Headquartered in San Francisco, California, Lending Club is a peer to peer lender with a focus on high-credit-worthy borrowers, thus reducing the default risk that plagues so many other lending institutions. They publishes their performance statistics on a daily basis, indicating that over 90% of loan applications they review, are declined. They also grade, categorize and from their assessments, determine which applications qualify, and the amount of funding provided to the borrower by the investors. It is not Club money that is being lend, rather the investors.

They are not a low- rate interest lender, as they currently are averaging 11.37%, with a very low default rate of 3%, in this most difficult economy, which indicates just how well they select whom to finance. Their financing works on the basis that the borrowers seeking financing creates an informative review of themselves, purpose and amount they wish to borrow. Lending Club obtains a credit report on the borrower which is used to score the application, assign a credit grade and applicable interest rate. For example, a lower credit score would result in a higher interest rate as they are deemed to be a higher risk. Credit history, loan amount requested and the potential borrower’s debt to income ratio (the ability to service the loan with available income), credit grades are than divided into subcategories with varying interest rates assigned to these categories. The borrower is required to pay a fee known as an “origination” fee on loans which varies on the grade that was determined by Lending Club in the application process. This fee increases with the higher risk rating assigned. Borrowers may repay the loan in part or in full without penalty. This type of financing is only available to residents in 42 States.

The Lenders or Investors, review the applications and select the borrowers whom they will invest in via loans. There is a minimum investment of $25.00 per note. These lenders only invest based on Lending Club’s assessment and interest rates which were determined earlier with the grading of the applicants. A service fee of 1% is charged on all amounts the borrower pays. A licensed is required to operate in the 42 States and lenders must uses these addresses in the specific state where the borrowing will take place. The Club pays the note holder (lender) the monies received from the borrower less the service fee. These note holders are also “unsecured creditors”. The risk is that they could lose part or all of their investments, even if the borrower continued to repay their debts, if this Club became insolvent and declared bankruptcy.

Lending Club in 2008, upon completion of SEC registration process, filed prospectus and resumed a new lender registration, with notes issued after Oct 14/08 representing the Club’s securities rather than direct obligations of the ultimate borrowers. These notes are now traded which means they can be bought and sold on the Foliofn. Prospective sellers set a price for the notes they wish to sell, interested buyers can purchase. Any US resident can purchase these notes with no stipulation as to what state they reside in. There is also a 5 year note introduced in 2010, beside the 3 yr note previously available. As there are varying conditions with these notes, buyers of notes are recommended to review carefully.

This lending program was originally based on the premise that borrowers would be reluctant to default on loans with whom they associated with in social and business circles. Using algorithms such as location, education, professional background and even social network, the idea was to partner those that would invest (lender) with those that required funds (borrower) and that the Club would makes it’s money from accessing the applicants, charging fees to both parties in monitoring and collection of payments. Today, it no longer follows this earlier criteria, but continues to seek qualified borrowers and investors. The benefits to the lender/investor is receiving a higher return on investment with fairly nominal risk of loss of funds. The borrower received the loan, while paying a higher rate of interest, is not require to pledge security other than a promise to repay the debt, and Lending Club whom affiliated the process, receives revenue through the fees charged.

Peer to peer lending or social lending is the newest and sometimes fastest way to obtain a microloan for your business or personal needs. If you have watched any of the news lately you know that he major banks have extremely strict rules for lending money. These strict standards are part of the reason for  the increased popularity of peer to peer lending, as peer to peer lending does not suffer from this restriction.

The first peer to peer lender to consider is prosper.com as this is generally considered the very first peer to peer lender to emerge in the marketplace. Since this company has been around for many years it has grown to a relatively large size when compared to the other lenders out there. This can be both a curse and a benefit. The benefit of using this particular provider is that you are more likely to get your loan funded as it is the most popular. Since this is social lending popularity is key here because you need a large amount of people to give you the money you need.

The second peer to peer lender to consider is called Lending Club. Lending Club has now surpassed Prosper.com in overall size and the amount of loans given. The reason is very simple they offer the best rates to lenders and borrowers, so everyone wins. Well over 200 million dollars in loans were granted in 2011 alone, so clearly this is working for them.

