Peer-to-peer lending is only right for people who want to take on large amounts of debt.
Is Peer-to-Peer Lending Right for You?
If you are looking to open a credit card or line of credit, you’re better off looking at a traditional lender.
If you want to take out a loan but you don’t want to deal with the hassles of paperwork and long waits, peer-to-peer lending is probably not right for you.
But if you want to take on large amounts of debt, then peer-to-peer lending may be right for you.
Things to consider when Using P2P Lending to Pay Debts
When you’re looking to use peer-to-peer lending to help pay your debts, there are a few things you should keep in mind.
- First, make sure that you’re comfortable borrowing money from a stranger.
- Second, make sure that you have a savings account that you can use as collateral.
- And last, make sure that you know what you’re getting into before you borrow money from a peer-to-peer lender.