If you are reading this page, there’s a good chance you are one of the thousands of students looking for a loan to help finance an undergraduate or graduate education. With every passing year, more and more students are signing up for (and signing off on) substantial private loans. Historically, due to a lack of alternatives, students have turned to major financial institutions -- banks, specialist loan corporations -- for their loans. But the predominance of the Internet and its online communities today has shifted the lending and borrowing landscape. With the rise of social lending communities and peer-to-peer platforms (p2p platforms) such as the one offered by People Capital, students can finally apply and may qualify for private students loans which may have lower interest rates than the usual bank or corporate loan.
Traditionally, the single most important criterion in determining a student’s loan eligibility was his or her FICO score. You’re 18 years-old and have a high FICO score? Congratulations, you probably qualify for the best student loans out there. (However, keep in mind that whether or not you actually receive the loan may depend on whether you manage to get a cosigner with good credit to vouch for the loan.) You’re 18 years-old and haven’t had the time to develop a strong credit history, locking you out of the best loans? Join the crowd.
People Capital’s credit-risk assessment tool, the Human Capital Score, takes into consideration much more than your FICO® score. The Human Capital Score is data-driven: it includes your GPA, your standardized test scores, your choice of college, and an array of other relevant factors in producing your unique credit-risk assessment.
To learn more about People Capital’s p2p platform, please click here.