In short, peer-to-peer lending is an alternative to banks and is a private form of funding. It is most commonly used for secured loans (eg vehicle or equipment) or unsecured loans ie debt consolidation, holiday/travel, home improvements etc,
Investors provide funding and credit-worthy borrowers apply to use those funds via an on-line platform. An interest rate and establishment fees is applied based on the borrowers credit score and rating. Generally, borrowers with a good credit history will attract a competitive rate which may be cheaper than traditional banks.
As the growth of on-line services has increased over time, the world of finance has also had to keep up.
Peer-to-peer lending has grown in popularity as confidence grows in the product.
If you are seeking a personal loan and are keen to embrace a competitive alternative, we can assist. As an accredited broker, we have access to a well-known, trusted and regulated peer-to-peer lender. We can discuss the options and walk you through the process from start to finish.
We also have access to business lending and ‘green loans’ (but that’s a whole other story!)
Ph 0413 011 543 | 07 4041 2055
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