Which P2P platforms offer wedding loans?
Peer-to-peer lending platforms offer a range of loans from business to consumer to property with all sorts of niches in between, but where can borrowers turn to in this sector to fund their weddings?
Prior to their exits from P2P lending, Zopa and Lending Works were popular options for engaged couples seeking funding for their big day. But the departure of these consumer lending giants leaves space for a few other platforms to show off their offerings.
Here Peer2Peer Finance News summarises some of these.
Read more: Who are the new ‘Big 3’ in P2P?
Leap Lending
Consumer finance platform Leap Lending allows individuals to borrow up to £15,000, to be paid off within 12-60 months, with interest rates of approximately eight per cent.
Leap does not charge borrowers for paying back their P2P loan ahead of schedule, which makes it a great choice for couples who eschew the gift registry for cash-only gifts.
Elfin Market
The Elfin Purse is a new type of credit card that allows consumers to borrow what they need, when they need it, at a representative APR of just 5.8 per cent.
Elfin’s P2P investors fund the Elfin Purse, and borrowers will only be approved for a loan if they meet the platform’s credit requirements. Once the funds are released, they can be used for any purpose, including for weddings, civil ceremonies, and honeymoons.
Robo.cash
The European P2P platform offers consumer loans that can be used for weddings and specialises in borrowers that require a smaller amount of money for short-term loans.
Robo.cash said its wedding loans are particularly popular in India with funds used for decoration, jewellery, photography, catering, shopping for clothes and guest accommodation.
Prosper
Prosper can provide wedding or honeymoon loans through its P2P lending marketplace.
The US-based platform said that it can potentially offer a better rate than credit cards and without the trouble of applying for a loan against consumers’ home.
Read more: Every P2P personal loan platform that’s open right now