We get the question all the time: is there financing available on yurts? The answer, in most cases, is a regretful “no”. Some people have used non-traditional finance companies, others are able to finance with credit cards; but most traditional banks turn down loan requests for yurts. They just don’t know how to classify them.
All that just changed
There is a new option for yurt financing. It’s called peer-to-peer or social lending. In simple terms, social lending is a financial transaction between two people without the intercession of a bank. If you’ve ever loaned $5 to your little brother, you’ve participated in social lending.
These days, thanks to the internet, social lending is taking place on a larger and more complex scale. Websites have emerged that connect people that want to borrow money with people that want to lend it. The largest and most well-respected sites are prosper.com and lendingclub.com. There are some important things to know before you jump into social lending. So, keep on reading…
It works like this
To get a peer-to-peer loan you need (at minimumm) to
Research the different sites. When you’re ready, put a loan request out and see what kind of interest rate comes back. Sites let you leave your loan request up for 7 to 14 days, so you’ll know if you’re going to get a favorable deal in a short amount of time (with some sites you’ll know immediately) and you can always reject the offer if you don’t like it. Be careful with this: Some sites lock you in as soon as your loan is 100% financed.
Know the rules of your site
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