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How to Choose Your First P2P Lending Platform

Are you wondering how to get started in peer-to-peer lending?

There are so many options that it can be overwhelming to try and figure out what works and what doesn’t. This is a great way to begin investing and borrowing when you need it, giving you the flexibility you need. Getting started with peer-to-peer lending can be daunting, but is quite easy and ready to go for you. 

Peer-to-Peer lending options

Kiva

Kiva is a website that helps people who need to borrow money while investors can connect with those people and fund their loans. Everyone gives their reasoning for why they need to borrow money and investors can choose if they want to lend them money or not. Kiva’s loans allow multiple people to invest into one fund so that no one is investing the full amount on their own unless they choose to. This helps out borrowers to help them get the money needed quicker. 

You may need to borrow money for many reasons. The idea of Kiva is that people need help and they help to connect those who need the money with those who have enough capital. The one drawback to Kiva is that their loans only go as low as $1,000, making it impossible to borrow less than that while using them. 

LendingTree

Lendingtree is a larger lender that also offers microlending. 

Lending tree specializes in offering small loans that range from $1,000 to $50,000. They consider microloans to be personal loans since their other categories typically require a different kind of loan that offers larger amounts to borrow.

With LendingTree, you apply for the loan you need based on your personal information. Once this is done, multiple lenders start giving you instant offers so you can shop around and choose the best one for you. This allows the borrower to choose who they want to borrow from, while the investor can decide if they trust them. 

One thing to note with Lendingtree is that the lowest amount they will finance on personal loans is $1,000. With microlending, some people need to borrow less than that. That would make Lendingtree not a viable option for them.

Accion USA

Accion USA is a unique lender from the typical ones you would think of. 

It is a non-profit organization that allows investors to donate money and pair with borrowers they believe have a good cause. They also offer advice and other resources that can help you succeed. 

Even though they are a lender, they focus more on helping you get the necessary resources for financial help. Their focus is on helping you by getting money from investors to help the ones that they partner with. 

Accion will make sure each borrower is in decent standing while checking that the person applying for the loan has a credit score over 575, no recent bankruptcies or foreclosures, and no unpaid taxes exceeding $3,000. 

Lendee

It is another site that offers peer-to-peer microlending that anyone can benefit from. 

It is unique in that it can help people get loans for almost any amount, such as a small loan of $500. With Lendee, you can borrow microloans for amounts that could not normally be borrowed from anywhere else. With Lendee, it would be possible to receive a small loan for almost anything that you need help with.

Lendee also helps out the borrower because their dashboard will have multiple investors that are ready to invest, and those investors will have criteria on their profile to see if you are the intended borrower you are looking for. Similar to other lenders, you will explain what you need the money for, which will help the investor to decide if they should give you money or not. 

A great thing about using Lendee is that they use a different qualifying system than other lenders. They have the “lendee score” which combines the borrower’s FICO score, their recent income and expense ratio, and other qualifying factors that help boost their score.

Lendee offers the ability for people to secure low-risk investments and for borrowers to receive the small loans they might need. 

Which Is Best For You 

All of these loans have their pros and cons that can either benefit you or hinder them. 

Kiva is a popular lender that will allow multiple investors to fund whatever you need help with. While they will offer good loans, they will not loan under $1,000. 

Lendingtree is a larger lender that offers personal microloans that are available to help out a wide range of borrowers. Similar to Kiva, Lendingtree will not lend under $1,000, making it not possible for very small microloans to be lent through them. 

Accion USA is a very unique company. They are a nonprofit organization that wants to help you with advice and financing. Accion USA has a similar approval process as the SBA loans, making it just as difficult to secure them at times.

Lendee is a peer-to-peer lender that specializes in microloans under $1,000 directly from investors. They benefit anyone that needs a little bit of extra help in different situations. Lendee’s negative is that they will not loan large amounts. 

Use Lendee Today

Looking for the perfect microloan for you? Lendee might be the place for you. 

Lendee is a great tool whether you are looking to invest in microloans or borrow one yourself. With Lendee, you can connect directly with the investor to prove why you need the loan, helping you secure the money you need. By offering peer-to-peer loans, Lendee can help facilitate the connection between borrower and investor. The tools that Lendee offers are very helpful and can help investors to make the most out of their money.

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