Peer to peer loans offer an effective way to borrow £1,000 to £35,000 at competitive interest rates over 1 to 5 years. We work with the best peer to peer lenders to help you access finance to suit your needs, whether it is for home improvements, purchasing a new car or tidying up your finances into one monthly payment.
Peer to peer lenders act as middlemen between those looking for a loan and those individuals or companies looking to lend out money and receive a return on their investment.
Borrowers tend to get better rates than other types of loans and savers get better rates than if they used a savings account from their local bank.
They are otherwise known as ‘money cupids’ or ‘matchmakers’ offering rates as low as 3% for good credit customers and 9.9% Representative APR for those with poor credit.
With peer-to-peer lending, your credit score facilitates how much you can borrow and what interest rate you will pay. Borrowers with good credit will pay low amounts of interest and customers with bad credit will pay higher amounts of interest because they have a greater risk of default.
The lenders or investors that use a peer to peer platform can choose whether to lend to those with good or bad credit. So if they decide to take on more risk and lend to those with bad credit, they will receive a far greater return than lending to those with good credit.
To apply you need to be able to say yes to the following 3 statements:
There are also no early repayment fees if you wish to repay your debts early. In fact, you may save money on the overall cost of your loan since you will accrue less daily interest.
We work with number of leading providers to help you compare rates and get the best loan offer possible. Simply complete our online application form in just a few minutes and you will receive an instant decision. If you are successful, we will assist you every step of the way and your funds will be transferred directly to your debit account within 2 working days.