While each peer-to-peer lending company is unique, the application process generally looks something like this:
You already know that shopping around for a loan may be necessary if one lender flat out turns you down. But you should seriously consider checking out a number of options even if you are approved.
When you compare your options across two or more P2P lending sites, you’ll find different loan options and a variety of investor pools. Remember: Your interest rate is dependent upon a number of factors, including your credit score and loan term. And every lending company has its own way of determining how risky you are, so one might view you more favorably than another.
When you do shop around, keep a few rules of thumb in mind: