Looking for recommendations of Peer to Peer Lenders on obtaining unsecured personal loan to pay off consolidated debt about $16,000.
Unsecured Loan with Peer to Peer Lender: Advice Please ?
JonnyQuest on 01/07/2024 - 22:52
Comments
Thanks. Yes, Plenti, was one company I've seen advertised, there are quite a few now, I believe. I intend to go through Finder, Canstar, and if any other comparison sites to check potential rates, but was wondering of anyone that has used any of these Lenders, and what their experience has been like ?
I used plenti to do this for about $10k a few years back. It was a pretty painless application process and the rate and fees were decent.
"Interest rates from 6.57% p.a." - I don't believe this.
Wouldn’t the interest rates be really high? I’d get a zero interest credit card and work on how to pay it off asap.
Yes, I thought of doing that - before my Rent was increased above what I expected (like many others have experienced in this unplanned housing dilemma)
I need a 5 year loan probably, and Peer To Peer companies offer mostly lower lending rates depending on ones Credit Rating - compared to Banks.Is it on credit cards?
Nab does a 32 month interest free term with no balance transfer fee. Might be worth checking out.
Couldn't you just get a bank loan for this? $16k isn't that much really
Higher rates & fees. More hassle.
Well, without being overly personal, I am renting - at the worst time in Australian history - and earn below the average wage, and seek an Unsecured Personal Loan. If you own your own home - no problem getting a low interest loan, I would imagine from a bank. In fact Australia has some of the worst conditions for someone as a renter, compared to countries like France, that I believe anticipate and plan for the needs of their population.But what is that word "plan" - doesn't seem to exist to many State Governments or in Canberra - at all. Only short term popularist plans for the tenure of Politicians careers .. perhaps ?
If cost of living is beyond your current income where do you see the loan repayments coming from?
What short and long term improvement in your circumstances will allow you to pay the compounding interest and principal on the $16k?
Are you almost at the top of the list for Social Housing and some rent relief? Is there a better job that you have a contract for or has there been a health issue preventing you from working that you have almost recovered from and ready to get back to a good income?I lend long term money on Plenti and my current weighted average ROI is 7.2% for some quite old loans when the bank rate was much lower. For a short term loan the interest rate would be higher.
I'm not having a go at you but their has to be an almost guaranteed exit strategy or you are just getting deeper in the hole.
If cost of living is beyond your current income where do you see the loan repayments coming from?
This is good advice.
I lend long term money on Plenti and my current weighted average ROI is 7.2%
This is surprisingly high given the low interest rates we've had the past few years.
This is surprisingly high given the low interest rates we've had the past few years
Yes, it is high. I can't remember when I made those loans and haven't done any since Plenti went public.
They are in the 5(?) year income option & Green loans. I've been auto-withdrawing the interest out every week for a few years now as the rates stopped being as attractive the more of their own cash Plenti accumulated.
Every-time I see a post on borrowing or lending cash…. I want to read up on becoming a private lender and the legals involved.
I help many random travelers already, but emergency life support is given and not expected to be returned…. although it also not with three zeros attached to it.
Then I think my friends have ripped me off for car repairs and more over the decades; would a random stranger be better?
I want to read up on becoming a private lender and the legals involved
What about the hassle of chasing up repayment; unless you don't mind donating these amounts every now and then?
ah…the risk and reward scenario.
Like gambling or buying a Holden - Cruze… only play with money we are prepared to lose.
Lenders like https://www.plenti.com.au/personal-loans/debt-consolidation/