The first ever peer-to-peer lending platform that uses collaterals as security! Users are able to lend to one another- the borrower sets the repayment amount, the repayment date, and chooses what collateral they want to provide to the lender. The lender is then responsible of securing the collateral, and holds on to the collateral until the amount is repaid.
How is Loanr different from any other traditional personal loan apps?
Loanr is a secured collateral loaning marketplace, which means that your peers will store your belongings in their possession until the loan is repaid in full. Other loaning platforms may refer you to collections if you do not pay back on time. At Loanr, the lender will keep your possession in case of repayment- no collection agencies involved!
About APR:
APR (Annual Percentage Rate) is the annualized interest rate charged when you request money in advance. It combines the nominal interest rate and some fees or additional costs that can be involved when you get a loan. The APR on quick loan options varies, with lenders offering rates of 5.99% to 35.99% on unsecured personal loans for borrowers with a good credit score.
Disclosure: The maximum Annual Interest Rate can only go up to 36% on Loanr
Our app is not involved in the lending process, thus we can’t state any specific APR you will be offered applying for a loan today. The credit decisions and terms depend solely on the lender but can not exceed 36% APR. The lender is legally required to inform you of the APR and other loan terms before executing the agreement. Some states have strict laws limiting the APR rates and fees that a lender can charge you. Only the lender you are connected with can inform you of specific rates and terms in accordance with the local laws.