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Instead, the loans are made by investors or other individuals.
If you have good credit, you can often find that borrowing using P2P lending may be a great alternative to traditional loans.
You will want to take a closer look at your spending habits and see where you can save and what you need to change to be able to avoid building the debt back up.
Coming up with a debt management plan is the best first step to take after considering debt consolidation. The above offers are provided by third-parties from whom receives compensation.
With a P2P loan, you can typically borrow the funds with lower rates than you would find at the bank.
However, you may have to pay a bit more in interest to keep the investor on your good side.
When getting a personal loan to consolidate your debt, make sure you consider the interest fees and make sure you can comfortably make the monthly payment for the duration of the repayment plan.Sometimes what appears to be debt consolidation isn't.For example, a debt management program (DMP) through a credit counseling agency allows you to make one monthly payment to the counseling agency, and in turn, the agency pays all of your participating creditors.However, the agency doesn't pay off your debts, so it's not a true consolidation loan, even though it may have the same effect as one.Peer-to-peer lending, otherwise known as P2P, is a different way of borrowing money that does not use the services of a traditional bank or credit union.