In fact, it seems like there are new companies to check out every week.
But what makes these companies really stand apart is their missions. For instance we reviewed Prodigy Finance which aims to help future business leaders get the college funding they need. We’ve taken a look at Upstart, a peer to peer lending company that’s takes borrowers education into account before loaning money. As well as other companies like SoFI whose mission is to help those with student loans refinance to a better rate.
Today, we have another: Quotanda.
What is Quotanda and How are They Different?
Quotanda is another peer to peer lending company in the market to help college students get the financing they need.
Specifically, Quotanda helps borrowers who are attending coding camps, IESE Business School, or who are needing international student loans.
How it Works for Borrowers
Since Quotanda is specializing in three different markets the interest rates and loan terms are different for each.
So let’s take it from the top.
If you’re interested in attending IESE Business School here’s what you need to know:
- Loans start at 7%
- Repayment period of 5.5 yrs post-grad
- Interest-only until 6 months post-grad
- No early repayment fee
- You can fill out an online application here.
Quotanda recognizes that finding an international student loan or funding for coding camp can be a challenge. Instead of offering information on their website Quotanda requests that you fill out an online form with your name, email address, and school.
Unfortunately, there’s nothing mentioned on the website about terms or rates. So I can’t report whether or not obtaining funding through Quotanda for these two options is actually an affordable move.
If you’re interested just submit the online form and someone from Quotanda will send you more information.
How it Works For Investors
To invest with Quotanda you need to be an accredited investor.
Just as a reminder an accredited investor is an individual who earns an income of more than $200,000 per year for at least the last two years (or a joint income of $300,000) or has a net worth of at least one million dollars.
While promising healthy financial returns once again there were no specific rates mentioned by Quotanda.
If interested you can go here to learn more.
Quotanda definitely had the least amount of information available to borrowers and investors out of all the peer to peer companies I’ve looked at so far. That doesn’t necessarily have to be a bad thing though.
The truth is, the peer to peer lending market is becoming so saturated that you as a borrower or investor have your fair share of options. Before you take out a loan or invest with a peer to peer lending company be sure to find the one that has the best rates and terms for you.
Would you finance college through a P2P network?
Alexa Mason is a freelance writer and wanna be internet entrepreneur. She is also a newly single mom to two beautiful little girls. She chronicles her journey as a single mom trying to make it big at www.singlemomsincome.com.