Peer-to-peer lending is a new way to borrow money. The loan agreements are conducted in an online service, where investors can directly fund a loan application according to their investment preferences. The online platform enables the loan applicant to find the most affordable loan offers by an auction mechanism. The terms and transactions are transparent and both borrowers and investors can always see their current balance in the online service.
A peer-to-peer loan is an agreement between two individuals. Both loan applicant and the lender will decide the terms they are willing to borrow or lend.
Peer-to-peer lending is a form of crowdfunding that has been growing significantly during the past three years. Transparent and clear cost structure together with auction based pricing model has made peer-to-peer loan a popular option for borrowing alternative to the traditional bank loans.
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