Peer To Peer Lending Loans, Peer To Peer Loans, Market Place Loans

Peer To Peer Lending Loans, or marketplace loans, are unsecured loans which are arranged by online financial matchmakers. Peer-to-peer lending websites match borrowers with individual lenders or investors who are willing to lend their money, whilst looking for a good return on their investment. As a borrower you will receive a lower APR and flexible repayment terms because you have cut out the expensive middle man – the banks and building societies. As a lender you should get a better return on your money than you would otherwise receive in a traditional savings account – that is not to say this form of investment is not without risk! Borrowers can be both individuals and businesses, but normally to take out a peer-to-peer loan you need to be over 18 or 21 years old, have a good credit history, income and borrowing history.

If you wish to speak to someone: Contact Us

COMPANYTYPE

TYPE

Lender / Broker

APR

APR

The term annual percentage rate describes the interest rate for a whole year (annualized), rather than just a monthly fee/rate

LOAN AMOUNT

LOAN AMOUNT

Amount you can borrow

MIN TERM

MIN TERM

Minimum borrowing period

MAX TERM

MAX TERM

Maximum borrowing period

TERMS

TERMS

Terms and conditions of loan

SUITABLE

SUITABLE

Applicants the loan is suitable for

RESTRICTIONS

RESTRICTIONS

Restrictions regarding potential borrowers

SECURED LOAN

SECURED LOAN

Loans secured with an asset

UNSECURED LOAN

UNSECURED LOAN

Loans which are not secured with an asset

MORE INFO

Grouplend
Grouplend

Lender6.3%$1000 - $3000036 Month (Open Loan with no pre-payment penalties)36 MonthTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Grouplend loans are primarily used to consolidate credit card debt, make a major purchase, or complete a home improvement project. Anyone who is looking to receive faster, more convenient, and cheaper service than the banks is a suitable borrower for Grouplend!

Restrictions

Restrictions

In order to receive a quote, you must be 19 years of age, a citizen or permanent resident of Canada, live in one of the eligible provinces, have 12 months of credit history within Canada, a minimum gross annual employment income of $30,000, and a minimum 690 FICO score.

NoYesGrouplend
Grouplend is Canadas first peer-to-peer lending company, and offers Canadians a better way to borrow; faster, more convenient, and cheaper than the banks, or any other Canadian financing providers. We offer refreshingly simple loans; no origination fees, no early payment penalties, rates starting from 6.3% and the most convenient application process available in Canada. Our applications take only a few minutes, and funding will be in your bank account within 24 hours of acceptance. None! We don't charge you a fee for originating your loan. We also don't charge fees for paying off your loan early. However, we do charge a $50 fee if we ever attempt to process a monthly payment and we are unable to because the funds aren’t available in your account. DETAIL INFORMATION >>Services

Services

1. Obtaining a quote from Grouplend takes only a few minutes (and will not affect your credit score).
2. Loans range from $1,000 - $30,000


Advantages

Advantages

1. Our application does not affect your credit score
2. Instant Personalized Quotes
3. Funding in 24 Hours from acceptance
4. No Origination Fees
5. No Early Payment Penalties
6. Rates starting from 6.3%
7. Borrow up to $30,000


Disadvantages

Disadvantages

1. This product is only available to people making an employment income of $30,000
2. Not available in SK or QC.

Borrowell
Borrowell

Lender5.6%$1000 - $3500036 Month (Open Loan with no pre-payment penalties)60 MonthsTerms

Terms

See website for Terms and Conditions

Suitable

Suitable

Borrowell personal loans can be used to pay off credit card debt, make a major purchase, home improvement, pay for a wedding, or fund other projects.

