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5 Reasons to Get Unsecured Business Loan from Lending Club

5 Reasons to Get Unsecured Business Loan from Lending Club 1

With the current credit crunch, raising capital to start or expand a small business can be a real challenge. The bitter irony is that while interest rates are at historic lows, access to funding sources has all but dried up. As a result, many small companies have turned to business credit cards. While credit cards … Read more5 Reasons to Get Unsecured Business Loan from Lending Club

Cross Collateralization: The Credit Union’s Dirty Little Secret

Cross Collateralization: The Credit Union's Dirty Little Secret 4

Imagine this scenario: You are ready to sell your car, that you now own free and clear, only to be told by your lender that you can’t until you pay off another unsecured loan you have with the same lender. In essence, you are being told that you are not through paying on your car, … Read moreCross Collateralization: The Credit Union’s Dirty Little Secret

3 Reasons Why You Should Not Borrow from Your 401(k) Plan

3 Reasons Why You Should Not Borrow from Your 401(k) Plan 7

A friend at work is thinking about borrowing from his 401(k) plan to fund his business start-up. He mentioned it to me and I told him that it’s a terrible idea to borrow from 401(k). It may sound appealing at first — i.e., fast loan application, easy to qualify, and you pay the interest to … Read more3 Reasons Why You Should Not Borrow from Your 401(k) Plan

Using a Home Equity Loan to Pay Off Credit Card Debt

Using a Home Equity Loan to Pay Off Credit Card Debt 9

You dread going to the mailbox and answering the phone.  Each paycheck seems to be gone before you’ve deposited it, and still you can’t seem to tame the enormous balances on your credit cards.  Between the high interest and the balances you are carrying, it seems as though you will never dig yourself out of … Read moreUsing a Home Equity Loan to Pay Off Credit Card Debt

Borrowing Money from Lending Club and Prosper

Borrowing Money from Lending Club and Prosper 12

You might have noticed that banks aren’t lending as readily as they used to. The recent credit crisis and economic recession made it difficult to get an unsecured personal loan from your bank — even for a secured loan like a HELOC. The difficulty associated with obtain loans through traditional banks has contributed to an … Read moreBorrowing Money from Lending Club and Prosper

Investing and Making Money with Lending Club Peer-to-Peer Lending

Investing and Making Money with Lending Club Peer-to-Peer Lending 24

I have been lending in peer-to-peer lending networks like Lending Club and Prosper for a few years now.  I believe that peer-to-peer lending networks are gaining credibility; especially with the successful Lending Club SEC registration in 2008.  In 2008, I made +8.73% with Lending Club and + 7.58% with Prosper, which was decent returns considering … Read moreInvesting and Making Money with Lending Club Peer-to-Peer Lending