Now the benefit of using these services is the relatively quick nature of obtaining funding for small amounts. If you have ever had to go through the hassle of obtaining a SBA loan then you can understand how frustrating that process can be.

If you are one of those that want to lend money to other struggling entrepreneurs then these websites and companies provide excellent avenues for you to do so. As well you may obtain a higher rate of return then a standard bank issued bond or certificate of deposit. This may be the best way to start to dip your toe into the world of venture capitalism without so many risks involved.

КартинииконописToday’s rates continue their run at historical lows.  Here are a few sources that weigh inиконописikoni

Подарък иконаThe RushCard is a prepaid Visa debit card, which was launched in 2003 by Russell Simmons. Essentially, it is a credit card that is prepaid, meaning you have to load the money onto the account yourself before using it to spend. In order to feel the benefit of the card, bills need to be paid with it. Simple bills such as rent, utilities, phone, etc. These bills are pretty much a necessity of living. The special thing about the RushCard is that it reports to an alternative credit reporting agency, so it can have a record of your good payment history on file somewhere. Still, most lenders only use reports by the three major credit agencies, Experian, Equifax, and TransUnion. But for those that cannot qualify for a loan anywhere, a report to an alternative credit reporting agency is better than nothing at all.

Russell Simmons says that his true intention of the RushCard was to help those who have a bad credit history, and no way to get any type of loan. Instead of just issuing a regular prepaid card, this card can help that person get some kind of good credit record so in the future; they would be able to get a regular checking account at a bank or a regular credit card.

Now for the fees, which are quite expensive. The monthly plan for the card is $9.95 per month, and there is a one-time activation fee of $3.95 to $14.95 (depending on what type of card you choose). There is also a $2.50 ATM withdrawal fee (you get two free withdrawals per month only). Though the fees are a lot, for someone who does not have another opportunity, it can work to their advantage. But this card is only meant to be for a short term period, and should be used accordingly. The short term goal should be to get a normal bank checking account first, and work towards a normal credit card after that step is achieved.

There are several opinions on these types of prepaid cards, some good and some bad on both sides. For those people that have no alternatives, it can be a great stepping stone. But for those that have an alternative, a secured credit card, which is a credit card that requires a security deposit, might work better.

In today’s economy, it is not uncommon to need help making ends meet at the end of the month. Whether you had an unexpected expense, were laid off or need the money for a purchase, getting a loan online is a surprisingly easy and secure transaction with Payday One. You want to make sure that your lender is reputable, presents all costs up front, and allows you a realistic time frame to pay the loan back.

Payday One is a great choice for any loan that you may need. Doing business since 2002, you know that you are dealing with a company that is both secure and reputable. This means that when you take a loan out with PayDay One, it is certain that the terms of your loan will not change unexpectedly and you will not be blind sighted by a less than ethical, but still legal, loan. Their website openly shows the terms and conditions of your loan, including APR and total interest paid. This kind of transparency is rare and valued among Payday One customers and gives you peace of mind when taking out a loan with this company.

Serving clients in more than twenty states, PayDay One offers three types of payment plans to suit your needs the best. Biweekly payments, once monthly payments and monthly payments are all options to you. You have twenty four hour access to your account online which will show you the remaining balance on your account. The Payday One website is also very easy to interface with, which means that even the less technologically savvy person is able to easily get a loan.

When doing an online lending transaction, the worst case scenario is having your identity stolen and ending up in a worse place than you were before, along with trying to repair the damage to your credit. Payday One loans is verified by three of the nation’s leading security companies; Verisign, McAfee, and White Hat and is tested daily by these companies to ensure that your information is safe and sound.

Payday One will have money in your account on the next business day, which will immediately bridge any financial gaps you may have. Whatever your reason to borrow some extra cash, from an unexpected broken arm to simply making ends meet at the end of the month, Payday One can help you get back on your feet.

