Peer-to-peer loans: Writer explains what it's like to borrow from strangers

Over the past couple of years, lenders have tightened their purse strings, making it harder for even the most creditworthy consumers to land a loan the traditional way. But as the banks' wallets closed, other ones have opened: Peer-to-peer lending sites like Lending Club and Prosper have provided a safe place for lenders and borrowers to meet, share information and ultimately share cash.

Struggling to pay off my credit card debt and the sky-high interest that accompanies it,I decided to turn to Lending Club. My ultimate goal: To refinance my $5,000 in credit card debt into a Lending Club loan carrying a fixed term and a more reasonable rate. And so I began the process.