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If this is the case you would have a much better chance of getting a peer-to-peer loan than a conventional loan. One of the reasons for this is that if you write a good "pitch" or reason why you need the money, a peer-to-peer lender might decide to take a chance on you. Second, remember that letter grade thing and how it would determine your interest rate? What this means is that if you have less than sterling credit you could still get a peer to peer loan but it could come with an interest rate as high as 29% or even higher. If your loan request is approved but you see you would have a sky-high interest rate you would then have a choice to make. If you need the money desperately you could decide to pay a really high interest rate and accept the loan you’re being offered. If not, you could just walk away and try to find the money you need from another source.
A good or bad idea?
Whether a peer-to-peer loan would be a good or bad idea for you will depend on several different factors. However, in most cases it will be a good idea. You could get the money you need without a lot of burdensome paperwork and at an interest rate better than what you would get from a conventional lender – and certainly much better than that of those payday loans.