What is a student loan?
As the name refers, a student loan is a loan taken by the students so that they can pay off their university or college fees and other expenditures related to their studies. These loans are dedicated for students who are willing to study, but due to their poor financial state, they are forced to drop out of their studies. Where can you get one?
Where to get a student loan?
Nowadays, taking the student loan has become a quick process. You can get the help of a private lender. Getting federal lenders to fund your student loans is another popular way.
If you don’t want to try either of them, you can get help from prosper.com. They have a loan programme that can give you funds for your student which you can easily pay off.
What is prosper.com?
Prosper.com is a website through which you can easily get funds for your student loans. It works on the basis of peer to peer lending. This website is made as an alternative to the traditional loans and the investing options. It provides its users with a variety of other options. Prosper.com has cut out the middle man who helps in creating a link between the borrower and the lender. The borrower gets a direct link with the investor, cutting down the “hidden charges” present when the middle man is present.
How prosper.com works?
When applying for a student loan, you are first required to state an amount which you will need to complete your studies. This amount includes all your expenses throughout your study period so that you don’t have to take another loan again. Once you have stated the amount, give a reason why you need that amount and post all the listings on prosper.com.
The investors will go through all your loan listings after you have completed them and only the applicants who meet their search criteria are given the loans they request for. Once you are given the loan, you are required to give an amount which you will pay pack the loan. This is on a monthly basis. The investors will start receiving a portion of their investment which will be sent to their proper account.
How much loan can you get?
Prosper.com has attractive rates and the loan amounts which are given to their borrowers. You can easily get $2000 to $35,000 loan here, which you can easily pay off within a period of 3 to 5 years. In order to qualify for the loan, you must have the following eligibilities:
You must be U.S. resident, who resides in the state where prosper.com is providing their services.
You must have your own bank account.
You must own a social security number.
Your credit card must have a 640 score or more. Less than 640 scores are not eligible for the student loans or any other loans.
If you have met all these conditions, you can easily get a loan from prosper.com.