Can Social Lending and Traditional Lending Really Co-Exist

Social Lending

We’re not trying to start a war on social lending, or to say that it’s the only option. We think that social lending is clearly a good thing, but there are still big differences between this world and the traditional world of finance that need to be addressed.

If you’re just used to sticking to the facts in the world of traditional lending, it’s going to be a shock to have to open up. In order to get money from a social lending site, you’re going to have to write a proposal.

A proposal just talks about what you’re going to use the money for, and what type of expenses that you have. Breaking down how much money is coming in and out of your budget every month is very important. Your social lenders want to make sure that you are going to be able to comfortably pay for the expenses as well as the new loan payments.


The interest rate is something that’s bid up or down depending on your credit history.  You may be able to get a better interest rate with social lending, but that’s not really the point of the exercise here.

Social lending is made up of people investing in other people. That’s powerful — what better way to say that you truly care about a person’s well being than to actually invest in them?

You will need to make sure that you are truly being as honest as possible. It’s tempting to try to make your story sound better than what it is, but social lenders tend to be research fans. The truth will eventually come out, and you don’t want to ruin your reputation. Once you take care of the first loan, you will have feedback. Paying it off on time means that you qualify stronger for the next loan, and the next loan, and the next loan.

This is another thing that sets traditional lending apart from social lending. In the world of traditional lending, you don’t really get too much credit for making the right choices from the start. On the other hand with social lending, once you pay off the first loan, you’re going to be seen in a much different light than the newbies that join. You will have proven that you are a financially sound person to invest in. Lenders tend to also do social lending for the investment — there is interest paid out on the money. So if you prove to be a sound financial bet, people are going to invest in you over and over again — even when they might not be fully committed into what you’re doing.

Don’t be afraid to look into social lending. It might be a newer type of funding, but it’s one that’s definitely here to stay!

A Look at The Common Proposals On Social Lending Sites

Social Lending

One of the most common questions that we get when it comes to newcomers asking about social lending is simple: what can you honestly ask for funding to do? The answer is simple: anything that you can possibly think of that other people are willing to invest in.

There are some common examples of great proposals that usually end with funding. Below is a few of these examples for you.

1. Debt Consolidation

Debt consolidation is probably one of our favorites. When you have a lot of debts, chances are also good that you have a lot of interest. When you have that type of interest, you’re not going to be paying down a lot of the principal. It’s all going to be mostly interest, which is profit for the lender and not you. You want to flip the equation so that when you do make monthly payments it actually goes to the right place. Do you really want to find that you just can’t seem to get ahead? Not at all. It would be a lot smarter to make sure that you are looking into every option to reduce your debts.

Social lending loans for debt consolidation come up a lot. It’s very hard to make sure that traditional lenders see the purpose of what you’re doing, and it’s easy to get rejected — especially if you have bad credit. Many social lenders have been in your shoes, so they’re not very likely to reject you just because you have had bad credit in the past. That would be a little ridiculous.

Instead, they’re going to look at your entire application and see if you’re going to be the type of person that will truly repay the loan in full. That’s what matters — your dream plus your willingness to get things moving along.

It can feel next to impossible to get everything sorted out, but it’s always worth looking into!

2. Home Renovation

If you’ve always wanted to repair your home but you never really had the money in your savings, why not look into a home renovation loan? These can be both secured and unsecured. Unsecured loans are a bit tougher because you really have to stress that you’re ready to take on that type of burden. However, what about when you go with secured loan? Even though these loans are much more serious, they really do make all of the difference when it comes time to actually meet your goals. The more work that you put into getting them, the easier life will be once you have the funds.

Make sure for this type of proposal you really tell the story of what you’re willing to do in the home. Otherwise it just looks like you’re trying to get a bunch of money to just blow on anything that catches your fancy. Not the impression that you really want to give, especially when it’s your first proposal.

We’re not saying that you can’t have fun with the money that you receive once you have everything finished elsewhere — but in the beginning, you want to make sure that every last bit of the money you request to be funded go to your original purpose.

