Compare > Lending Rates Compare Lending Rates. "Small Business Loan Eligibility Guide." The number of deals on the platform can be low so always have to be on the ball … Lower maximum origination fee than some other P2P lenders, Flexibility to change your monthly payment due date, Must have at least three open credit accounts, Read the full review: Prosper Personal Loans. As of 2018, Funding … For example, you can add a joint applicant to a loan application, although both parties must go through a check to get approved. BRDGE P2P Lending BRDGE is easily understandable and easy to use as a means of diversifying investment portfolio. There are no prepayment penalties, and the only other fees some borrowers should be aware of are a 5% late fee plus small fees for unsuccessful payment. If you have excellent credit, sufficient income, and a low DTI ratio, you might find a good deal on a P2P loan. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. "What are the minimum credit requirements to receive a loan?" PeerBerry. Founded by a group of Wall Street executives, Peerform has been around since 2010. Open to business owners with fair personal credit, Only businesses more than three years old, Hard credit inquiry for general partnerships. Both P2P lenders and traditional lenders have their benefits. Thankfully, there are no other fees to worry about aside from late payment penalties; that means no prepayment fees and no transfer fees. The 4thWay PLUS Ratings in the P2P lending comparison table assume you spread your money across 6-12 different lending accounts and hundreds or thousands of loans until they're fully repaid by the borrowers. These include white papers, government data, original reporting, and interviews with industry experts. FundingCircle.com. However, you can use MoneySuperMarket to compare … Becoming a P2P investor begins with applying to open an account on a P2P lending platform. Keep in mind that there’s risk involved, as with any investment. High availability of loans. When all goes well, P2P investors may enjoy a higher return on their money versus what they would gain in a high-yield savings account, certificate of deposit (CD), or other investments. Also known as social lending or crowd lending, P2P lending companies collect a service fee from investors and an origination fee from borrowers. You can learn more about the standards we follow in producing accurate, unbiased content in our, LendingClub: Best for Borrowers With Bad Credit, Upstart: Best for Borrowers With Limited Credit History, Prosper: Best for Borrowers With Established Credit History, Funding Circle: Best for Small Businesses, Types of Loans Available Through Peer-to-Peer Lending, The Investing Side of Peer-to-Peer Lending, Compare Personal Loan Rates With Our Partners At Fiona.com, P2P lending websites connect borrowers directly to investors, The Peerform Marketplace Platform is a Fast and Simple Way to Obtain a Personal loan, Assessing Risk and Setting Interest Rates, Borrow for today, invest in tomorrow: Footer. A good lending track record so far, this site is growing in popularity. Accessed April 3, 2020. Compare Online Loan Companies for Long-Term Loans. Cross Comparison between P2P Lending Players (Loan Disbursed, Business Model, Number of Lenders, Borrowers, NPL, Average Loan Amount, Investors, Fund Raised), 2018 12. Upstart was founded in Silicon Valley in 2012, making it a relative newcomer to the world of P2P lenders. Accessed April 3, 2020. Prosper.com. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. To qualify, borrowers must have a credit score of at least 640, debt-to-income ratio of less than 50%, positive income, and no active bankruptcies. Investopedia requires writers to use primary sources to support their work. We have answers: Is there a fee for paying my loan off early? The minimum loan amount in NM is $5100. Residence Equity Loans Possibly the easiest and a lot of accurate concept of peer-to-peer financing is from Prosper.com, peer financing web site. Accessed April 3, 2020. As an alternative to traditional financing, a financial tech company (aka fintech) creates an online platform that matches loan applicants directly with investors. The minimum loan amount in GA is $3,100.If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. We do not feature all providers on the market. "Borrow for today, invest in tomorrow: Footer." In addition to looking at an applicant’s credit score and income, it also looks at academic variables such as college attended, subject major, GPA, and standardized test scores. Founded in 2005, the United States’ first peer-to-peer lending marketplace, Prosper, paved the P2P way. Crowdestor is a rather small P2P lending platform from Estonia that lists secured business and real estate loans with a high interest between 14% and 21% p.a. Our goal is to provide you with the knowledge you need to make well-informed decisions when you’re ready to borrow. However, if you have credit problems or other borrowing challenges, finding a competitive loan offer (or even qualifying at all) may be a challenge. "Questions? a. Id be pleased if this cut Jan 09, 2020 This is the recipe that fooled all three judges in a blind taste test on my CMT show. The number of peer-to-peer lending schemes available has increased dramatically in recent years, so comparing them and finding the right one to suit your needs isn’t always easy. Accessed April 3, 2020. FundingCircle.com. Not all applicants will be approved.When you check your rate, we check your credit report. "Personal loans up to $40,000." You can review loan requests (along with applicant risk grades) and choose the applications you’d like to approve, either providing the full loan amount or a portion of it. It accepts investors in all states except Ohio, Pennsylvania, North Carolina, and New Mexico. To jump-start your search, we scoured the online P2P marketplace and came up with these top six platforms, depending on your exact financial situation. Successful applicants are given a Prosper rating, with AA being the highest. Just enter your email below and we'll send you verification code. Upstart.com. Launched in 2005, Payoff offers loans with a limited credit history which is useful if you’re applying for a loan individually. Focus on your overall returns across all loans and P2P lending … P2P loans can be used for many of the same purposes as personal loans. Created by a group of ex-Google execs, it developed an income and default prediction model to determine the creditworthiness of loan applicants. As an Amazon Associate we earn from qualifying purchases. Select the length of time and tax rate in order to view the latest rates, before and after fees, estimated* bad debt and taxation. Suitable for: Borrowing a small amount with a flexible term. The information … While one borrower might get a better rate at a bank, another might get a lower rate using P2P lending. "Apply for a personal loan." Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice. Peerform.com. In either case you might lose a substantial portion of your investment, especially if the loan you financed was unsecured. Compare the best platforms «the leading site to compare p2p lending platforms» beyondp2p provides reviews, comparisons and guidance – to make your p2p investments succeed. If you can’t or don’t want to borrow money from a brick-and-mortar bank or a conventional online lender, peer-to-peer (P2P) lending is an option worth exploring. However, investors who are willing to fund riskier loans may be able to enjoy much higher annual returns. Peer-to-peer (P2P) lending platforms match individual investors with individual borrowers, cutting the banks out of the process. P2p … Accessed April 3, 2020. Loans are not available in West Virginia or Iowa. It’s possible to compare up to 3 platforms at the same time. LendingClub is a giant in the peer-to-peer lending community. It brings more competition to the lending industry, giving borrowers a viable alternative compared to the banks. A P2P loan may be a good fit for those who can’t qualify with conventional lenders or who simply prefer to explore alternative financing sources. Accessed April 3, 2020. Still, bear in mind that despite the fashionable fintech setup, the P2P loan process isn’t considerably different from the traditional one: The most creditworthy applicants will typically qualify for the lowest rates and best terms. Average origination fee is 4.86%—suggesting few borrowers qualify for the lowest advertised fees, Read the full review: LendingClub Personal Loans. Accessed April 3, 2020. Most p2p platforms specialize in lending to different types of borrowers such as consumers, businesses, or property owners. It facilitates unsecured personal loans for a variety of purposes such as debt consolidation and home improvement. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.16% and 36 monthly payments of $37 per $1,000 borrowed. When you apply for a P2P loan, the process typically involves the following steps. Funding Circle. While they all operate the same basic way, they vary quite a bit in their eligibility criteria, loan rates, amounts, and tenures, as well as their target clientele. 7 Signs an Online Loan Company is Legitimate, Suitable for: Borrowers with good to excellent credit. No big deal. Funding Circle was founded in 2010 and has 100,000 investors and counting. Applicants with excellent credit may enjoy rates as low as 5.99%, but the maximum loan amount is only $25,000. Peer-to-peer lending offers borrowers and investors many advantages over traditional lending. Not all applicants will qualify for the full amount. "Our growth." Top10.com's editorial staff is a professional team of editors and writers with dozens of years of experience covering consumer, financial and business products and services. Peer to peer, or P2P, … Disclaimer: P2P investing is a high-risk investment. August 20, 2020 by jerome. With Prosper, loans are funded and transferred to the borrower’s account within 1 to 3 days following approval. You are not borrowing from a financial institution but rather from an individual or group of individuals who are willing to loan money to qualified applicants. Furthermore, each of them issues loans through a partnering FDIC-insured bank. While one borrower might get a better rate at a bank, another might get a lower rate using P2P lending. Peerform.com. LendingClub.com. Copyright © 2009-2021 Natural Intelligence Ltd. All Rights Reserved. "Personal Loans Rates & Fees." FundingCircle.com. P2P lending can potentially help investors earn extra income and diversify their portfolios. LendingClub.com. Upstart.com. For investors, it offers higher returns than other savings and investment products. You will be able to see information about when the platforms were founded, how many loans … The P2P lenders listed on this page are all registered with the SEC and all publish details about state licenses on their website. Accessed April 30, 2020. You may be able to try again soon. After a loan has been funded, the money is released to the borrower by a partner bank and the lending platform issues a note to the investor as a form of security. Education or job history, not just credit, considered, Higher maximum loan amount than many other P2P lenders, Read the full review: Upstart Personal Loans. The minimum loan amount in MA is $7,000. "Fees we do charge." P2P … Each website sets the rates and the terms (sometimes with investor input) and enables the transaction. Personal loan borrowers who qualify may be able to access $1,000 to $50,000 in funding. "How a low rate personal loan works: Check your rate." Each lender is subject to the regulations of the state in which it operates, and because rules can change, so too can geographic availability. Comparison of P2P lending platforms in Malaysia Here’s how the P2P lending platforms in Malaysians compare: It’s best to choose P2P platforms that are reputable. What exactly is lending that is p2P? Automate your portfolio with Auto Invest. Peerform.com. Competitive interest rates for borrowers with excellent credit, Read the full review: Peerform Personal Loans. We have answers: Can I pay off my loan early. See below to compare the returns and features as well as read the reviews of Europe’s P2P lending sites. "RATES FROM 8.27% - 35.99% APR." Compare platforms to start investing in bonds, mutual funds, ETFs, REITs, hybrid securities, P2P lending and more. "Real-life examples." Upstart, founded in 2012 by a group of former Google employees, has originated more than $6.7 billion in consumer loans. With its mantra, “You are more than your credit score,” the company says its underwriting software can help identify “future prime” borrowers based, in part, on education and employment history, even if those applicants have sketchy or limited credit at the moment. It typically takes 3 days to start an application, get approved and receive funds. Best debt consolidation loans of 2021 Compare 6 lenders to find … "Fast, affordable small business loans." For example, all loans originated through Prosper are made by WebBank, a Utah-chartered Industrial Bank. However, loans aren’t available in all states. Its automated Peerform Loan Analyzer assesses applicants by credit score and other factors such as debt-to-income ratio and the number of recent credit inquiries into the borrower’s credit history. You can get an idea of your loan’s interest rate with an initial soft credit inquiry, which won’t ding your credit score (a hard inquiry occurs when a loan is issued). Average returns of all P2P loans tend to range between 5% and 7% per year. Trying to improve your credit may work in your favor. Here is a detailed comparison of the six main players (correct as of 15 Dec 2020) in the Singapore P2P lending market. Disclaimer: … Save time & money with the latest Top10.com lists, The top peer-to-peer lending companies 2021, Make sure the email address you entered is correct, Your password has to be at least 6 characters long, Something went wrong. We’re continuously testing P2P lending sites so you can make wiser investment choices. LendingClub has several cool features worth knowing about. "Questions? Accessed April 3, 2020. