This mortgage meltdown the country is going through right now is a nightmare for many. Thousands of people are losing their homes through foreclosure due to bad loans issued from sub prime lender Country Wide. It gets a bit more complicated than just that but you get the point, this country and the ability for others to borrow options for borrowing money has been widely reduced.
If you were fortunate enough to survive the mortgage meltdown don’t be fooled to think that you aren’t affected. We are all affected. Even though you hung on and still have your good to great credit rating in tact, banks lending opportunities have been severely diminished. This occurs when banks write too many bad loans. When too many bad loans are created it reduces the banks ability to borrow money from the federal government and in turn the bank has no money to give you regardless of your credit rating.
Lucky for you and many others out there the Internet has made it possible to still borrow money through peer to peer lending. If you have a good to great credit rating you are in luck, because everyday people are looking for ways to invest their money outside of real estate and the stock market, and would rather do it by lending money to people like you who have great credit.
Person to person lending or peer lending as it is often referred to is the practice of others lending you money at an interest rate based on your credit rating. This allows you to borrow the money you need to do whatever it is you are going to do with it, and the people lending you the money will receive a nice return.