A small business owner who needs the extra funds to finance an ad for their business in the newspaper that has a high chance of bringing in lots of revenue. ![]() ![]() Thus, he can use this loan to pay off his credit card debt at a significantly lower interest rate. The APR of this loan is 14.284%, which is lower than the interest rate on both credit cards. A P2P lender is willing to lend him $16,000 for 5 years at an interest rate of 12% along with a 5% fee up front.
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