3. Going Back to School

Going back to school is a classic social lending request. Everyone wants to go back to school and get a better paying job. It’s going to be up to you to really make sure that you’re able to have a good start to your education. This means that you must have the funds up front. Getting the money up front gives you more flexibility over your education anyway. You can pick and choose the classes that you want and avoid the ones that you really don’t — as long as you still get your required courses in, naturally!

4. Certifications / Job Training (non-college)

Even if college isn’t your thing, there might be a certification track that you’re interested in. For example, if you’ve always wanted to be a personal trainer, you’re going to need to get certified. That’s going to give you the power to pull in not only more clients, but clients that are willing to pay a lot more money. If you don’t take the steps to secure your career, you’re essentially limiting how much money you can honestly make.

5. Vacations

Vacations might sound a little funny to ask for funding for. But what if you have the idea for your dream vacation? This is something where social lending tends to kick in better than traditional lending. Instead of hoping that some bank sees that you are a good customer and gives you a good deal, you will want to widen your net so to speak and really look through all of your options.

We know how hard it can be to work with traditional sources of financing, so why not take your dream to the world of social lending? You will be able to really get people into it by posting pictures, and really explaining why you want to go to this destination.

The more effort you put into selling your dream to others, the more likely it is that you’re going to get financed. All you can do is make sure that you push forward and try your best. What else could you possibly do that can be better than that? Good luck with your search!

How Budgeting Helps You with Your Personal Finances

How Budgeting Helps You with Your Personal Finances

Finance

Say the word “budget” and you will find many people grimace. The biggest reason why people are intimidated by budgets is that they do not fully understand them or how they work to help you. Having a budget that meets your needs and allows you to save is the best way to get out of money troubles and ahead in your financial life. Yet so many people don’t understand that the budget is not meant to restrict you or limit you but actually to help you get ahead and take control of your finances.

The budget you create for yourself (or your family) is meant to empower you and give you the ability to do more with your money. One complaint that people have is “I need more money” but the truth of the matter is that it doesn’t matter how much money you have if you don’t know how to handle it properly. The more money you gain, the more you will spend improperly and you will still never get ahead.

However, if you use a budget that is carefully designed for your specific and personal financial needs, then you can account for bills and savings and end up ahead. If you then make more money or get a raise, you can adjust your budget accordingly. And you will be able to make the most of the raise because you are already comfortable living on your created budget.

What is more important than how much money you make is what you do with the money you have and the attitude you take towards it. If you believe that you will need more money to be happy, then you will always need more money- no matter how much you have. But learning to be content and to provide for yourself with what you do have (often called “living within your means”) will ensure that you have a positive attitude towards money and if you do end up wealthy, you will know exactly how to manage it.
So how does budgeting help with your personal finances? Let’s take a look at some of the ways:

1.    It allows you to see before you how much money is coming in and going out of your household.
2.    You can create a plan for savings and then commit to saving that amount each week or month.
3.    You can set goals for what to do with your savings and you will be motivated by what the end goal is.
4.    You can see areas in which you are able to cut corners and save more money. For example, can you pack your own lunch or cut back some of your cable channels you never watch?

Your budget is your personal plan to financial freedom and security. You don’t have to feel overwhelmed when bills come in or worried that you won’t be able to afford food because you will have all of this in your budget. If your numbers show that you don’t make enough income for your expenses than your only choices are to make more money or to cut your expenses back. This will mean it’s time to make some life changes if you find yourself in this position.

Low Credit Rating and the Social Lending Jungle

Low Credit Rating and the Social Lending Jungle

Social Lending

Are you thinking about getting into social lending? Chances are good that you might have a project that needs funding, but what about that low credit rating? What about the realization that yore going to be paying a lot of interest? Don’t get discouraged, friends. When there’s a true desire to change your life, you will find that there is often a community that will help you make it happen!