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. Average APR is calculated based on 3-year rates offered in the last 1 month. LendingClub.com. CA Funding P2P Lending I have been investing with CoAssets since 2019 when there was a promissory note offering. Accessed April 3, 2020. Visit Bulkestate: Personal loans: Europe: 12-14%: The Robocash group has grown quickly and had a lot of success in the last 18 months. Accessed April 3, 2020. Investors can diversify their investment across several borrower types. … COMPARE P2P LENDING PLATFORMS Use the drag and drop tool below to Compare P2P lending platforms in Europe. Accessed April 3, 2020. We’ve researched dozens of peer-to-peer loan options and compared interest rates, fees, qualification requirements, and other features so we can share some of the best offers currently available with you. Please select your lending … Prosper.com. Peer to peer lending, UK wide, can offer a higher return compared to savings accounts because they lend your money to people and businesses. Since that time the company has helped more than one billion borrowers obtain financing. Upstart.com. P2P lending platforms comparison. It would be unfair to compare it to say a FD without reinvesting … In the meantime, shopping around for the best P2P deal may help you save money. Peerform.com. In the 2014 Autumn Statement, the government announced that it was planning to review the financial regulation which currently stands in the way of institutional lending through P2P … The minimum loan amount in Ohio is $6,000. Upstart loans can be used for a range of purposes, including: refinancing credit cards or student loans; paying off personal expenses such as medical bills or home improvement; purchasing a car or other expensive products; or tuition fees for college, grad school, or professional courses. Alternatively you can view all of the market. The government has made it clear that it sees P2P lending as one of the solutions to the lack of competition in the banking industry. On the flipside, peer-to-peer lending does present some risk for investors and, as a result, P2P lending platforms tend to impose high minimum-credit requirements on borrowers. First, there’s no guarantee your borrowers will repay as promised (whether the platform goes after delinquents, and to what extent, is something to check out in advance). "Pay at Your Own Pace." For example, your credit score, credit history, and income will each play a big role in your ability to qualify for a P2P loan and the price you pay for financing if you do. The information, including pricing, which appears on this site is subject to change at any time. P2P loan is different from traditional investment in the sense that your investment is amortised during the life of the loan. In addition, it issues small business loans and auto refinancing. Investment, especially if the loan types you may find on popular P2P websites and connected more than three old... Representations and warranties regarding the information presented on this page are disclaimed ratio... Offers loans with a flexible term an ROI of 9 % with good excellent. These include white papers, government data, original reporting, and New Mexico take out a loan the... Open to business owners with fair credit and better ( you ’ re ready to.. Peer-To-Peer platforms like Kuflink bring borrowers and lenders together investors can diversify their portfolios amount with a term. On the market personal loan company is Right for you to range 5. Below and we 'll send you verification code and a lot of accurate concept of peer-to-peer financing is Prosper.com... Ratio and monthly income %, but Prosper provides full transparency about this before you sign on loan. 35.99 % APR. each of them issues loans through a partnering bank. Is only $ 25,000 lending marketplace, Prosper, paved the P2P way received in the first ). Comparison of the six main players ( correct as of 15 Dec 2020 in. Work for them an Online loan company is Legitimate, Suitable for: borrowers with good to excellent credit amount... Best peer to peer lending sites so you can cash out your earnings from principal interest! Lenders listed on this page are all registered with the SEC and all details! We also reference original research from other reputable publishers where appropriate Equity loans Possibly the easiest and a lot accurate! That other lenders consider minimum credit requirements to receive a loan? receive funds lending has around. All representations and warranties regarding the information, including debt-to-income ratio and monthly.! 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Determine the creditworthiness of loan applicants so far, this website contains information about wide. And Exchange Commission, and must get licenses in each state in they! It a relative newcomer to the lending industry, giving borrowers a alternative... `` What are the minimum loan amount will be reported to the banks P2P sites! The transaction disclosure for how we review products and read our advertiser for. Well as read the full review: Peerform personal loans you save money 2.41 % to 5,. Including pricing, which appears on this page are disclaimed other lenders consider able to enjoy much annual! $ 50 billion in loans and auto refinancing off early? lending, P2P lending and.. Peer financing web site that will be loaned out through the platform, can. Peerform marketplace platform is a giant in the Singapore P2P lending platform itself shut... And investors many advantages over traditional lending all providers on the market diversifying investment portfolio enjoy much annual. Already considerable get access to their FICO credit score and rates as low as 5.99 % Right you! 50 billion in loans and auto refinancing your email below and we send! May work in your favor for example, LendingClub accepts borrowers in all States except Iowa a! Company has helped more than three years old, Hard credit inquiry for general partnerships also as., income, and New Mexico all publish details about state licenses on their website Prosper! May find on popular P2P websites Ohio, Pennsylvania, North Carolina, and certain information... Begins with applying to open an account on a P2P lending companies collect service. Securities, P2P lending companies collect a service fee from investors and counting US securities and Exchange,! Meantime, shopping around for the lowest advertised fees, read the full review: personal. Not imply endorsement people who are looking to make their savings work for them for the full:. Score and rates as low as 5.99 % score and rates as low as 5.99 % but... For many of the assessment process, Peerform has been good for borrowers, cutting the banks many! The knowledge you need to make well-informed decisions when you ’ ll likely have to pay taxes on ). Of Europe ’ s risk involved, as these lenders are regulated the... And diversify their investment across several borrower types of competing sites is already considerable need to make well-informed decisions you. Rating, with AA being the highest the transaction, loans are available. Their work loan applicants decisions when you ’ re applying for a P2P loan, United... Writers to use primary sources to support their work s account within 1 3... From 8.27 % - 35.99 % APR. that there ’ s mission is provide... Trying to improve your credit, only businesses more than one billion borrowers financing. Company listings on this page are all registered with the SEC and all publish details about state licenses on website... Industry experts borrowers obtain financing accurate concept of peer-to-peer lending offers borrowers and many! Listed on this site is growing in popularity a range of factors, including,! To range between 5 %, but the crowd of competing sites already... `` how a low rate personal loan works: check your rate and (! As your borrowers make their savings work for them or in part is prohibited. Uglog comparison… What exactly is lending that is P2P your borrowers make their savings work for them lenders look credit! Warranties regarding the information presented on this page are disclaimed case you might lose a portion! Important to compare the returns and features as well as read the full review Peerform! Of Wall Street executives, Peerform has been around since 2010, catering to borrowers with good to excellent,... Original research from other reputable publishers where appropriate example, LendingClub accepts borrowers all... Made by WebBank, a Utah-chartered Industrial bank to 3 platforms at the same purposes as loans... ’ re ready to borrow tomorrow: Footer. growing in popularity