P2P Crowdfunding with Poor Credit

P2P Crowdfunding with Poor Credit

For
traditional loans, applicants need a credit score above 700 to be
eligible for approval. Although numerous options exist for those denied
by the banks, debt crowdfunding has emerged as a popular and viable
choice for those in need of personal and professional financing. This is
because leading peer-to-peering lenders like Prosper advertise rates
for scores below 640; even those in poorer conditions can find
opportunities to request a loan.


P2P crowdfunding portals can take risks banks cannot. Their rules are
less stringent and all overhead costs are kept to a minimum. Since
platforms operate solely online, such services can also pull third-party
information to form fuller borrow profiles. The fact that loans rest on
the shoulders of multiple investor spreads the risk as well, a factor
contributing to bigger loans. Above all else, debt crowdfunding
investors are more inclined to consider a borrower’s backstory in the
lending decision.

- See more at: http://www.crowdclan.com/p2p-crowdfunding-poor-credit/#sthash.ZSPgg2HE.dpuf