Social Lending – Dodge the Banks, Reap the Savings
You don’t have to be a super news hound to realize that the market for lending money is changing fast, and that’s partially due to the overall recession happening around the world. Even if you try to avoid the news, you can’t really avoid the number of people talking about the problems that they’re having getting money form the banks. There’s a lot of discussion around getting money from the banks, as if the banks are the only ones holding the key to the money that you need.
Whatever you want to do in life these days is going to cost money, and usually a lot of money. That means that you can’t just think about what you need to do in the short term — you need to make sure that the money you borrow has long term power as well. It’s better to make sure that you will be able to get funding period before you just call your dreams off before they’ve even had time to bloom.
Thankfully, there is more to funding than just the banks. Private lending has always had a soft place in our hearts because it allows regular people to get money, but there are some problems with private lending. You see, private lending is still rather underground, and the public faces of it are controlled by big companies that can be just as aggressive and protective as the banks. You will need to have a lot of documentation and paperwork to even get into these private lending circles — even then, your chances of getting truly funded can be difficult.
That’s where social lending has taken over the private lending niche completely. Instead of worrying that you won’t be able to get the money that you deserve, you can join a social lending network and plead your case. Since you’re a regular person talking to other regular people, you have a lot higher chance of getting your proposal truly funded.
Another point that definitely makes social lending interesting is that you can get funding for a lot of projects that private lenders would normally scoff at. What if you really just wanted to pay all of your debts at one time and then pay back the loan over time? You will usually have a much lower interest rate if you go this way, which makes sense. The best thing that you can do is just try to be as detailed as possible with any proposal that you bring to the social network. Not only will this allow people to see what you’re going through, it will give the lenders on the site the right amount of justification to go ahead and fulfill your proposal.
The time is right, so don’t get delayed — get started with social lending today!