The average wedding today costs anywhere from $15,000 to $30,000 so is it any wonder that people are starting to take out wedding loans? ?These days, who has that much money just lying around? ?Yet you also don’t want to skimp on the most important day of your life.  Let’s take a look at some of the major expenses involved when you’re planning a wedding.

The venue – This can be one of the most expensive items on your wedding checklist.  Even if you hold your wedding in your backyard you’re going to want to clean up landscaping, plant a few shrubs and flowers, rent at least one tent and plenty of chairs and tables.  You’ll need to decorate, too.  You might want a trellis and lots of twinkling lights.  And let’s not forget a dance floor.

The clothes – Another major expense.  You might be able to find a dress on sale for $100 but then you’re going to have to have it cleaned and altered.  And it’s highly unlikely that you’ll find something for less than $1,000 that you really like.  Now, you’ll also need a tux for the groom and tuxes for all the groomsmen and dresses for all the bridesmaids.  Your cost for wedding attire will be well over $2,500.

Flowers – A wedding isn’t a wedding without flowers – lots of flowers.  Flowers for the church, flowers for the reception hall, flowers for the bride and her attendants, boutonnieres for the groom and his groomsmen, flowers for the mothers and fathers, the guestbook attendant, the soloist, the person who serves the cake, and on and on and on.  The average cost for wedding flowers is $1,500.

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The reception – Depending on how elaborate you want your reception to be, this could end up costing you more than everything else combined.  The average cost for a reception for 200 guests is more than $9,000.  Even if you prepare most of the food yourself, you’re still going to have to consider the cost of all of the ingredients.  And do you really want to be spending the night before your wedding making a fruit salad and rolling beef medallions?

Entertainment – Even if all you do is play CDs you’re still going to need someone to man the equipment – hauling it in, setting it up, organizing a playlist and then tearing everything back down again is a lot of work.  Plan to spend at least $1,000 just for a DJ, more if you hire a band.

Wedding stationery – You can’t have a wedding without sending invitations, and RSVP cards and Save the Day cards, and wedding programs and Thank You cards and menus and place cards.  Whew!  Who knew there was so much paper involved in a wedding?  And who knew all that paper would run you at least another grand?!

As you can see, a wedding is an expensive affair.  But it’s worth it, isn’t it?  Women start planning their dream weddings when they’re still little girls and it’s the most memorable day in their lives.  Don’t pass up all the ribbons and lace and flowers and lights just because you a little short on cash.  A wedding loan allows you to have the wedding of your dreams, one you can remember for the rest of your life.

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Disability Insurance Explanation

These days, most people live paycheck to paycheck and if they get sick for a week, and don’t have disability insurance, they’re in big trouble.  Losing out on even just one paycheck can have devastating effects on some families.  And you never know when you’re going to come down with a bug that puts you in bed for a week.  That’s why it’s so important that you have disability insurance.

If you’re like most people you’ve probably gone to work against your doctors orders more than once so you can keep that paycheck coming in.  Doctors are great at telling you to stay at home for a few days, get some rest, and drink plenty of fluids.  But they never seem to be able to tell you who’s going to pay their bill if you do that.  If you don’t work, you don’t get paid.  It’s just that simple.

Long Term Disability

And what happens if you need to be off even longer than a week?  You might be able to scrape by to the end of the month if you miss one paycheck?  But what if you miss 4?  Or maybe even 6?  The standard recovery time from most surgeries is at least 6 weeks.  Even for broken bones and minor surgeries.  Can you family survive 6 weeks without your paycheck?  Probably not if you’re already running out of money before the end of the month.

But what if it’s not you who winds up out of commission?  What if it’s one of your kids who has to be down for a few weeks?  Or, worse yet, hospitalized?  You certainly don’t want to leave your child alone in a hospital all day.  Who knows what would happen these days?  Yet, if you take that time off of work, how will you pay your day-to-day bills?

Health Insurance Isn’t Enough

If you’re sick at home for a week, or hospitalized for several weeks, your health insurance will kick in and pick up at least a portion of your medical expenses.  But health insurance does nothing about covering your mortgage or rental payment, your car payment, your utility bills or even food.  And those are the bills you really need to cover, or you and your family might end up out on the street.

