Debt Consolidation at a Lending Club
Lending clubs can be a real God send to some people. If you get
with a good one you can save yourself a significant amount of
money over what you would be looking at by going to a bank. A
lending club is simply a group of individuals that decide to go
together to loan money to people who need it. They offer it
usually at a better rate than what you would get elsewhere, but
there is also usually a cap of the amount of money that you are
allowed to borrow.
Many of these lending clubs limit your money to $25,000 or
thereabouts, and you have to have good credit in order to
quality. Some put their limit at a credit score of 660 but
others will go somewhat lower or somewhat higher. But for a debt
consolidation a lending club could be the best place for you to
go. They will loan you the money for the debt consolidation at a
significant decrease in stress as well as interest.
Some lending clubs are very picky about who they loan money to,
so you might have to shop around before you find one that will
allow you to borrow from them, unless you already belong to
them. Many of these lending clubs will prescreen you online and
then if you pass, you can fill out a short questionnaire online,
and they will come back with a quote for you on how much you can
borrow and what the rate is going to be.
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