07:21 24 September 2013
If you have had bad experiences with banks in the past, you may no longer have trust in them and avoid further business with them. You are certainly not the only one in this position, and this is the reason that peer to peer lending has increased in the recent past.
Peer to peer lending is the alternative to bank loans – it means that a person can take on a loan from another person, without any financial institution playing any role in the transaction. This can be done without difficulty by means of some specialised websites out there on the Internet that connect people for peer to peer lending.
Here are some of the advantages and disadvantages of peer to peer lending:
Banks no longer have the monopoly on the lending market, but that doesn't necessarily mean that peer to peer loans are always better. You still have to search the market for a better product before applying for your loan, if you are still not sold on peer to peer lending.
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