It all depends on how fast the lender is able to release the money to you. Most of the time, it will take 2 – 4 days and sometimes up to three weeks to receive the funds. Some lenders would direct deposit the funds into your account in the same day you are approved.
Peer 2 peer loan involves fewer stages to get your loan approved in comparison to bank loan. The first step is to select the right peer to peer lending platform with the best eligibility criteria. You will be required to provide proof of your business finance for example your bank account statement for the last 2 years. Next, you must complete the online application form, which can be done in as fast as 15 minutes. It is easy to fill in the online form and you only need to provide basic personal information such as name, address, and birth date.
Normally, you will get a response for your application within a time frame of 2 days. When your loan is approved, it will be listed in the marketplace. There will be a number of investors competing to make you an offer at different interest rate. Right now, you just have to choose an offer and wait for you loan to be funded.
The money will be wired directly into the bank account you provided them after you are approved. You can apply the loan at anywhere on your computer without having to go through the hassles of applying for the loan at the bank. The bank is more troublesome because you have to attend several meetings and wait for many months before you can receive the money.
Prior to applying, you should obtain a quote at a number of peer to peer lending sites. It won’t affect your credit score when you use the loan calculator at the P2P lending site to obtain a quote. To obtain the quote, you must provide information on the amount you want to borrow and the length of the loan term.
It is completely free to obtain a quote at the P2P lending site. The quote will provide information on the monthly cost, total amount you are to paid to settle the loan in full and the APR rate. It only take a few minutes to apply the amount you need from the P2P lending network and they will approve your loan in the same day.
P2P loan has a flexible payment structure compared to traditional bank loan. You have the option of paying back as much as you want or in full whenever you can afford it. There is no fee for overpayment or prepayment of the loan in full. The monthly cost of the peer to peer loan is fixed and the amount will automatically be deducted from your bank account.