Owning a timeshare can be a great way for families to save money on vacations. For families that can pay for their timeshare without financing, the process is fairly simple. For those that need timeshare financing, things can become a bit muddled.
The main problems most buyers face when researching timeshare loans is that this particular type of purchase does not qualify for conventional mortgages and finding banks with reasonable timeshare financing rates is difficult. Developers know this so they offer buyers “easy-to-qualify” timeshare financing with interest rates in the double digits, sometimes as high as 20%! There is very little friction with these loans as developers want the process to be simple. But the truth is, the buyer is not getting a good deal.
Because developer loans are typically not available to the resale market, Prosper helps to secure affordable timeshare financing for buyers. Prosper is a peer-to-peer lender that connects people who need money with those who have money to invest. Prosper advertises rates starting at 6.73% APR, which is much lower than both developer rates and traditional bank rates for timeshare lending.
Borrowers choose a loan amount and purpose and post a loan listing. Investors review loan listings and invest in listings that meet their criteria. Once the process is complete, borrowers make fixed, monthly payments and investors receive a portion of those payments directly to their Prosper account. Click Here for more information.
You only need to provide basic information like credit rating, employment status and annual income to receive a rate from Prosper.
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