Lending Options On The Market: Part 1

Lending Options On The Market: Part 1

There are several types of personal loan options available on the market. Here’s an inside peek at what they look like and the differences in how they are handled.

Peer to Peer Loan – These loans typically require a minimum loan amount of $1,000 with a maximum of $40,000. The terms of these loans can be taken out for 3, 5 or 7 years. The annual percentage rate ranges around 5.95%, but can vary based on credit history.

Bank Loan – When heading into a bank to get a loan, the minimum amount they want you to take out ranges between $1,000 to $3,000. The maximum can range anywhere from $25,000 to $100,000 and that’s with collateral. Loans can last between 6 months and 5 years and the APRs range from 7% to 20%.

In part 2, we’ll cover other types of loans and their difference on borrowers.

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