Online Platform Encourage Peer To Peer Lending
- February 8, 2020
- Business and Management
- No Comments
Without going into details of the concept of peer lending, one can describe it as a kind of debt funding, where lenders and borrowers enjoy liberty and control over the terms of the loan, without any intermediary financial procedures.
Further simplifying, it is a term used for the practice of money lending by individuals via services that connect lenders and borrowers directly. If you are looking for more information about peer to peer lending see here right away.
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People meet new lenders and borrowers on various dedicated platforms. Peer to peer lending is gaining popularity within the short term lemding. Peer to Peer lenders have more security measures than direct payday loan.
I have seen people taking money from those who consider them trustworthy to meet their short-term, or sometimes even long-term financial needs, and paying back on terms mutually agreed upon.
But if we say that a person is lending money to a borrower on a moderate interest rate, with flexible of paying installments, it is something out the world.
Looking at the options available in the marketplace and the ever-growing community of lenders and borrowers we can say that it is destined to reach new heights. Even after seeing many platforms available online, I would not say that the service domain is achieving saturation.
The platform having the business model that defines earning based on money flowing through their domain usually restricts payments to be made through their transaction facilities.