Best websites for do-it-yourself loans

Lendingclub.com is a “person-to-person” lending site, promising better rates than those found at a bank. Borrowers set up profiles, share their stories, and obtain loans from willing individuals at a rate calculated by the site.

Prosper.com is similar to Lending Club, but sets interest rates differently. Borrowers choose a maximum rate, which lenders then “bid down” in an auction. Currently in a “quiet period” required for SEC approval.

Virginmoneyus.com manages loans, but doesn’t pair up borrowers and lenders. Rather, it’s a “resource” for friends and family members who are looking to lend money to one another but are unfamiliar with the formalities and paperwork.

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Source: Time