The advantages of peer-to-peer lending has caused some people to cash in on this new business model. They have developed lending apps which make it easier for people to register and participate. For those that might be interested in joining the trend of peer-to-peer lending, here are some amazing 2017 lending apps you should consider: SoFi has strict eligibility criteria. They include: job experience, prospective employ-ability, financial history, and budget management. The least loan amount is $5000 while the greatest is $100,000, as opposed to many other P2P lending apps. The payment plan is quite flexible; you can repay between three and five years.
Prosper
Unlike other lending Clubs, Prosper only offers unsecured consumer loans. They don’t deal with SME loans. Prosper gives loans to the tune of $2000 to $35,000, which can last up to five years. It charges borrowers a closing fee which can be from 0.5 percent to 5 percent. Investors are also charged 1 percent annual fee, depending on the outstanding loan principal. It’s reliability makes it a must have peer-to-peer lending app.
Upstart
Once you’re able to meet the requirements, the loan is yours. You can get a loan from Upstart for almost anything. The loan could be to repay student loan, car, and house buy. They also help with a loan for startup. It’s pertinent for you to know that the loans start from $3000 to $35,000, with an annual percentage rate of 4.7 percent. Upstart is a great peer-to-peer lending app for millennials.
Lending Club
While it isn’t the oldest peer-to-peer app, it definitely is the world’s largest. The platform has been up since 2007, and currently has over $20 billion loan issuance. Lending Club gives loans to both consumers and SME enterprises, without minding popularity. The loan is usually from $1000-$35,000 for individuals, and $15,000-$300,000 for businesses. Loans lasts for as much as three to five years, meaning there is no rush to pay back. So how does this style of borrowing work? Read more about fintech trends on Tech.Co
