Social Lending Resources on the Reduce-Debt-Reduce-Stress Site

Social Lending

Social lending websites (also known as peer-to-peer (P2P) lending sites) are becoming the hot new thing in consumer lending. While the number of loans they make is tiny compared to the big banks and credit card companies, they are growing rapidly. Debt consolidation is one of the top uses of these websites right now, along with small business loans.

In Chapter Eight of Reduce Debt, Reduce Stress, we shared Eileen’s story, and described how she used one of these social lending services to reduce her credit card interest rates &8112; and her debt. We also describe some of the most popular services, and the pros and cons of each. We recommend you review that chapter before you decide to try one of these services. When you’re ready to give social lending a shot, here are services to consider:

Prosper.com : Prosper is currently in a quiet period*, and is not accepting new loan applications.
LendingClub
Pertuity Direct, one of the newest social lending websites
Fyanz is a P2P student loan platform. However, they are not accepting new applications at this time.
Loanio is also in a quiet period and is not accepting new applications at the moment.
Zopa is a popular social lending platform in the U.K. They attempted to move into the US market, but pulled out.

* These companies are in a quiet period while they register with the proper regulatory authorities.

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The book Reduce Debt Reduce Stress is a must needed book for our economic times. The book gives real life solutions for helping families with their debt. This book really can give hope to people who are struggling with debt. This e-book should be kept on ones computer for reference. Having so many references to web sites available in the book is helpful for additional resources. In my practice as a CFP® I refer to this book often as I help my clients deal with their financial problems.
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