Peer 2 Peer loans to Be Banned Soon

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The website West Credit Loans specializing in providing instant and cheap loans and investments to millions of US residents is to be shut down. Virtually anyone, even an unemployed person, could take a loan there.
The website helps people pay off their other loans and debts and can provide emergency money for any situation. It offers a new kind of instant loan services, which could be a key to overcoming unexpected financial difficulties and an opportunity to get money without going to the bank. However, according to our sources, the website is to be shut down by the authorities.
We asked Mr. Jordan Bell, Specialist of the Committee on Banking and Financial Services, to explain the situation.
Jordan, how could you comment on the current state of affairs? Do people really get the chance to take such loans which can, in fact, amount to ,500? How popular are these services?
The situation is quite unfortunate, and the demand for such loans is increasing. We are trying to block the sites that offer these kinds of financial services.
Could you tell us how the system works?
For receiving the loan you go the website, enter your details, choose the desired amount, up to $2,500. Then the manager calls and after the brief interview your loan is almost instantly approved. Besides that you may invest your own money into the system. Just create an account, choose the preferred lending system (automatic or manual) and wait for your money to start working. The investor in the West Credit Loans system gets the interest for using his money, just as the banks do. But the interest rate of Peer 2 Peer Loans is much higher than usual bank invests. That’s why citizens choose to invest in Peer 2 Peer loans, not regular banks.
And it’s as simple as that. But that’s where the danger lies. People refuse to apply for conventional loans now, arguing that unlike banks, this system does not ask for anything other than your name and address. Until recently, almost any US resident could take a loan out through this website.
How soon will this issue be resolved?
Unfortunately, we don’t have exact dates yet, but the issue is being addressed right now. Every day, we block about ten websites illegally offering easy loans.

Author: Admin

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