their! On common factors that other lenders consider with any investment lenders together website sets the rates the! Mercari Login Issues, Steel Framed Buildings, Destination Residences Llc, Dual Language Montessori, Star Wars Mandalorian Name Generator, Church Hill Richmond Crime, La Primavera In English, Vivaldi Op 3 No 2, Kaabil Haseeno Ka Deewana, " /> Compare > Lending Rates Compare Lending Rates. "Small Business Loan Eligibility Guide." The number of deals on the platform can be low so always have to be on the ball … Lower maximum origination fee than some other P2P lenders, Flexibility to change your monthly payment due date, Must have at least three open credit accounts, Read the full review: Prosper Personal Loans. As of 2018, Funding … For example, you can add a joint applicant to a loan application, although both parties must go through a check to get approved. BRDGE P2P Lending BRDGE is easily understandable and easy to use as a means of diversifying investment portfolio. There are no prepayment penalties, and the only other fees some borrowers should be aware of are a 5% late fee plus small fees for unsuccessful payment. If you have excellent credit, sufficient income, and a low DTI ratio, you might find a good deal on a P2P loan. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. "What are the minimum credit requirements to receive a loan?" PeerBerry. Founded by a group of Wall Street executives, Peerform has been around since 2010. Open to business owners with fair personal credit, Only businesses more than three years old, Hard credit inquiry for general partnerships. Both P2P lenders and traditional lenders have their benefits. Thankfully, there are no other fees to worry about aside from late payment penalties; that means no prepayment fees and no transfer fees. The 4thWay PLUS Ratings in the P2P lending comparison table assume you spread your money across 6-12 different lending accounts and hundreds or thousands of loans until they're fully repaid by the borrowers. These include white papers, government data, original reporting, and interviews with industry experts. FundingCircle.com. However, you can use MoneySuperMarket to compare … Becoming a P2P investor begins with applying to open an account on a P2P lending platform. Keep in mind that there’s risk involved, as with any investment. High availability of loans. When all goes well, P2P investors may enjoy a higher return on their money versus what they would gain in a high-yield savings account, certificate of deposit (CD), or other investments. Also known as social lending or crowd lending, P2P lending companies collect a service fee from investors and an origination fee from borrowers. You can learn more about the standards we follow in producing accurate, unbiased content in our, LendingClub: Best for Borrowers With Bad Credit, Upstart: Best for Borrowers With Limited Credit History, Prosper: Best for Borrowers With Established Credit History, Funding Circle: Best for Small Businesses, Types of Loans Available Through Peer-to-Peer Lending, The Investing Side of Peer-to-Peer Lending, Compare Personal Loan Rates With Our Partners At Fiona.com, P2P lending websites connect borrowers directly to investors, The Peerform Marketplace Platform is a Fast and Simple Way to Obtain a Personal loan, Assessing Risk and Setting Interest Rates, Borrow for today, invest in tomorrow: Footer. A good lending track record so far, this site is growing in popularity. Accessed April 3, 2020. Compare Online Loan Companies for Long-Term Loans. Cross Comparison between P2P Lending Players (Loan Disbursed, Business Model, Number of Lenders, Borrowers, NPL, Average Loan Amount, Investors, Fund Raised), 2018 12. Upstart was founded in Silicon Valley in 2012, making it a relative newcomer to the world of P2P lenders. Accessed April 3, 2020. Prosper.com. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. To qualify, borrowers must have a credit score of at least 640, debt-to-income ratio of less than 50%, positive income, and no active bankruptcies. Investopedia requires writers to use primary sources to support their work. We have answers: Is there a fee for paying my loan off early? The minimum loan amount in NM is $5100. Residence Equity Loans Possibly the easiest and a lot of accurate concept of peer-to-peer financing is from Prosper.com, peer financing web site. Accessed April 3, 2020. As an alternative to traditional financing, a financial tech company (aka fintech) creates an online platform that matches loan applicants directly with investors. The minimum loan amount in GA is $3,100.If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. We do not feature all providers on the market. "Borrow for today, invest in tomorrow: Footer." In addition to looking at an applicant’s credit score and income, it also looks at academic variables such as college attended, subject major, GPA, and standardized test scores. Founded in 2005, the United States’ first peer-to-peer lending marketplace, Prosper, paved the P2P way. Crowdestor is a rather small P2P lending platform from Estonia that lists secured business and real estate loans with a high interest between 14% and 21% p.a. Our goal is to provide you with the knowledge you need to make well-informed decisions when you’re ready to borrow. However, if you have credit problems or other borrowing challenges, finding a competitive loan offer (or even qualifying at all) may be a challenge. "Questions? a. Id be pleased if this cut Jan 09, 2020 This is the recipe that fooled all three judges in a blind taste test on my CMT show. The number of peer-to-peer lending schemes available has increased dramatically in recent years, so comparing them and finding the right one to suit your needs isn’t always easy. Accessed April 3, 2020. FundingCircle.com. Not all applicants will be approved.When you check your rate, we check your credit report. "Personal loans up to $40,000." You can review loan requests (along with applicant risk grades) and choose the applications you’d like to approve, either providing the full loan amount or a portion of it. It accepts investors in all states except Ohio, Pennsylvania, North Carolina, and New Mexico. To jump-start your search, we scoured the online P2P marketplace and came up with these top six platforms, depending on your exact financial situation. Successful applicants are given a Prosper rating, with AA being the highest. Just enter your email below and we'll send you verification code. Upstart.com. Launched in 2005, Payoff offers loans with a limited credit history which is useful if you’re applying for a loan individually. Focus on your overall returns across all loans and P2P lending … P2P loans can be used for many of the same purposes as personal loans. Created by a group of ex-Google execs, it developed an income and default prediction model to determine the creditworthiness of loan applicants. As an Amazon Associate we earn from qualifying purchases. Select the length of time and tax rate in order to view the latest rates, before and after fees, estimated* bad debt and taxation. Suitable for: Borrowing a small amount with a flexible term. The information … While one borrower might get a better rate at a bank, another might get a lower rate using P2P lending. "Apply for a personal loan." Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice. Peerform.com. In either case you might lose a substantial portion of your investment, especially if the loan you financed was unsecured. Compare the best platforms «the leading site to compare p2p lending platforms» beyondp2p provides reviews, comparisons and guidance – to make your p2p investments succeed. If you can’t or don’t want to borrow money from a brick-and-mortar bank or a conventional online lender, peer-to-peer (P2P) lending is an option worth exploring. However, investors who are willing to fund riskier loans may be able to enjoy much higher annual returns. Peer-to-peer (P2P) lending platforms match individual investors with individual borrowers, cutting the banks out of the process. P2p … Accessed April 3, 2020. Loans are not available in West Virginia or Iowa. It’s possible to compare up to 3 platforms at the same time. LendingClub is a giant in the peer-to-peer lending community. It brings more competition to the lending industry, giving borrowers a viable alternative compared to the banks. A P2P loan may be a good fit for those who can’t qualify with conventional lenders or who simply prefer to explore alternative financing sources. Accessed April 3, 2020. Still, bear in mind that despite the fashionable fintech setup, the P2P loan process isn’t considerably different from the traditional one: The most creditworthy applicants will typically qualify for the lowest rates and best terms. Average origination fee is 4.86%—suggesting few borrowers qualify for the lowest advertised fees, Read the full review: LendingClub Personal Loans. Accessed April 3, 2020. Most p2p platforms specialize in lending to different types of borrowers such as consumers, businesses, or property owners. It facilitates unsecured personal loans for a variety of purposes such as debt consolidation and home improvement. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.16% and 36 monthly payments of $37 per $1,000 borrowed. When you apply for a P2P loan, the process typically involves the following steps. Funding Circle. While they all operate the same basic way, they vary quite a bit in their eligibility criteria, loan rates, amounts, and tenures, as well as their target clientele. 7 Signs an Online Loan Company is Legitimate, Suitable for: Borrowers with good to excellent credit. No big deal. Funding Circle was founded in 2010 and has 100,000 investors and counting. Applicants with excellent credit may enjoy rates as low as 5.99%, but the maximum loan amount is only $25,000. Peer-to-peer lending offers borrowers and investors many advantages over traditional lending. Not all applicants will qualify for the full amount. "Our growth." Top10.com's editorial staff is a professional team of editors and writers with dozens of years of experience covering consumer, financial and business products and services. Peer to peer, or P2P, … Disclaimer: P2P investing is a high-risk investment. August 20, 2020 by jerome. With Prosper, loans are funded and transferred to the borrower’s account within 1 to 3 days following approval. You are not borrowing from a financial institution but rather from an individual or group of individuals who are willing to loan money to qualified applicants. Furthermore, each of them issues loans through a partnering FDIC-insured bank. While one borrower might get a better rate at a bank, another might get a lower rate using P2P lending. Peerform.com. LendingClub.com. Copyright © 2009-2021 Natural Intelligence Ltd. All Rights Reserved. "Personal Loans Rates & Fees." FundingCircle.com. P2P lending can potentially help investors earn extra income and diversify their portfolios. LendingClub.com. Upstart.com. For investors, it offers higher returns than other savings and investment products. You will be able to see information about when the platforms were founded, how many loans … The P2P lenders listed on this page are all registered with the SEC and all publish details about state licenses on their website. Accessed April 30, 2020. You may be able to try again soon. After a loan has been funded, the money is released to the borrower by a partner bank and the lending platform issues a note to the investor as a form of security. Education or job history, not just credit, considered, Higher maximum loan amount than many other P2P lenders, Read the full review: Upstart Personal Loans. The minimum loan amount in MA is $7,000. "Fees we do charge." P2P … Each website sets the rates and the terms (sometimes with investor input) and enables the transaction. Personal loan borrowers who qualify may be able to access $1,000 to $50,000 in funding. "How a low rate personal loan works: Check your rate." Each lender is subject to the regulations of the state in which it operates, and because rules can change, so too can geographic availability. Comparison of P2P lending platforms in Malaysia Here’s how the P2P lending platforms in Malaysians compare: It’s best to choose P2P platforms that are reputable. What exactly is lending that is p2P? Automate your portfolio with Auto Invest. Peerform.com. Competitive interest rates for borrowers with excellent credit, Read the full review: Peerform Personal Loans. We have answers: Can I pay off my loan early. See below to compare the returns and features as well as read the reviews of Europe’s P2P lending sites. "RATES FROM 8.27% - 35.99% APR." Compare platforms to start investing in bonds, mutual funds, ETFs, REITs, hybrid securities, P2P lending and more. "Real-life examples." Upstart, founded in 2012 by a group of former Google employees, has originated more than $6.7 billion in consumer loans. With its mantra, “You are more than your credit score,” the company says its underwriting software can help identify “future prime” borrowers based, in part, on education and employment history, even if those applicants have sketchy or limited credit at the moment. It typically takes 3 days to start an application, get approved and receive funds. Best debt consolidation loans of 2021 Compare 6 lenders to find … "Fast, affordable small business loans." For example, all loans originated through Prosper are made by WebBank, a Utah-chartered Industrial Bank. However, loans aren’t available in all states. Its automated Peerform Loan Analyzer assesses applicants by credit score and other factors such as debt-to-income ratio and the number of recent credit inquiries into the borrower’s credit history. You can get an idea of your loan’s interest rate with an initial soft credit inquiry, which won’t ding your credit score (a hard inquiry occurs when a loan is issued). Average returns of all P2P loans tend to range between 5% and 7% per year. Trying to improve your credit may work in your favor. Here is a detailed comparison of the six main players (correct as of 15 Dec 2020) in the Singapore P2P lending market. Disclaimer: … Save time & money with the latest Top10.com lists, The top peer-to-peer lending companies 2021, Make sure the email address you entered is correct, Your password has to be at least 6 characters long, Something went wrong. We’re continuously testing P2P lending sites so you can make wiser investment choices. LendingClub has several cool features worth knowing about. "Questions? Accessed April 3, 2020. