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One of the beauties of the information age is that it is no longer necessary to study your way through a complex system of legal loopholes, advertising and other complexities if you want to learn how to start your own loan business; the resources needed for P2P lending are readily available online and can be used by anyone with basic computer skills.
Personal hard money lending has become a popular alternative to dealing with the bureaucracy of the big bank systems; there are fewer rules and regulations, more options, and quite often a greater opportunity to find a loan that better suits the needs of your borrowers. They are both very well known and you won’t have to pay a cent in advertising costs, allowing you to comfortably lend at a more competitive rate.
The most popular sites for P2P lending are prosper.com and lendingclub.com. They will enable to you create a profile for your lending business, and ensure a reasonable degree of screening for prospective borrowers (both sites require a credit check of prospective borrowers and have minimum Fair Isaac score requirements of 660-680). They will give you a number of options for how to develop your own web loaning agency. This can become an excellent source of revenue for prospective venture capitalists, and it is an excellent method for how to start your own loan business.
One other tool that you can use is virginmoney.com. This is a simple online system that provides the business and legal resources for lending between any two people or businesses; it can be between family, friends, or associates.
