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May 18, 2015

Peer-to-peer lending: How it works and why I decided to skip the bank this time

  • Prosper found investors to fund my $15,000 loan in two days and I had my money in five. The interest rate was below 9 percent, versus 13 percent offered by my bank.
    • By KEN SWEET
    AP Business Writer

    NEW YORK — When I realized I was paying off six different credit cards and not getting anywhere, I decided to consolidate my debt, like millions of other Americans.

    I visited my local bank, asked for a $15,000 loan but was offered an interest rate higher than my cards were charging.


     
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