For people who filed for bankruptcy befores, the best way for them to get a loan is via the online P2P lender. There are some P2P lenders who are willing to approve borrowers with credit score lower than 600. If you have a stable income and are already discharged for bankruptcy, you will surely be able to get a personal loan from P2P lender online. The following are three P2P lenders that will extend loans to borrowers that suffer from bankruptcy before.
PersonalLoans.com has a large database of lenders that offers personal loans for people with bad credits and bankruptcy. Although it is not a p2p network, it has many lenders that are p2p lenders. To apply for a loan from PersonalLoans.com, you just need to fill in the online form and interested lenders will send you the loan offer. The loan network is known to have a low credit score requirement and borrowers with a credit score as low as 580 will be accepted. The fees and rates vary depending on which lender’s offer you have accepted.
Peerform is a New York based P2P lending platform for borrowers with really low credit score. To be eligible for a loan at Peerform, you must have at least a credit score of 600 and at least 1 year of credit history. You don’t need to meet any minimum income requirement. Grades are assigned to borrowers with different levels of risk and the interest rate will depend on the grades that you are being assigned. You can learn more about the grades at the Peerform website. With Peerform, you can apply for a loan of up to $25,000 and the interest rate ranges from 7.12% – 29.99%. It reports your loan payment to TransUnion. There is no prepayment penalty and the grace period is 15 days. If you didn’t submit payment after the grace period, you will be charged with a late fee.
3. Lending Club
Lending Club has a higher loan limit and they allow you to apply for a personal loan of up to $40,000. You can use the loan for consolidating multiple credit card debt, financing the purchase of a car, and holiday trip. No collateral is needed to apply for the loan. The APR interest rate range for a Lending Club loan is in between 5.99% – 35.89% and you can choose from a loan duration in between 3 – 5 years. If you submit all the necessary documentation, you can expect that your loan to be speedily approved and receive the funds in 1 week. Applicants that are interested in signing up for a Lending Club loan must have a minimum credit score of 600. Applicants in 43 states can apply for Lending Club loans.