It’s a constant worry for a lot of people these days.  What happens is you or someone you love gets sick and you are unable to work?  Most of us, when we suffer an illness or injury, push ourselves way beyond reasonable limits just so we can keep getting that paycheck.  But if we don’t, the results can be disastrous.  More than one family has found themselves homeless because someone became ill and couldn’t work.

But it doesn’t have to be that way.  Disability insurance helps cover those bills that your health insurance won’t.  It allows you to take the time off work to care for yourself or your loved ones.  Ask your insurance provider about disability insurance and start getting some quotes from other providers, too, so you can put that worry out of your mind.

Disability Insurance Quote

Lexington Law is known for serving over half a million clients since the year 1991. In the past two decades, they have been able to reverse the poor credit scores of thousands, removing negative items from their reports and taking corrective action to get these folks back on their feet. Lexington Law claims to be the leading company in credit score repair. But are they as good as they claim?

Lexington Law is one of the premier consumer advocate law firms in the nation. Their abilities extend to different areas; Lexington is more than an online website repairing bad credit. In the year 2010 alone, the company was able to remove over 1,297,000 bad items from the credit scores of its clients, enabling them to get loans on a much simpler basis.

Lexington Law specializes in helping consumers seize control of negative credit scores and place their assets back together. With over twenty-two attorneys located in sixteen states throughout the country, Lexington is the largest network of credit correction lawyers in the United States. The company also employs over four hundred agents and paralegals to help ensure the highest standards of customer service. Lexington Law has helped good clients remove millions of questionable black marks on their reports, such as the following:

• Late Payments
• Charge offs
• Bankruptcies
• Repossessions
• Judgments
• Foreclosures
• Liens

The results are proven and enthusiastic. Lexington Law prides itself upon innovation, creativity and most of all, consistency. Participating consumers see an average of 8.6 item removals from their lists by month 3, and 28.6 removals by month 12 from their credit reports. Overall, scores are significantly improved, allowing for users to obtain loans far more easily and regularly.

Lexington Law has a passion for helping its customers. To that end, the company has lowered prices in a specific effort to make their services affordable for clients. For the modest fee of $39.95 per month, you will be able to take advantage of Lexington Law’s services immediately. As well, you will pay a one-time only $99.95 first work fee, all charged after the work is completed.

The company takes advantage of your right to question all information and legitimacy upon your credit report. If an item cannot be verified, Lexington can and will remove it from the report. As a result, all information upon your reports that you feel is questionable, ambiguous, or incomplete can be looked into. Lexington Law takes full advantage of the Fair Credit Reporting Act while incorporating credit repair techniques to address and improve your score.

In today’s economic climate, it’s unwise to apply for loans without sporting strong credit; banks simply aren’t as willing to take as much of a risk as they used to on many hard-working Americans. The key is to separate yourself from the pack, and you can do that by sporting a stronger credit score. Lexington Law comes highly recommended and even touts a refund policy to back its services with. Take advantage of millions of item removals and get started improving your credit.

Who Is Prosper.com?

Prosper has taken advantage of modern Internet technologies and social connectivity to create the largest peer-to-peer lending marketplace in the world. Headquartered on the highest floor of the Hunter-Dulin Building in San Francisco, California, Prosper.com was launched in the year 2006 and has built a virtual marketplace that investors and borrowers feel safe to use.

With over 1,050,000 members part of Prosper.com and more than $224,000,000 distributed in funded loans, the website allows loaners and borrowers to unite in a financially and socially secure forum. People can invest in others that understand their vision; borrowers can find investors and financiers willing to take a chance on them.

Prosper Loans

On Prosper, members can list loan requests from $2,000 to $25,000 for investors to consider. Lenders can invest as little as $25 in whatever startup they choose. In this way, borrowers and loaners can figure out who they’d like to partner up with. Investors can take a close look at the credit scores, histories, and ratings of borrowers and make a decision if a partnership is worth pursuing.

