Many mothers may find themselves in need for some extra cash. With kids, the bills just seem to grow every now and then. However, as a full time mom, you can’t just drop taking care of your little trouble makers and start working. What if there was a way of getting that occasional help, while you keep being that lovely mom that you are.
Well it looks like there is and it’s called p2p lending. Unlike getting a loan from a bank, or even same day loans from an agency, here you are not working with any corporation. In fact, you are simply borrowing money from another fellow individual, or possibly another mom.
Hence the name, “peer 2 peer” lending.
Moms can use these lending services as a way to raise funds to pay those pesky one off bills, or even to start their own business.
P2P might be a better option for many moms as payday loans require consistent income under the same person’s name. Unless you have a part time job but since most moms don’t, that doesn’t apply here.
With P2P lending for moms, mothers can raise capital, use the money to pay bills or create a business. All while taking care of their children.
Unlike a payday loan, where you have to qualify by having a job, with a P2P lending service, you can figure out the terms with an individual. The only minimum requirement is having good credit.
Or, some kind of financial history.
If your husband is working, you can even get him to apply for it.
Which seems to work for most moms. Or even a family member.
The reason it’s so flexible is because you are working with individuals vs banks. There are no banks involved with P2P lending. So the arrangement is between you, and the other party, with the online company serving as a mediator of some sorts.
Let’s have a look at some of these p2p lending companies.
Lending Loop
The Lending Loop is a peer-to-peer lending platform for small business loans. It connects borrowers with lenders who are willing to provide loans. It is a marketplace for small business owners to get the funding they need. The company was founded in 2016 by David Burt, who has worked in the banking industry for more than 20 years.
This company provides an alternative to traditional banks that are not always willing or able to lend money to small businesses. The company offers a range of services, including business loans, commercial mortgages, and lines of credit and possibly fast cash payday loans as well.
Lending Loop is headquartered in Reno, Nevada and has offices in Las Vegas and Boston.
If you are just starting out, we would suggest give these guys a try first. As always, you can use the money here for whatever. Bills or even investing. Depends on your financial goals.
Upstart
Upstart is a company that offers loans to people who have been rejected by banks. They offer a variety of loans and give the borrower the opportunity to make money by working for them. They are kind of like online payday loan agencies that may require no credit check but instead of a company, you are dealing with individuals.
Upstart has an algorithm that takes into account factors such as credit score, education, and career history to determine if someone qualifies for a loan. The company also offers an app which allows borrowers to manage their loan repayments.
This is definitely one of the more popular p2p sites out there.
Mintos
Mintos is an online lending company that provides loans to small and medium-sized enterprises.
It was founded in 2008, and it has become one of the leading European companies in this field. It is also the first company to offer P2P loans in Europe. They do offer services worldwide but are definitely more geared towards Europe.
Mintos offers a wide range of financial services, including mortgages, personal loans, car financing, and credit cards. The company has more than 1 million clients worldwide.
CoinLoan
Coinloan is a decentralized peer-to-peer lending platform that enables borrowers and lenders to interact directly.
The Coinloan team has developed a novel credit scoring system, which is based on machine learning and data mining.
The system uses the borrower’s social media activity as well as other financial metrics such as spending habits, the number of credit cards in use, and the borrower’s repayment history.
Is P2P lending right for You?
At the end of the day, it really depends. Are you just looking for a little cash boost that you can easily pay back on time? Then p2p might not be a bad idea. If it’s like a car payment or something, then you might want to dive in deeper.
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