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Peer-to-Peer Lending

I’ve become fascinated with something called peer-to-peer lending. I heard about this social lending recently and have been doing some research on the topic. Sometimes it’s referred to as person-to-person lending of P2P lending.

There are several Web sites that promote peer-to-peer lending. You can sign up as a borrower or a lender. These sites match people looking for a loan with people willing to lend someone money. The peer-to-peer host handles the paperwork and preparations for the loan. Everything is legal and documented.

The idea behind this new financial lending method is to bypass banks and other financial institutions. Borrowers are still required to provide personal information, but they are more likely to be able to secure a loan through a peer-to-peer lending site. It appears that these sites are a great way for anyone to get a quick loan with reasonable repayment terms and interest rates.

If you’re leery of lending a family member money, one option would be to set up the loan through one of these peer-to-peer lending sites. You would be able to lend someone money without taking the risks that are normally involved with personal loans.

This concept is new to me, and I’ll be doing a bit more research on the topic. But this might be something you want to explore to help with your current financial needs. Or if you’re in a good financial position and want to lend someone money, you can start bidding on loans through one of the peer-to-peer lending Web sites.

My suggestion for you:

Search the Internet for peer-to-peer lending sites. Peer-to-peer lending might be a viable solution to your financial needs.

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Posted 8th July 2009 at 3:11 pm

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2 Comments »

  1. Here are some Australian P2P lending sites:

    http://www.lendinghub.com.au

    http://www.igrin.com.au

    Comment by anon — September 12, 2009 @ 11:59 pm

  2. Here are some uses for P2P lending:

    * consolidation of credit card debt

    * business start-ups; expansion and overdrafts

    * unexpected bills

    * marriages

    * used car loans

    Depending on your credit rating, you may get a better deal than credit cards.

    Comment by anon — September 13, 2009 @ 12:06 am

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