Peer to Peer loans have three models, from which you can choose one, which best suits your needs and requirements. These models of Peer to Peer Loans can give you benefit in managing your college expenses, as they are one of the best student loans in United States.
Up Close and Personal: GreenNote
GreenNote works as a social network, in which you can ad your relatives, friends, co-workers, classmates and family members. Then they are contacted by the GreenNote through email and get a student loan offer from the company. It is also worth mentioning here that there is no cosigner and check on credit history, and the interest rate is fixed up to 6.8%. The company is run by the contributors, who can give as low as $100 on account of finance sharing.
The students are facilitated in a way that they have a six months grace period after graduation and 5 years deferment while being in school. Hence they have 10 years to repay the loan, as the repayment is so easy. The GreenNote is just charging a little fee from all the parties to manage them.
Safely Anonymous: Fynanz
Fynanz is another concept in the race of peer to peer loans, and it may be the best choice for seniors. Fynanz company has chosen the concept of auction. You provide all the information they needed to assign a rating to your profile. Then there are many lenders on the site who bid to loan you money, and it all depends upon your assigned rating.
All the information remains private and safe, as the lenders and borrowers have no access to the private information of anyone. When you ask for a loan, many lenders can participate in the process to grant you a loan, and they can contribute as low as $50 at a time to manage your expenses.
Seniors and juniors both can apply for peer to peer (person to person) loan, but only the freshmen needs cosigners, which are released two years of timely payments. The repayment process is also so easy, which consist on 5 to 10 years. Whereas the interest rate is concerned, it is LIBOR along with a little margin. But you can only use the peer to peer loan by Fynanz for approved expenses like for paying your school fee and tuition fee.
Statistically Driven: People Capital
People Capital has maintained a good database of investors, individuals, groups and financial institutions to help the all of them in maintaining their financial status. They have built their own patented statistical model to grant student loan to the needy students. Declared majors, SAT scores, credit history, and college rankings play a vital role in allocation of student loan. They have also taken a good step in automating the system by assigning a ranking to each student.
People Capital assume the future abilities of a student for the repayment process and the students with no credit become able to get student loan for their college fee, tuition fee and other educational expenses. Hence cosigners, guarantors and credit history are not the requirements of People Capital for granting a college loan. People Capital offers a lot of financing facilities like balloon payments, long term loans, short term loans and consolidation loans.
So when federal loans are not enough to pay for your college and other expenses, then private student loans like People Capital help you in paying the dues of your school and college. But all these loans are quick student loans, which are available in shortest time period.