Debt consolidation is all about finding that one loan at a low interest rate and preferably a fixed interest rate in order to pay off all your other outstanding loans. The terms for a debt consolidation loan should make it extremely convenient for you to service your other loans and pay it off as well. With that in mind, peer-to-peer lending is the perfect way to pay off your consolidated debt.
The standards set by traditional financial institutions today are over the top for most borrowers. Blame it of tough financial times or a bank trying to operate at zero risk either way, getting an affordable loan is not easy. Social lending sites are offering borrowers fixed interest rate loans and low interest loans. Most of these borrowers would not be able to afford or even qualify for debt consolidation loans from banks. However, this does not mean that qualification criteria are completely abolished when applying for these debt consolidation loans. Sites such as Lending works debt consolidation loans require identity verification and credit background information in order to find the best candidates for these loans.
Credit card debt consolidation loans are currently the highest in demand. Many people are looking to raise cash to pay off the high interest credit card debts that usually have a very devastating effect on individual credit score. Credit card companies can charge as high as 18% interest on credit card debt. Paying off these debts may take as long as five years while you end up paying much more than you owed originally. Debt consolidation loans from peer to peer lending sites allow you cheaper monthly payments while you will not pay as much on the total amount as at 18% interest rate.
Peer-to-peer lending offers very competitive fixed rate personal loans. The loans are also extremely flexible on repayment criteria. You can even make overpayments if you have the extra cash making it easy to pay off the loan within a shorter time.
Find reliable site like Lending works for easy and convenient debt consolidation loans. Signing up is extremely easy and you will receive your loan in as little as three working days.