Who wants a $25,000 Unsecured Personal Loan?
By Ross Hair, the Real Estate Advocate
The headline says it all. Who wants a $25,000 unsecured personal loan?
In the current credit crunch the toughest part of being a real estate investor is finding money to fund your real estate investments. It’s a brutal housing market for most but an once-in-a-lifetime opportunity for investors with access to cash.
I recently discovered one of the most creative lenders in the lending industry.
You’ll never guess who it is?
It’s not Chase, Wachovia or B of A!
It’s you. That’s right, it’s you and people just like you.
Now before you think I’ve lost my marbles let me introduce you to Prosper, an online community where people come together for person-to-person lending and borrowing of money.
Person-to-person (or peer-to-peer) lending isn’t a new idea. It’s been around for centuries and is remains a customary practice in many parts of world. It’s just one person lending to another person. The only difference is that Prosper has organized the whole process and created a wonderfully easy-to-use platform for you to borrow money from and lend money to strangers you’ve never met.
Prosper provides the entire underwriting platform and administers the credit process, loan and payment collection.
So here’s how it works:
Borrowing money through Prosper is fast and easy, and because other people can compete for your loan, the rates may be lower than you’d expect!
All Prosper loans are unsecured 3-year fully amortized loans. The interest rate is fixed for the life of the loan and does not change in the event of late payment or for any other reason. Fixed monthly payments may be automatically deducted from the borrower’s bank account. Borrowers may prepay any portion of the loan without penalty.
What this all means is that you can borrow up to $25,000 as an unsecured personal loan.
To facilitate the process I created a lending group on Prosper for Real Estate Investment Association members. The purpose of the lending group is to help lenders determine if they should lend you money. Lenders like to know that you belong to a group with members that have a good repayment history.
To join the Real Estate Investment Association lending group and get an unsecured personal loan, apply right here!
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