Since its inception in 2012, P2P lending has continually increased in popularity and may be a good option for you (depending on your circumstances, of course). The following provides you with some information about how the P2P lending model works and how it might be beneficial for your needs.
How P2P lending works
When someone who needs a loan for either personal or business reasons, banks and credit unions aren’t the only port of call anymore. Nowadays, you can jump onto an online P2P lending platform to apply for a loan. Loans are funded by investors who make returns on their investment via the interest borrowers pay.
Benefits of peer to peer loans
There’s one key benefit for borrowers when it comes to P2P loans: lower interest rates. This is especially important during the current situation we find ourselves in - minimising costs. You’ll generally find that P2P lenders offer lower interest rates than many banks and credit unions.
And while we don’t like to toot our own horn TOO much, you should definitely check out how Stratton Finance compares against the big 4 banks as well. We love saving our customers money, so give us a call today on 1300 787 288 to find out what we can do for you. You can also use our online car finance quote tool to find out an estimate of how much your repayments would be for your new car (we reckon you’ll be impressed!).
Tips when looking for a P2P lender
If you’re thinking about applying for a P2P loan, here are a couple of pointers that might help:
Do plenty of research
We’re always touting how important it is to investigate the marketplace thoroughly before jumping into any loan or financing - and with good reason. You need to know where and how you can be stung with additional fees and charges and other contractual concerns so you’re not kicking yourself later on. That’s why we’re here though - call us on 1300 787 288 and we’ll assist you with this sort of stuff.
Focus on comparison rates
When comparing a few options, do so not by the advertised rate but the comparison rate. The comparison rate includes not only the interest rate but also any fees and charges involved with the loan, which means you’re comparing like for like.
Simplify things by discussing your needs with us
Instead of running around like a headless chook trying to make sense of all the fine print, clauses, conditions, inclusions and exclusions, get in touch with the team here at Stratton Finance. We’ll ask you some questions about what you’re after, and get out and do all the work for you! Plus, with our extensive network of lenders, we’ll suss out the ideal P2P lending solution for you every time.
Interested in getting the right P2P loan with the best interest rate so you can get into your new car faster and with zero stress or hassles? Call us now on 1300 787 288 or message us online and someone will be in touch for a chat soon.