If you needed to borrow money to make home improvements or consolidate credit card debt, where would you turn? For an increasing number of consumers, the answer is peer-to-peer lending platforms — websites that match borrowers with investors.
Peer-to-peer or P2P platforms issued $5.5 billion in loans in 2014, and that number is projected to grow to at least $150 billion by 2025, according to areportby Pricewaterhouse Coopers.
At least some of the industry’s growth thus far, experts say, is due the ease and speed of the loan application and approval process.
“Consumers are hungry for a simplified, streamlined lending process, and peer-to-peer companies are capitalizing on this need,” the PwC report said.
But just because an industry is growing doesn’t mean you should rush to jump on the bandwagon. Before you apply for a P2P loan, make sure you read up onhow the platforms work, and consider these important questions.
Image source: Getty Images.
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- [By Lisa Levin]
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- [By Lisa Levin]
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