It is difficult to manage a personal loan on terms you can afford. Payday lenders charge high-interest rates and require a good credit score. Peer-to-peer lending sites have emerged as an option for unsecured consumer loans. 

Peer-to-peer lending platforms offer a fast, safe and affordable way to lend. They also provide better terms and loan rates. You can also create passive income for financial freedom by investing in peer-to-peer loans. 

Image Source: Google

Social lending's other attractive feature is that you get the interest directly from real people, not an impersonal financial institution. 

There are some guidelines that can help you get a loan at competent rates, structured closer to your needs on peer-to-peer lending websites.

Look online to find a loan offer: Browse through various loan markets on different online social lending sites to see the current loan rates. These sites can offer you a better rate, terms, or both. 

Smaller, more established lending organizations might offer better rates and terms. They may also be able to give discounts and freebies while they build their customer base.

Personalize your profile: Add your picture or pen picture to personalize it. This can help you to give authenticity to your profile. As a person, you'll receive more responses from other users. Your social profile should be more appealing and trustworthy to increase your credibility as a borrower.

Check your credit situation: Your credit rating matters!! First, you need to understand your credit score. A high credit score can help you get a loan deal. Have a reason for your poor credit rating. While you might pay more interest than someone with good credit, you may still be eligible for a loan. If you have made a concerted effort to improve your credit score, this will not make it easier for banks.