Lending Options On The Market: Part 2

In part 1 of Lending Options On The Market, we covered the different kinds of loans including, bank loans and peer to peer loans. In part 2, we’ll dive into the other lending options and what to expect from each of them.

Crowdfunded Loan – This kind of loan doesn’t have many stipulations. There’s no minimum or maximum, meaning you borrow what you need. There are no APRs and no set amount of time to pay back.

Debt Consolidation Loan – Debt consolidation loans do not usually require a minimum loan amount, however they do sometimes have a maximum of $120,000. The pay back terms can last anywhere from 15 to 20 years and the APR ranges from 3.49% to 10.99%.

Installment Loan – These loans are just like the one above. There is no minimum loan amount. However, the maximum is $35,000. The loan terms can last anywhere from 2 to 5 years and the annual percentage rate is 9.95% to 36%.

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