Fees and Costs
The amount you will pay for the loan you get depends on several factors:
- Your credit score.
- The overall economic environment.
- The length of the loan (P2P loans typically do not last more than three years).
In addition to the interest you will pay, there are also—no surprise here—closing costs, between 0.5 percent and 5 percent.
Example: You get a $5,000 loan for three years and have decent but not great credit. You would be assessed a $150 closing fee, and thus would receive upon closing $4,850. At a 15.5 percent interest rate, you would be repaying the loan at about $170 a month.
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