans displayed have a minimum term of 12 months and a maximum term of 360 months. Maximum APRC charged 49.9%.
Overall Representative Example for Secured Loans
Based on borrowing £18,000 over 120 months. Interest Rate: 6.5% fixed for 60 months with instalments of £227.38. Followed by 60 months at the lenders standard variable rate of 4.95% with instalments of £221.71. Fees Broker fee (£1,530); Lender fee (£495). Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee and Lender fee. Overall cost of comparison 9.1% APRC.
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