Where to Borrow Money When Banks Won't Loan

The current economic constraints have many consumers asking where to borrow money when banks won't loan. It's not surprising since many banks and credit card companies are cutting consumers' credit lines, or raising fees. Many are restricting lending altogether. So where do you turn?

If you're seeking a quick and easy way to get an unsecured personal loan, and you have good credit, you'll want to take a look at a social lending network, such as Lending Club, rather than a traditional bank or other lending institution. Social lending, also known as person-to-person lending, or peer-to-peer lending, cuts out the 'middle man' so to speak, and is able to offer you much better interest rates than financial institutions. You can get personal loans from private people for just about any need.

People shopping for auto loans, home loans, student loans, debt consolidation, home improvement, small business loans--to name a few--can directly connect with private investors who are willing to provide those loans. And because there's no overhead, like banks and credit card companies, the savings are able to be passed on to you as the borrower.

The network is also great for convenience. You don't even have to leave home. The FREE online application takes only minutes and you'll immediately be able to see what interest rate you qualify for. Many can get a rate 5% (or more!) LOWER than typical lending institutions. That adds up to quite a savings.

Lending Club also has no hidden fees and no fine print. You select the amount you want to borrow and the funds are deposited right to your bank account. It's easy and convenient.