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A:
Can we please not use "people" in general in this sort of question?
Even if they are generic people, they are also human, and some are quite likely to have significantly different experiences and opinions from you. It is quite possible that if you actually met them in real life you would become an active part of their social group, their community, their world, and thus find it impossible to remain objective about their experiences.
When you put "people" in your question, it is almost guaranteed to come across as judgemental and offensive.
Peer to peer (P2P) lending platforms that match lenders with borrowers usually require the borrower to pay a portion of the loan as a fee. Lenders receive a set amount of funds and must risk it on a longer time horizon. Thus, lenders typically accept loans from a broader pool of borrowers.
P2P platforms also charge a setup fee, on average 0.5%, but lenders have options to pay off the total loan amount at any time. They are also offered a percentage of the loan amount as a fixed interest rate.
Banks and credit unions typically offer personal loans to individual customers. Most often, this type of personal loan is for an emergency. These loans usually have a term of a few months to several years, with the majority of borrowers receiving a term of a year or less.
Personal loans can be utilized for an extensive list of uses including home and car repairs, medical expenses, credit cards, education loans and a number of other uses. Most of these loans can be paid back over time.
Small Business Loans
There are many financing options for small businesses that can help you obtain working capital and other business loans. We provide business loan solutions that enable our customers to leverage our internal expertise to meet their specific needs.
Commercial real estate loans represent a more affordable way to finance commercial real estate deals. Most of the loans are secured by the property to be purchased or refinanced, which provides more flexibility in the borrower’s credit.
Home Loans
Lending standards have been under scrutiny recently. Many consumers have started to question whether or not they can get a loan to buy or remodel a home. Some banks have tightened their rules or have increased loan fees, making it tougher for consumers to qualify for a loan.
At LendUp, we partner with some of the most popular lenders in the industry to offer customized lending solutions for your home.
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