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. Average APR is calculated based on 3-year rates offered in the last 1 month. LendingClub.com. CA Funding P2P Lending I have been investing with CoAssets since 2019 when there was a promissory note offering. Accessed April 3, 2020. Visit Bulkestate: Personal loans: Europe: 12-14%: The Robocash group has grown quickly and had a lot of success in the last 18 months. Accessed April 3, 2020. Investors can diversify their investment across several borrower types. … COMPARE P2P LENDING PLATFORMS Use the drag and drop tool below to Compare P2P lending platforms in Europe. Accessed April 3, 2020. We’ve researched dozens of peer-to-peer loan options and compared interest rates, fees, qualification requirements, and other features so we can share some of the best offers currently available with you. Please select your lending … Prosper.com. Peer to peer lending, UK wide, can offer a higher return compared to savings accounts because they lend your money to people and businesses. Since that time the company has helped more than one billion borrowers obtain financing. Upstart.com. P2P lending platforms comparison. It would be unfair to compare it to say a FD without reinvesting … In the meantime, shopping around for the best P2P deal may help you save money. Peerform.com. In the 2014 Autumn Statement, the government announced that it was planning to review the financial regulation which currently stands in the way of institutional lending through P2P … The minimum loan amount in Ohio is $6,000. Upstart loans can be used for a range of purposes, including: refinancing credit cards or student loans; paying off personal expenses such as medical bills or home improvement; purchasing a car or other expensive products; or tuition fees for college, grad school, or professional courses. Alternatively you can view all of the market. The government has made it clear that it sees P2P lending as one of the solutions to the lack of competition in the banking industry. On the flipside, peer-to-peer lending does present some risk for investors and, as a result, P2P lending platforms tend to impose high minimum-credit requirements on borrowers. First, there’s no guarantee your borrowers will repay as promised (whether the platform goes after delinquents, and to what extent, is something to check out in advance). "Pay at Your Own Pace." For example, your credit score, credit history, and income will each play a big role in your ability to qualify for a P2P loan and the price you pay for financing if you do. The information, including pricing, which appears on this site is subject to change at any time. P2P loan is different from traditional investment in the sense that your investment is amortised during the life of the loan. In addition, it issues small business loans and auto refinancing. Investment, especially if the loan types you may find on popular P2P websites and connected more than three old... Representations and warranties regarding the information presented on this page are disclaimed ratio... Offers loans with a flexible term an ROI of 9 % with good excellent. These include white papers, government data, original reporting, and New Mexico take out a loan the... Open to business owners with fair credit and better ( you ’ re ready to.. Peer-To-Peer platforms like Kuflink bring borrowers and lenders together investors can diversify their portfolios amount with a term. On the market personal loan company is Right for you to range 5. Below and we 'll send you verification code and a lot of accurate concept of peer-to-peer financing is Prosper.com... 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Founded in 2005, Prosper is the longest-running P2P lending platform in the United States (and worldwide). Accessed April 3, 2020. Therefore, a borrower with a fair-to-good credit score, but otherwise impeccable credentials, could potentially qualify for a much lower rate than with a bank. For example, LendingClub accepts borrowers in all states except Iowa. P2P investing appeals to many people who are looking to make their savings work for them. Accessed April 3, 2020. Founded in 2005, the United States’ first peer-to-peer lending marketplace, Prosper, paved the P2P way. We have answers: Is there a fee for paying my loan off early?" Qualified applicants can borrow up to $40,000, with starting rates as low as 7.95%. Prosper.com. All loans on LendingClub’s platform are unsecured loans consisting of interest rates plus additional origination fees ranging from 1% to 6%. Peerform has been around since 2010, catering to borrowers with fair credit and better. There is no down payment and no prepayment penalty. Most P2P lenders look beyond credit score, assessing borrowers according to a range of factors, including debt-to-income ratio and monthly income. "How rates and fees work." Notes: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. The rise of peer-to-peer lending has been good for borrowers. This initial (soft) inquiry will not affect your credit score. There’s also a potential hazard that the lending platform itself could shut down. "Assessing Risk and Setting Interest Rates." In 2008 there was Zopa P2P in the UK, but not the P2P Lending as we know it today, so it is difficult to make meaningful comparisons. Please be advised that the operator of this site accepts advertising compensation from companies that appear on the site, and such compensation impacts the location and order in which the companies (and/or their products) are presented, and in some cases may also impact the rating that is assigned to them. American P2P lenders are regulated by the US Securities and Exchange Commission, and must get licenses in each state in which they operate. Upstart.com. Read the full review: Payoff Personal Loans. Compare … "Compare." Though based on meticulous research, the information we share does not constitute legal or professional advice or forecast, and should not be treated as such. It offers unsecured personal loans for a range of purposes, including debt consolidation, home improvement, short-term and bridge loans, vehicle purchase, and small business. LendingClub.com. Reproduction in whole or in part is strictly prohibited. Home > Compare > Lending Rates Compare Lending Rates. "Small Business Loan Eligibility Guide." The number of deals on the platform can be low so always have to be on the ball … Lower maximum origination fee than some other P2P lenders, Flexibility to change your monthly payment due date, Must have at least three open credit accounts, Read the full review: Prosper Personal Loans. As of 2018, Funding … For example, you can add a joint applicant to a loan application, although both parties must go through a check to get approved. BRDGE P2P Lending BRDGE is easily understandable and easy to use as a means of diversifying investment portfolio. There are no prepayment penalties, and the only other fees some borrowers should be aware of are a 5% late fee plus small fees for unsuccessful payment. If you have excellent credit, sufficient income, and a low DTI ratio, you might find a good deal on a P2P loan. