After buying and renovating out first home last year money has been tight. We knew a mortgage and full house renovation was going to be expensive but we didn't really know to what extent. Throw in the fact that I decided not to go back to work after my maternity leave we have had to make some major cut backs.
Our renovation project has pretty much been completed but now we are drawing up plans to convert the attic into a third bedroom. It's like the work never stops! Our next project is going to be rather costly so I've been looking into peer to peer lenders as that is an avenue we could go down.
One website I have been looking into is Lending Works which is an online peer to peer lending service. Peer to peer lending is also known as martketplace lending and is a relatively new and innovative concept which is booming worldwide and here in the UK too.
This service allows lenders to benefit from a bigger investment than those offered with a standard saving account or ISA. Borrowers also reap the benefits too as they receive low cost loans with no hidden fee's and lower interest rates.
Peer to peer lending or borrowing is something that I wasn't aware of and I will certainly be taking it into consideration when it comes to borrowing or investing in the near future.
Have you ever invested or borrowed? Is this a service you may try?
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