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What do you think about Peerform, Lending Club, and Prosper in relation to these other Banks, credit unions, etc.?

I am looking for a debt consolidation loan and I have a decent FICO ~700.

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  • I think this question could be better if you shared some of why you need a loan, what amount or terms are you looking for, etc. – Alex B Jul 28 '11 at 22:32
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Social Lending may help you qualify for a loan, but doesn't necessarily provide better rates. You have to shop around to get the best rates, this is a market as any other, so don't expect one place to be consistently below the market - either the market will move, or the place will move eventually, everyone wants to earn the most for the buck.

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The rates seem a little higher that those available at my credit union, but you seem to be able to borrow larger sums of money than many banks/credit unions will allow. Overall, it's a viable way to go.

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Generally a credit union will tend to have lower rates, since they are owned by the members, and not having to make a profit for some rich bankers or a bunch of shareholders. OTOH their funds are often more limited than a bank, and they may be pickier about who they loan to.

still that's just 'generally', it always pays to shop around

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