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. "What are the minimum credit requirements to receive a loan?" PeerBerry. Founded by a group of Wall Street executives, Peerform has been around since 2010. Open to business owners with fair personal credit, Only businesses more than three years old, Hard credit inquiry for general partnerships. Both P2P lenders and traditional lenders have their benefits. Thankfully, there are no other fees to worry about aside from late payment penalties; that means no prepayment fees and no transfer fees. The 4thWay PLUS Ratings in the P2P lending comparison table assume you spread your money across 6-12 different lending accounts and hundreds or thousands of loans until they're fully repaid by the borrowers. These include white papers, government data, original reporting, and interviews with industry experts. FundingCircle.com. However, you can use MoneySuperMarket to compare … Becoming a P2P investor begins with applying to open an account on a P2P lending platform. Keep in mind that there’s risk involved, as with any investment. High availability of loans. When all goes well, P2P investors may enjoy a higher return on their money versus what they would gain in a high-yield savings account, certificate of deposit (CD), or other investments. Also known as social lending or crowd lending, P2P lending companies collect a service fee from investors and an origination fee from borrowers. You can learn more about the standards we follow in producing accurate, unbiased content in our, LendingClub: Best for Borrowers With Bad Credit, Upstart: Best for Borrowers With Limited Credit History, Prosper: Best for Borrowers With Established Credit History, Funding Circle: Best for Small Businesses, Types of Loans Available Through Peer-to-Peer Lending, The Investing Side of Peer-to-Peer Lending, Compare Personal Loan Rates With Our Partners At Fiona.com, P2P lending websites connect borrowers directly to investors, The Peerform Marketplace Platform is a Fast and Simple Way to Obtain a Personal loan, Assessing Risk and Setting Interest Rates, Borrow for today, invest in tomorrow: Footer. A good lending track record so far, this site is growing in popularity. Accessed April 3, 2020. Compare Online Loan Companies for Long-Term Loans. Cross Comparison between P2P Lending Players (Loan Disbursed, Business Model, Number of Lenders, Borrowers, NPL, Average Loan Amount, Investors, Fund Raised), 2018 12. Upstart was founded in Silicon Valley in 2012, making it a relative newcomer to the world of P2P lenders. Accessed April 3, 2020. Prosper.com. We publish unbiased product reviews; our opinions are our own and are not influenced by payment we receive from our advertising partners. To qualify, borrowers must have a credit score of at least 640, debt-to-income ratio of less than 50%, positive income, and no active bankruptcies. Investopedia requires writers to use primary sources to support their work. We have answers: Is there a fee for paying my loan off early? The minimum loan amount in NM is $5100. Residence Equity Loans Possibly the easiest and a lot of accurate concept of peer-to-peer financing is from Prosper.com, peer financing web site. Accessed April 3, 2020. As an alternative to traditional financing, a financial tech company (aka fintech) creates an online platform that matches loan applicants directly with investors. The minimum loan amount in GA is $3,100.If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. We do not feature all providers on the market. "Borrow for today, invest in tomorrow: Footer." In addition to looking at an applicant’s credit score and income, it also looks at academic variables such as college attended, subject major, GPA, and standardized test scores. Founded in 2005, the United States’ first peer-to-peer lending marketplace, Prosper, paved the P2P way. Crowdestor is a rather small P2P lending platform from Estonia that lists secured business and real estate loans with a high interest between 14% and 21% p.a. Our goal is to provide you with the knowledge you need to make well-informed decisions when you’re ready to borrow. However, if you have credit problems or other borrowing challenges, finding a competitive loan offer (or even qualifying at all) may be a challenge. "Questions? a. Id be pleased if this cut Jan 09, 2020 This is the recipe that fooled all three judges in a blind taste test on my CMT show. The number of peer-to-peer lending schemes available has increased dramatically in recent years, so comparing them and finding the right one to suit your needs isn’t always easy. Accessed April 3, 2020. FundingCircle.com. Not all applicants will be approved.When you check your rate, we check your credit report. "Personal loans up to $40,000." You can review loan requests (along with applicant risk grades) and choose the applications you’d like to approve, either providing the full loan amount or a portion of it. It accepts investors in all states except Ohio, Pennsylvania, North Carolina, and New Mexico. To jump-start your search, we scoured the online P2P marketplace and came up with these top six platforms, depending on your exact financial situation. Successful applicants are given a Prosper rating, with AA being the highest. Just enter your email below and we'll send you verification code. Upstart.com. Launched in 2005, Payoff offers loans with a limited credit history which is useful if you’re applying for a loan individually. Focus on your overall returns across all loans and P2P lending … P2P loans can be used for many of the same purposes as personal loans. Created by a group of ex-Google execs, it developed an income and default prediction model to determine the creditworthiness of loan applicants. As an Amazon Associate we earn from qualifying purchases. Select the length of time and tax rate in order to view the latest rates, before and after fees, estimated* bad debt and taxation. Suitable for: Borrowing a small amount with a flexible term. The information … While one borrower might get a better rate at a bank, another might get a lower rate using P2P lending. "Apply for a personal loan." Certain details, including but not limited to prices and special offers, are provided to us directly from our partners and are dynamic and subject to change at any time without prior notice. Peerform.com. In either case you might lose a substantial portion of your investment, especially if the loan you financed was unsecured. Compare the best platforms «the leading site to compare p2p lending platforms» beyondp2p provides reviews, comparisons and guidance – to make your p2p investments succeed. If you can’t or don’t want to borrow money from a brick-and-mortar bank or a conventional online lender, peer-to-peer (P2P) lending is an option worth exploring. However, investors who are willing to fund riskier loans may be able to enjoy much higher annual returns. Peer-to-peer (P2P) lending platforms match individual investors with individual borrowers, cutting the banks out of the process. P2p … Accessed April 3, 2020. Loans are not available in West Virginia or Iowa. It’s possible to compare up to 3 platforms at the same time. LendingClub is a giant in the peer-to-peer lending community. It brings more competition to the lending industry, giving borrowers a viable alternative compared to the banks. A P2P loan may be a good fit for those who can’t qualify with conventional lenders or who simply prefer to explore alternative financing sources. Accessed April 3, 2020. Still, bear in mind that despite the fashionable fintech setup, the P2P loan process isn’t considerably different from the traditional one: The most creditworthy applicants will typically qualify for the lowest rates and best terms. Average origination fee is 4.86%—suggesting few borrowers qualify for the lowest advertised fees, Read the full review: LendingClub Personal Loans. Accessed April 3, 2020. Most p2p platforms specialize in lending to different types of borrowers such as consumers, businesses, or property owners. It facilitates unsecured personal loans for a variety of purposes such as debt consolidation and home improvement. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.16% and 36 monthly payments of $37 per $1,000 borrowed. When you apply for a P2P loan, the process typically involves the following steps. Funding Circle. While they all operate the same basic way, they vary quite a bit in their eligibility criteria, loan rates, amounts, and tenures, as well as their target clientele. 