How to Use Online Loan Sites
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As banks tighten lending standards to reduce risk and make loans more expensive, consumers are flocking to online lending channels.
Whether borrowers seek to acquire a car loan, student loan, small-business loan, mortgage or new credit card, there are lots of resources online to compare interest rates. Consumers can also access capital from private lenders by showcasing themselves as prime loan candidates on sites such as E-Loan.com, RaiseCapital.com, Prosper.com, Fynanz.com, LendingClub.com, SimpleTuition.com and Zopa.com.
Consumers have caught on.
RaiseCapital.com has seen page views climb nearly 600% since the start of the year and has more than tripled its count of unique visitors. SimpleTuition CEO Kevin Walker says that while traffic to the site had been growing fast even before the credit crunch, is now quintupling instead of doubling. ...
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