The era of borrowing money from a brick and mortar bank is over. There are new and exciting method of borrowing and lending money that we just aware of. The other is that many specialized investment companies that offer you funding for a certain projects or business types.
The new popular way of funding loans is now growing. It works like a bank but has difference in the type of middle man. We go to a website that has been dedicated to bringing borrowers and lenders in on place. As a lender, we can set the borrowers criteria to give permission for the person borrows money from us. As a borrower, we can look for recommended lenders we will qualify for. Once there is agreement match is found, the two persons directly set up a contract and signed on it, while the website is becoming as intermediary. In fact, many of these sites have their own escrow where the money can be held while the two persons have finalized terms that are negotiated.
It is really unique compared with the bank in the type of criteria. Often the trustworthiness of a person is measured from the peer review. The payment track record can be found and analyzed using a system such as points or stars. The better the payment obligation the higher you’re rating and there will be more opportunities available to you. The seal approval does not necessarily need asking whether it is a large company or government agency.