First and foremost, don’t try to cover up your credit rating. It’s going to be out there for everyone to see anyway. If you have a bad credit score, chances are good that there’s a reason behind it. Just saying something about an illness or a bad relationship that went wrong can go a long way in explaining why you ended up in the financial mess in the first place. People will still try to help you out, but there will be some people that hold back. Does that mean that you should hold back too? Not at all.

Social lending is all about humans helping other humans. And guess what? Sometimes humans end up on bad luck. Sometimes times get really rough. The global recession hit a lot of people and slowed a lot of things down. If you really want to make sure that you have things in place, you want to ensure that you are getting the best listing together that you can.

Explain your story, own your story. It’s yours. People are clicking on your listing to hear from you. If there’s a discrepancy in the numbers or things don’t look right, don’t hide that either. Some people may want to fund your listing, but they’re worried that your margins are too small for the mistakes of life to not mess things up. You may want to explain if there’s a special case, such as that you live with your parents and don’t pay rent. That can be the difference between getting your loan funded and not being able to handle anything at all.

Get yourself into a position where you can really show people that you can handle the responsibility. Make sure that you have some time at a job where it looks like yore on stable ground. You’re selling yourself, your goals, and your mission all at the same time. And there’s no reason why you can’t pull it off. It just means that you’re going to have to work smart. It just means that you’re going to have to put time into your listing.

You may have to also sweeten the pot with a higher interest rate. Look at what the funded proposals were asking for when the credit risk was high, and add a few percentage points to that. Most likely, you’ll have someone lower the interest rate if they believe in your story anyway. It shows that you’re well aware that you’re a credit risk, and that you’re willing to ask accordingly.

Now is the time to work on that listing — are you ready?

In the World of Social Lending, a Good Headline is Worth Its Weight in Gold!

Social Lending

Social lending is all about regular people helping each other and growing better because of the exchange. No matter what you want a loan to be funded for, you’re going to nee dot learn how to work with people. This is something that even the most top notch social lending guides don’t always give credit to. They cover it a little bit, but it’s really much more important than that. Think about it form the right perspective — you are going to be trying to get your message out in a world where everyone else is trying to do the very same thing. There are only so many lenders that are going to be looking at proposals at once. So if you don’t get people to check out your listings, you’re not going to get to move your own agenda forward.

A good headline is truly worth its weight in gold, but a lot of people don’t focus on it. They get too general — how many times are you going to just say “pay off debts”? Everyone says that, but your going to have to jazz it up a little bit. “Help a Former Caretaker Start a New Life and Consolidate Bills” tends to be not only more specific, but it gives you a way to appear more human to your peers.


The social part of social lending is very important. It’s not just big banks that you’re dealing with — you’re dealing with someone that is trying to invest in you. Add to your story, include pictures, talk about why you feel that you deserve the money, what you’re going to do with it, and your repayment plan to handle the money. Lenders want to get a return on their investment and make sure that their money is going to someone that’s actually going to use it. Don’t feel bad that you are on a social lending site — embrace it! Own it! Don’t worry that your credit rating isn’t as high as someone else’s — there are ways to deal with that and to overcome it. It’s all about telling the story first. And if you can tell the story in a way that humanizes you, well, you’re already going to be ahead of the curve.

Yes, there are times where a “just the facts approach will win the day in social lending. But that’s usually on small sites where your listing stays visible for a much longer time. If you’re just going to push into the largest social lending portals, you’re going to find that it’s more competitive. Standing out is the name of the game, and a strong headline in the world of social lending is truly worth its weight in gold! Good luck out there!

Have You Heard The Good Word About Equity Release

Have You Heard The Good Word About Equity Release

Finance

With so many different tools on the horizon to help homeowners make the most of retirement, it’s safe to say that times are pretty good. While it’s true that some homeowners are struggling in the market right now, the truth is that there are still viable opportunities out there if you’re really serious about fixing your retirement and getting it steady and stable.

One such option is the equity release program, a program that can help you tap into the equity in your home. Now, if you never thought about turning to the equity that you’ve built up over the years, there’s no need to beat yourself up. You will just nee dot push and really make sure that you get things done in a big way now that you know what’s going on.

