P2P Lending: Investment From Social Lending SitesPosted by: Damon Webster | Posted on: January 27, 2020
The loan industry globally is a multi-billion dollar industry where people borrow money from banks, financial institutions, and other private lenders. In recent years, the lending industry has gone through an evolution and has given way to social lending as a new and promising mode of lending.
If you are wondering whether the P2P lending loans offered in social lending sites are feasible or not then the answer is most likely yes. There is not much difference as far as the P2P loans from these lending hubs and from the bank concerned.
The difference lies in the fact that as the bank, the procedure is not so long, and there is no middleman. The complete process of lending is transparent to both the lender and the borrower. You have full right to ask questions and if you are not sure about one lender, you may move to another.
The main purpose of social lending hubs is to offer online loan with the best interest rates and make customers feel like they were borrowed from a friend or community. This option of peer to peer lending has been increasingly seen in a new light and is being considered as part of the public loans (more traditionally offered by small local community banks).