Peer-to-peer (P2P) lending has become an increasingly popular way for borrowers to obtain funding without going through traditional banks. P2P loans are facilitated by online platforms that connect borrowers with individual investors, offering a convenient and often more flexible alternative to traditional lending. In this article, we’ll take a closer look at the pros and cons of P2P loans for borrowers.
What Are Peer To Peer Loans And How Do They Work?
Peer-to-peer loans, also known as P2P loans or P2P lending, are a type of online lending where individuals borrow money directly from other individuals or investors, without the involvement of traditional financial institutions like banks or credit unions.
The process of getting a peer-to-peer loan typically involves the following steps:
Read the full article here: pros and cons of peer to peer loans for borrowers