Unsecured personal loans have become increasingly popular on peer-to-peer lending platforms such as Lending Club and Prosper. If you needed a personal loan of $35,000 or less, you can go to these platforms and apply. The underwriting guidelines are flexible and the costs can be high: APR’s on Prosper ranged as high as 35.97%.
If you were ensnared by an unaffordable unsecured personal loan, or several, you may feel guilty about being unable to repay the loan. However, these lenders may have set you up to fail from the moment your loan was approved. It’s not your fault, and you are not alone. Debt Cleanse can help you resolve your unaffordable unsecured personal loan.
When the personal loan platforms first started, “peers” funded most of the loans. Regular people would chip in $25 or more and earn most of the interest generated. However, the elite elbowed their way in and eventually Wall Street-type firms funded the majority of the loans. With Wall Street’s almost insatiable demand for more loans, qualification guidelines became looser, with the costliest loans being peddled to those who least able to afford them.
When a borrower stops paying a personal loan, the challenges for the creditor are the same as credit cards. There is no security, so there really is not much that can be done to force you to pay. You’ll be threatened with court action but, most of the time, the costs do not make this worthwhile for the creditor to pursue. If they do choose to pursue, a Debt Clenase attorney can defend you, and try to find deficiencies which can be used as leverage to settle your unsecured personal loan – or not pay it at all.
Debt Cleanse Group Legal Services exists to help you level the playing field with the lender, servicer, platform and anyone else responsible for your unaffordable unsecured personal loan. We’re here to help you assert your rights against harmful practices, aggressive creditors, and unscrupulous debt buyers. Debt Cleanse can connect you with an attorney empowered with Debt Cleanse tactics who can help explore your options and assist you in cleansing your unsecured personal loan. Take your first step towards a fresh financial start by calling Debt Cleanse today.