Rigid and time consuming procedures of traditional banks have unknowingly paved the way for tremendous growth of peer to peer lending industry in less than decade.
The Peer to peer lending industry have become viable alternative to standard bank loans and is emerging as a competitor to the traditional banking system.
The P2P lending system has made the practice of borrowing and loaning money easy. With just a click of the mouse, you can easily find loans online without going to banks in person or waiting for approvals. Low-interest rates, simplified applications, and accelerated decisions have made this peer-to-peer model a huge success in the modern world.
Having offered borrowers an improved financial landscape, these institutions are gaining a foothold and gathering momentum.
Though in initial stage, P2P platforms issued approximately $5.5 billion in loans so far. It is estimates that the market could reach $150 billion or higher by 2025.
P2P MARKETING PLATFORM
With the rising popularity of peer-to-peer lending platforms, competition and products have increased as well. While these marketplaces operate on the same basic principle, they vary in terms of eligibility criteria, loan rates, amounts, and tenures as well as offerings. Some focus on personal loans, and a few target students and young professionals, while some cater exclusively to business needs.
Here are some popular P2P market platform
2. Funding circle
Popular site in India
2. Oml P2P marketing