… and before you apply for the dreaded payday loans with the 300% interest rate, have you considered borrowing from “people” instead? Maybe you don’t know anyone who can lend you money- or you’re too embarassed to ask someone you know for help- but there is a community of people who lend money to people like you (and me! I used prosper to finance my trip to Australia!)
 Basically, you can create a profile on Prosper that explains what you need the money for, and how you will repay it- and then other people who are willing to lend money will “bid” on your listing. If you create a request for $3,000 for example, you would get several bids, one person might bid $500 at 10% interest, while another person might bid $250 at 7.5% interest, etc. When you’ve gotten enough bids to make your loan, if people continue to bid, your higher interest rate bids will drop off and the lower rates stick!Â
It’s genious really. You won’t always be funded with your first try, but if you create a listing and show you have the ability to make your payments, you have a strong chance of getting funded. Plus-there are lenders (just people!) who are there to help you- and they create “groups” with the sole purpose of helping lenders get their listings funded.Â
Click on the Prosper image above to learn more about getting money from “people”- even if the bank turned you down. The interest rates are far better than the payday loan you’re considering (or if you’re in one of the states without access to payday loans, this could be your only option to pay off your credit card debt!)Â
 Probably the best use of Prosper is to get yourself out of debt- and pay off all of your high interest accounts with your Prosper loan.
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