Restrictions

Restrictions

In order to qualify for a loan, you must:
1. Be a Canadian citizen or resident
2. Have reached the age of majority in the province where you reside
3. Have a valid account with a Canadian bank or other financial institution
4. Have a valid email address
5. Have a minimum credit history of 12 months
6. minimum credit score of 660

NoYesBorrowell
Borrowell is an innovative Canadian online lender that offers fast, fair, and friendly personal loans. We help responsible Canadians with good credit eliminate their credit card debt today and sleep better tonight. We offer 3 or 5 year loans for up to $35,000. Our online form takes only a minute. If you qualify, you’ll instantly get an obligation-free quote. You also get an interest rate tailed just for you, starting from 5.6% APR. Borrowell has no hidden fees and offers fixed rates. Your scheduled payments are the same every month and won’t go up. Repay in full with no prepayment penalties. DETAIL INFORMATION >>Services

Services

1. Checking your rate with Borrowell takes a minute and will not affect your credit score
2. Money in your bank account in under 48 hours
3. Loans range from $1,000 - $35,000, rates from 5.6% APR, 3 of 5 year term options


Advantages

Advantages

1. Checking your rate does not affect your credit score
2. Instant loan offer
3. Funding within 48 Hours from acceptance
4. 3 or 5 year term options – choose how long you would like to pay back!
5. No Early Payment Penalties 6. Rates starting from 5.6 APR% 7. Borrow up to $35,000


Disadvantages

Disadvantages

1. This product is only available to people with a credit score above 660
2. Not available in SK or QC.

If you wish to speak to someone: Contact Us

Compare Peer To Peer Lending Loans

What is a Peer To Peer Lending Loan or Market Place Loan?

Peer-to-peer loans, or marketplace loans, are a new way of borrowing money in Canada which has taken the UK and USA by storm. Peer-to-peer lenders allow you to borrow money via online financial matchmakers so you do not have to borrow from a bank or building society. Instead, with a p2p loan, you borrow money from another individual or investor. The major advantage of this new form of borrowing is you can receive much lower interest rates on the money you borrow because you are cutting out the middle man – banks and building societies. From start to finish, with a p2p loan you are in control as the loan application and approval is all done online. By embracing technology, marketplace lenders are able to keep costs lower without compromising on their customer service.

Why are interest rates lower with Peer Lending Loan or Market Place Loan?

The two main reasons marketplace lenders are able to offer interest rates which are so competitive and more often than not, lower than banks and building societies, is you get to cut out the middle man and borrow money straight from individuals who are looking to invest their money. With a peer-to-peer loan you usually borrow money from ordinary people or individuals who want to get a better return on their investment than if they were to place their money in a traditional savings account. As a result, they are happy to accept lower APRs than the banks would charge. The second reason interest rates can be lower than a traditional loan is that social lending websites are internet based so they do not have the same overheads as banks, again helping to keep the costs down.

What are the risks of a peer-to-peer loan?

The main risk with a marketplace loan actually applies to the individuals lending money rather than the borrowers. If you are a borrower your money cannot be recalled early and there are no extra risks to a usual bank loan. Although this is not to say that a peer-to-peer loan is totally risk free to a borrower. It is always advisable to read the terms and conditions of any financial product before you commit yourself. Any late or missed payments will be noted on your credit report and if you default on your repayments you will be treated the same way you would if you missed a payment with a traditional bank.

What other advantages do peer-to-peer loans have?

As discussed, with a p2p loan you usually benefit from lower interest rates from those that you would otherwise receive from a bank, but what are the other advantages?

Most peer-to-peer lenders in Canada also offer flexible loan repayment terms and often there are no early repayment charges should you wish to pay your loan back early. This is not often the case with traditional loan providers, who would usually charge you if you want to repay your loan early. They offer a variety of repayment term options so you can decide what loan agreement works best for you and your situation.

Will a Peer Lending Loan or Market Place Loan affect my credit score?

When you make your initial online application for a quotation, the online marketplace lending website will make a ‘soft search’ on your credit report. This will be visible to you and other lenders but will not affect your credit score. If you decide to make a full application, the social lending website will perform a full credit search which will show up on your credit report.

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