Peer-to-peer loans catch on for credit card debt consolidation

More consumers than ever are seeking quick cash from peer-to-peer (P2P) lending sites, the online clearinghouses where people are matched with investors and receive money for debt consolidation, start businesses or fund home improvements.

The two major P2P sites — Prosper and Lending Club — are poised to have their biggest year ever. In the first four months of 2013, Lending Club made more than $480 million in loans to more than 31,000 people — roughly triple its numbers from the same period in 2012. Prosper made more than $50 million in loans in the same period, up about 20 percent compared with last year.

 

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