To explain further, let’s start with the benefits of equity release: tax-free income. You can either get a lump-sum to use however you see fit, or you can get steady income in the form of an annuity. Annuities from equity releases are index-linked, which means that they rise to meet inflation. You aren’t going to have to worry about your money not stretching and growing with you as time passes. Inflation is just part of life, and it’s important to make sure that it’s managed wisely.

There are financial advisors out there that can help you determine exactly what type of equity release scheme makes sense of your financial situation. Instead of jumping in headfirst by yourself, you might want to stop and get this valuable advice. Your home is one of the most important investments that you’ve made in your life. It’s important to protect it as much as possible.

There are quite a few different types out there. One type of arrangement that people really like is the lifetime mortgage. As the name implies, this is a type of program where you will be essentially carrying the mortgage for the rest of your natural life. In return you will be getting lifetime income, which can help you supplement the other sources of income in your life, such as a pension program. Again, if you’re going to take this path it’s critical that you shop around. Every lender that handles equity release is going to have different qualifications, conditions, and benefits. You will want to look carefully at their interest rates and fees in order to make the deal as profitable for you as possible.

However, now that you’ve heard the good word about equity release programs it’s definitely time to get started today — you won’t regret it!

Social Lending Taking Too Long – Try Pay Day Loans

Finance

Great social lending ventures exist to help you get through life’s tough patches. However, they are often anything but fast. This isn’t really a loan from your friends. It’s a loan from people that believe in your goodness and your ability to change, but it’s really not going to be a loan from your friends. This is something that throws people off all of the time when it comes to social lending, but the reality is that you want to go with social lending only when you have enough time to wait.

Why? Well, that’s easy — they want to make sure that you’re a good person. They want to check your proof of income, your background, where you live, if you rent or have a mortgage. They want to know everything about your credit history. That can be a lot on a person, and you really need to make sure that you get the fastest money at the best possible time.

When you’re in a financial emergency isn’t when you want to turn to social lending. That would be like asking yourself to stand out in the cold and hope that someone invites you into their house. If they don’t invite you, then you’ve shivered and nearly froze to death over nothing.

It’s a lot better in the long run to go with pay day loans for short term emergencies. The long term stuff is where social lending really sparkles. You wouldn’t turn to pay day loans for new money to start a business, but you would do that in the social lending world. The more “noble” your cause, the more likely your social lending proposal will actually be funded.


Don’t feel that it’s impossible to get the life that you always wanted after all of these financial troubles are dealt with. The faster that you deal with them, the faster they will go away. If you cling to them and don’t make a decision, then the problems will simply keep growing until they take over your life. And what type of fun would that honestly be?

Make sure that you are applying online for your pay day loans. Even though these financial products do indeed exist offline, it often takes a lot longer and involves a lot more paperwork than what you’re probably willing to sign. Good luck!

Already on a loan? Save more money with Vouchers

Already on a loan? Save more money with Vouchers

Finance

There has never been a worse time for economic climate now today; everyone is more money conscious than ever which means it’s even harder to get loans and credit than before. But we all need some time off from working and deserve a holiday to help us relax. So where are the best places to look for loans or credit if you have already taken out a loan before, some companies will not allow you to take out another loan as you may be at high risk. You may feel like there are little options for someone like you but there are plenty of people in similar situations you so don’t give up you just need to find the right place to help you get that holiday you want. You just need some well-informed advice and you will be on your way!

Sites recommended to help save Money

One Singular Loan – Sometimes it’s best to take out a loan that will cover the cost of all of your other loans so you are dealing with one payment per month instead of having lots of ones dotted about throughout the month, this way it’s more manageable. So you don’t need to get stressed sorting out payments each time it can be a smooth singular transaction.

Let Voucher Sites Help – These vouchers sites can offer reduced cost on financial advisors who can go through all your finances with you and sort out the priorities, so you can leave being more secure with your finances.  They can give you guidance for the next few months to years and make sure you are oj track to get the purchases you have been saving for. They can also make sure you are not spending in areas you don’t need to be so you will save money quicker and easily.

