Description
Peer to Peer (P2P) lending is becoming far more popular than first thought. This article explains what it is, how it works and its many uses.
Introduction
Peer to Peer, or ‘P2P’, lending is a method of bringing borrowers and lenders together without a traditional financial institution to act as intermediary. This increasingly popular form of lending takes advantage of the internet to connect individuals who have money to lend with those who require funding for any reputable need.
It’s not an entirely new process. The first P2P lending portal was Zopa, founded in the UK in February 2005. In the past 15 years Zopa has processed loans worth more than five billion pounds. However, this figure pales in comparison to the two largest US services.
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