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P2PPioneer

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Do ppl prefer p2p loans?
Are peer to peer loans any better than conventional installment loans? Why do we see an exponential growth in P2P loans?

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In the after math of the recent

Finacial mess that this country went through, there has been a explosion in these types of loans.  I believe its been driven by the lack of faith in institutional lenders and the changes in finance laws that has created the advent of these types of platforms in the on-line market.

as far as weather they are any better, thats debateable.  I used one of these services trying to diversify my credit.  The upside was i got a very good rate on my loan.  The down side is that they only report to the Credit Reporting agency once every 4 months in order to save money.  So my credit report dosen't get updated with accurate info but 3 times a year.  When I asked the lender about this they told me that for a $25 monthly fee they would be happy to report more often. Of course that fee would basicly wipe out the savings i got on the interest rate. 

I have only dealt with the one lender so i woud suggest that you do a little home work if your seeking one of these loans, Ask them how often they report etc.  better to know in advance.

Good luck

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