Start saving every penny – It may seem like a simple and obvious idea but start slowly and build up, you will see it rise eventually into something big! Just purchase things which are only essential so don’t try getting a pair of the latest shoes weekly but monthly if you can afford and not upgrading your car yearly but every few years.

Not Ready For Social Lending – Why Not Think About Payday Loans Instead

Not Ready For Social Lending – Why Not Think About Payday Loans Instead

Social Lending

Social lending is one of those things that make sense in a lot of ways, until you find out that there are just a few obstacles to tying things together. The core of social lending is regular people helping regular people. However, there is often a long wait to even get approved to apply fully on a social lending site. This is because the site has to check out your credit and make sure that you’re a decent credit risk. If you’re not, then you have to explain what else is going on that makes it impossible for you to be able to become a better risk.

This is a very long process, and it’s not right for the moments where you need to make money quickly.

You need to get a loan from paydayloansuk.org.uk instead of trying to deal with social lending — especially when you need a payday loan in the UK very quickly. What really makes this site very different from other sources of money? We’re glad you asked!

The first thing that you have to realize is that you can borrow up to 1000 GBP for any reason. You don’t have to try to explain what you’re going to do and hope that the community is going to accept it. In social lending circles you must put together a full proposal, which can actually take a few hours. You want to pour your best efforts into your social lending proposal because you really might not get another chance to do things right. That could end up costing you a lot of time that could be better spent actually taking care of the financial problem at hand.

Why not skip all of that stress and apply for a payday loan?  You can often be approved in mere minutes and have your money within 24 hours or less. In the case of this payday loan provider, the cash is sent within 15 minutes. That’s lightning quick.

Applying online means that you don’t have to think about trying to mail anything in. And in the case of this site, there’s no phone calls either or faxing of any documents. You get your money quickly and you’re able to take care of anything that comes up for you. Why wouldn’t you want to tap into something that’s going to do nothing but help you in the long run?

Don’t waste time when time is short — get a payday loan, take care of your problem, and then pay the loan back — it really is that simple!

Travel Season Is Here – Can You Really Use Social Lending To Get the Funds You Need

Travel Season Is Here – Can You Really Use Social Lending To Get the Funds You Need

Social Lending

Are you dreaming about finally getting able to take a good vacation? You’re actually not alone at all. Many people dream about finally getting away from home, but they find that they really don’t have the type of money that it takes to really have the vacation that they want. Instead of sitting at home and watching reruns over and over again, you can turn to social lending.

Social lending isn’t just for businesses, or people trying to get out of debt. These are good goals to have when it comes to social lending, and it’s true that these proposals tend to get noticed first. After all, it’s the desire to help people that seem to really need help the most. Modern lending circles tend to be pretty tight, as far as the banks are concerned. The banks want to have a lot of tight restrictions on how should get funding and who shouldn’t.

When you really step back and think about it, social lending is more about the revolution than anything else. You have to make sure that you’re focusing on the bigger picture than just assuming that you can’t get what you’re looking for.

Really, it’s all about the type of proposal that you write. You can write a barebones description of how you want to go on vacation. That might get a few people to get interested in helping you, but you will probably not move many people into helping you.

The better approach here is to make sure that you actually explain your story. you always want to try to paint of picture of what you’re really after.

You might be a single mom with three kids that has always wanted to take her children around to a different country. or you might be a student with your first “good job” that just wants to be adventurous before life gets too hectic. Life definitely changes when you have a family, and you’ll find plenty of people that can understand where you’re coming from on that.

So don’t just leave it to a factual accounting of what you’re looking to do. Get creative and tell a story Make sure that you’re completely honest about what you want. If you can get people on the site to endorse you, then it’s even better. You don’t have to sit back and just think that your dreams have to die on the vine. With a little planning and a little luck, you’ll have no problem getting what you want in good time — check it out today for yourself!