Peer to Peer Lending and borrowing are as primitive as the history of mankind! And, the lending-borrowing did not change much and remained similar, changing only the object being exchanged. Nowadays, money is itself lend and borrowed between peer to peer.
Peer to peer lending refers to sharing the money with the ones in need by charging a little something more in repay than the needed amount.
In P2P lending, the people, a person knows, usually comes up ahead to help by lending some money, against the lend sum, they might ask for some percent of interest. In this type of lending, a borrower with even the minimum collaterals can avail help in very less time.
With changing times, and digital transformation, this too is been taken to a digital level where several platforms are available online to let people avail funds by connecting them with the people who might be interested in lending the amount. The process is completely digital and online. People offer an interest rate differing from 3% to 8% and offer quick disbursements within just a few hours. The collaterals as such needed are minimal which makes it more convenient for the borrower. However, the lender has a bigger risk!.
Banks need lots of guarantees before lending money, so do the primitive lenders. However, modern lending needs no guarantee and provides quick help. Looking at the popularity of P2P lending, banks and other financial institutions have also started talking to investors and lending through them.
In Digiprima provide end to end solution for peer to peer lending platforms. Digiprima have experienced developer and can develop any kind of P2P Platforms.