Loaners can also take looks at personal loan descriptions, endorsements from friends and peers, and community affiliations of borrowers. Prosper.com works on managing loan servicing and funding on behalf of the matched investor-borrower pair. Co-founded by Chris Larsen, the company has raised $57.7 million in venture capital to date. Prosper is backed by many noted companies such as, Omidyar Network, CompuCredit, and Volition Capital. Additionally, many CEOs and directors such as Jim Breyer of Accel Partners, Larry Cheng of Volition Capital, Court Coursey of TomorrowVentures, and Nigel Morris of QED Investors have invested in the company.

One objective of Prosper.com is to encourage all comers to study its market data; it has chosen to make its market data fully public and available. Through the availability of its data, many members have been able to research marketplace information of their own. Economists, credit analysts, and scholars have also taken time to conduct studies with the available data and share their conclusions with Prosper as a result.

Interest Rates (as of April 2011)

With interest rates available at 5.9% APR, Prosper.com encourages all entrepreneurs with suitable credit to apply for a loan. Prosper connects borrowers with individual investors and offers low fixed rates without any mystery fees or other surprises. Membership is a quick and simple process. Prosper promotes an atmosphere of clarity; investors and entrepreneurs are encouraged to build strong relationships and be honest with one another about why they want to loan or borrow.

The website also feels strongly about information privacy. Prosper.com keeps all your intimate and personal details anonymous and secure. To apply for loans, you simply need to provide some basic information, before checking rates and reviewing options. If loaners choose to fund your projects, the investment capital is then directly deposited into your bank account – no hidden fees or payment penalties. Your monthly payments are uniform at a fixed interest rate.

No matter what type of loan you need, you’re a candidate to find funding. Even borrowers seeking loans for simple things like home improvement projects and family loans can look for investors on Prosper.com.

Investors can obtain financing by hard money lenders even with bad credit ratings.  These asset based lenders are more interested in the collateral securing the loan than they are concerned about the credit of the applicant.  Banks and conventional financial institutions have hard-and-fast credit requirements specially in the current lending environment.  Private hard money lenders are open to funding deals submitted by real estate investors regardless of credit and even in cases where the investor borrow has had the blemish of a property foreclosed or even bankrupt.

The first step for a real estate investor is to summarize the reason for any financial setbacks which could have been a period of unemployment or medical expenses, for example.  The letter of explanation will not generally forestall the lender from approving a loan.  Next, the investor needs to present a solid loan package that is complete will all documentation.  The lender is very focused on the exit outline conferred according the investors plan.  

Having a solid exit strategy can mean that the real estate investor already has a suitable buyer for the property who has already qualified for a conventional loan.  Generally hard money lenders will loan for anywhere from three to nine months and offer up the borrower with options for extensions, if necessary.  The lenders are concerned about devising certain that the borrow has an adequate amount of time to complete the exit strategy.  For example, the property can be a planned rehab in which the borrower will renovate the property and increase it’s economic value and then sell the property for a profit.  Instead of requiring the loan to hinge on the borrower credit, the lender focuses instead on making certaint that the borrower has adequate experience in rehabbing property.  Real estate investors can also hire an experienced contractor to complete the rehab and that is usually in keeping with the lenders program

Borrower credit in truth have little to do with investment property dealings because the collateral is generally inside a range of 65 percent of the property value as determined by the quick sale of the property.  That loan to value rating is adequate to protect the interests of the lender.  In fact, sometimes the real estate investor has used a Limited Liability Company or a Corporation to do the property transaction to ensure that there are no other potential liens that could be attached to the property.  While the private hard money lender may charge a slightly higher rate to an individual with poor credit, that is also the norm in conventional bank loans.

Investing with credit blemishes is possible if the investor can fill the requirements of private rehab hard money lenders and establish a business relationship.  Once the investor has successfully completed the transaction, the lender is able to fund other property deals submitted by the investor.  Some lenders will eventually permit loans to be made on multiple transactions made by the same investor. 

Real estate investing is dependant on private money during these economic times and has been responsible for serving the market to recover much faster than hoped-for in many of the local markets, such as Southern California, Florida, Phoenix and Las Vegas.  It is projected that more private money will continue to flow to invesors.

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