Peer Lending

by Anonymous
(Georgia, USA)

Ask Kate about Peer Lending: Kate, I now see more and more peer to peer lending groups not giving loans to people with less than a 620 or 640 credit score.

"Anonymous" continues... How is this helping the person who truly needs a peer to peer loan since in this day and time if your credit score is 620 or above you could go to an actual bank?

The peer to peer originally was to help those with poor credit but the ability and willingness to pay get the credit they needed in times of need. What happened to that philosophy?

Kate Answers: Peer Lending And More Ways To Beat The Recession

Dear "Anonymous",

Beating the recession requires ingenuity. There is never going to be a one size fits all for mortgage financing or consumer lending.

Many home buyers will benefit from FHA home loans and others will take advantage of low mortgage rates on conventional loans.

Senior homeowners can expect help from reverse home mortgage.

For personal loans, some of us will use credit cards, private financing or peer to peer lending.

When Facing Foreclosure

Where can homeowners turn for help when they expect problems with making their mortgage payment? There is Mortgage Loan Modification, HARP, HAMP, short sale, some states offer mediation.

The latest to hit the homeowner assistance scene is FHA short refinancing.

I also have created the easy to read 8 uncommon strategies to stop mortgage foreclosure series.

Beating The Recession

It's all about knowing available options. In fact, that's what my website Get Your Best Mortgage Rate is about.

Presenting options so homeowners and home buyers can get their best rate with the lowest mortgage closing costs. Preserving homeownership.

Finding ways to beat the recession such as

1. Peer lending for borrowing and investing


2. Increasing income


3. Utilizing debt relief programs


4. Improving and protecting credit

and more unique options brought to you by Super Kate.

Opening Doors

What helps one person may not help another. But it all comes down to options. Opening one door when another closes. Thanks for your letter and I hope you'll continue to visit Get Your Best Mortgage Rate.

"Anonymous", one more thing. I'd like to hear back from you. Let me know if this page was helpful to you. Comment here on Peer Lending. Or Ask Kate another question here.

Best wishes,

Return to the home page of Get Your Best Mortgage Rate from Peer Lending

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The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com