7 Signs an Online Loan Company is Legitimate, Suitable for: Borrowers with good to excellent credit. No big deal. Funding Circle was founded in 2010 and has 100,000 investors and counting. Applicants with excellent credit may enjoy rates as low as 5.99%, but the maximum loan amount is only $25,000. Peer-to-peer lending offers borrowers and investors many advantages over traditional lending. Not all applicants will qualify for the full amount. "Our growth." Top10.com's editorial staff is a professional team of editors and writers with dozens of years of experience covering consumer, financial and business products and services. Peer to peer, or P2P, … Disclaimer: P2P investing is a high-risk investment. August 20, 2020 by jerome. With Prosper, loans are funded and transferred to the borrower’s account within 1 to 3 days following approval. You are not borrowing from a financial institution but rather from an individual or group of individuals who are willing to loan money to qualified applicants. Furthermore, each of them issues loans through a partnering FDIC-insured bank. While one borrower might get a better rate at a bank, another might get a lower rate using P2P lending. Peerform.com. LendingClub.com. Copyright © 2009-2021 Natural Intelligence Ltd. All Rights Reserved. "Personal Loans Rates & Fees." FundingCircle.com. P2P lending can potentially help investors earn extra income and diversify their portfolios. LendingClub.com. Upstart.com. For investors, it offers higher returns than other savings and investment products. You will be able to see information about when the platforms were founded, how many loans … The P2P lenders listed on this page are all registered with the SEC and all publish details about state licenses on their website. Accessed April 30, 2020. You may be able to try again soon. After a loan has been funded, the money is released to the borrower by a partner bank and the lending platform issues a note to the investor as a form of security. Education or job history, not just credit, considered, Higher maximum loan amount than many other P2P lenders, Read the full review: Upstart Personal Loans. The minimum loan amount in MA is $7,000. "Fees we do charge." P2P … Each website sets the rates and the terms (sometimes with investor input) and enables the transaction. Personal loan borrowers who qualify may be able to access $1,000 to $50,000 in funding. "How a low rate personal loan works: Check your rate." Each lender is subject to the regulations of the state in which it operates, and because rules can change, so too can geographic availability. Comparison of P2P lending platforms in Malaysia Here’s how the P2P lending platforms in Malaysians compare: It’s best to choose P2P platforms that are reputable. What exactly is lending that is p2P? Automate your portfolio with Auto Invest. Peerform.com. Competitive interest rates for borrowers with excellent credit, Read the full review: Peerform Personal Loans. We have answers: Can I pay off my loan early. See below to compare the returns and features as well as read the reviews of Europe’s P2P lending sites. "RATES FROM 8.27% - 35.99% APR." Compare platforms to start investing in bonds, mutual funds, ETFs, REITs, hybrid securities, P2P lending and more. "Real-life examples." Upstart, founded in 2012 by a group of former Google employees, has originated more than $6.7 billion in consumer loans. With its mantra, “You are more than your credit score,” the company says its underwriting software can help identify “future prime” borrowers based, in part, on education and employment history, even if those applicants have sketchy or limited credit at the moment. It typically takes 3 days to start an application, get approved and receive funds. Best debt consolidation loans of 2021 Compare 6 lenders to find … "Fast, affordable small business loans." For example, all loans originated through Prosper are made by WebBank, a Utah-chartered Industrial Bank. However, loans aren’t available in all states. Its automated Peerform Loan Analyzer assesses applicants by credit score and other factors such as debt-to-income ratio and the number of recent credit inquiries into the borrower’s credit history. You can get an idea of your loan’s interest rate with an initial soft credit inquiry, which won’t ding your credit score (a hard inquiry occurs when a loan is issued). Average returns of all P2P loans tend to range between 5% and 7% per year. Trying to improve your credit may work in your favor. Here is a detailed comparison of the six main players (correct as of 15 Dec 2020) in the Singapore P2P lending market. Disclaimer: … Save time & money with the latest Top10.com lists, The top peer-to-peer lending companies 2021, Make sure the email address you entered is correct, Your password has to be at least 6 characters long, Something went wrong. We’re continuously testing P2P lending sites so you can make wiser investment choices. LendingClub has several cool features worth knowing about. "Questions? Accessed April 3, 2020. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. Average APR is calculated based on 3-year rates offered in the last 1 month. LendingClub.com. CA Funding P2P Lending I have been investing with CoAssets since 2019 when there was a promissory note offering. Accessed April 3, 2020. Visit Bulkestate: Personal loans: Europe: 12-14%: The Robocash group has grown quickly and had a lot of success in the last 18 months. Accessed April 3, 2020. Investors can diversify their investment across several borrower types. … COMPARE P2P LENDING PLATFORMS Use the drag and drop tool below to Compare P2P lending platforms in Europe. Accessed April 3, 2020. We’ve researched dozens of peer-to-peer loan options and compared interest rates, fees, qualification requirements, and other features so we can share some of the best offers currently available with you. Please select your lending … Prosper.com. Peer to peer lending, UK wide, can offer a higher return compared to savings accounts because they lend your money to people and businesses. Since that time the company has helped more than one billion borrowers obtain financing. Upstart.com. P2P lending platforms comparison. It would be unfair to compare it to say a FD without reinvesting … In the meantime, shopping around for the best P2P deal may help you save money. Peerform.com. In the 2014 Autumn Statement, the government announced that it was planning to review the financial regulation which currently stands in the way of institutional lending through P2P … The minimum loan amount in Ohio is $6,000. Upstart loans can be used for a range of purposes, including: refinancing credit cards or student loans; paying off personal expenses such as medical bills or home improvement; purchasing a car or other expensive products; or tuition fees for college, grad school, or professional courses. Alternatively you can view all of the market. The government has made it clear that it sees P2P lending as one of the solutions to the lack of competition in the banking industry. On the flipside, peer-to-peer lending does present some risk for investors and, as a result, P2P lending platforms tend to impose high minimum-credit requirements on borrowers. First, there’s no guarantee your borrowers will repay as promised (whether the platform goes after delinquents, and to what extent, is something to check out in advance). "Pay at Your Own Pace." For example, your credit score, credit history, and income will each play a big role in your ability to qualify for a P2P loan and the price you pay for financing if you do. The information, including pricing, which appears on this site is subject to change at any time. P2P loan is different from traditional investment in the sense that your investment is amortised during the life of the loan. 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