Borrowing is becoming easier. And not just because of the spread of digitalization. The ultra-expansive policy of the Cream Bank (in the last meeting of 12 September it cut rates on deposits, bringing them down to -0.50% and announced a new quantitative easing of 20 billion dollars per month) pushed rates of interest at historic lows . Applies to mortgages, but also applies to personal and finalized loans. So today those who want to have a loan to renovate their home, 5,000 dollars to be repaid in 48 months, will pay an average Taeg between 5.75% and 7 percent. To give some examples, Cream Bank asks for a rate of 6.70%, Best Bank of 5.75% and Lite Lenders Credit of 6.25% .But if you have a very high credit rating and are accustomed to using the Internet, there is another channel that the consumer has available to tear up much more advantageous rates: it is the channel of loans between private individuals (social lending).
Loans between individuals, the Italian offer
In Italy there are several platforms, including Good Lenders and Lite Lending. On the first, 5 thousand dollars to be returned always in 48 months can be financed at a rate of 5.6% if you have an excellent credit history (otherwise, the rate can go up to 9.4%); on Lite Lending, on the other hand, the excellent profile (has a very high credit rating) will pay a Taeg of 5.95% (for the G profile, or if the applicant has a rating that is just sufficient, the rate rises to 14.28 %).
To find the most convenient offer, you can rely on online comparators, such as Good Lenders , where you can always inquire about the best personal loan offers of the day and also apply for funding. Using it is very simple. In the main screen you must enter all the required information, from the loan amount to the duration, from the purpose of the loan to any accessory insurance. By clicking on “show me the loans” it will then be possible to view all the quotes, including those of the social lending platforms and also submit the loan request via the site.
The main advantage of social lending is certainly the competitiveness of interest rates, with a “discount” compared to the more traditional channel (banks and financial) which can even reach 200 basis points (2%) if the credit history. It is the best. A pricing that private lending platforms are able to offer thanks to a much lower cost structure. Then there is the advantage of comfort. Everything is done online, directly from your pc. To have an outcome to the request for funding within 24-48 hours. And if you want to close the loan before the natural expiry, you can do it at any time, without penalties and without paying interest on the part repaid in advance.
Applying for financing through social lending platforms, or loans between individuals, is very simple. Just register on the site and make your request directly online. It will then be necessary to provide all the required documents, including income documents, which will be subject to verification. Once the checks are completed, the result of the request will arrive and if positive you will receive a contract to be signed. After which the requested amount will be credited directly to the current account, on which the installment will be debited every month. The rate applied will depend on the creditworthiness of the applicant and can vary from a minimum of 5.4%, if the credit history is excellent, up to 14.28%, if the judgment is only sufficient.
Who can access it
To apply for a loan on social lending platforms, it is necessary to be of age, to have a demonstrable work income, which must be such as to make the installment sustainable (as a rule the latter must not exceed 30-35% of net income), and have a current account. For the installment to be sustainable, then, it is important not to have high levels of debt. Furthermore, in the event of serious insolvency records, it will be difficult to obtain the go-ahead for the loan application.