When you need funds for a project or if you are in urgent need of cash, leasing out your assets to make the loan is an option that works well for those who already have money. Peer to peer lending is more like a group of people in need helping each other out. The sharing economy has truly arrived with millennials and this piece examines why peer to peer lending is such a game changer.
Peer to peer lending is a growing trend in the world of finance that has taken hold among borrowers and lenders alike. While it may seem like anything but traditional lending, peer to peer lending is a relatively new phenomenon that has already revolutionized the way people borrow money.
Peer to peer lending is affordable and accessible. Most Peer to Peer loans are available at lower interest rates than traditional loans, making it an affordable solution for borrowers who need quick cash. And, because P2P loans are typically made through online platforms, borrowers can access them from anywhere in the world.
Peer-to-peer lending eliminates the need for a third-party intermediary. With traditional loans, lenders require borrowers to go through a bank or other institution in order to get financing. In contrast, with P2P loans, lenders typically directly lend money to borrowers, eliminating the need for a middleman. This streamlined process makes P2P lending more efficient and secure.
Peer to peer lending gives borrowers more control over their finances. With traditional loans, lenders typically have sole discretion over when and how much money they lend. Peer to Peer lending is an innovative way of borrowing money that has taken the world by storm in recent years.