Top 12 Peer to Peer lending platforms & sites for investors & borrowers 2023

33 Likes Comment

Are you looking for a new way to get a loan in less formal sites? Check out these 12 peer to peer lending platforms for quick loans

In today’s competitive environment, banks are reluctant to lend money to borrowers who lack a solid track record.

Getting a loan is never easy, especially if you don’t have good credit history or collateral.

However, there are other options available for those who want to borrow money without having to worry about their credit score.

Peer to peer lending (P2PL) has become a very popular way source for money whenever there’s urgent  need for it. Do you want to know what are some of the top P2PL sites out there?

Peer to peer loans are short-term loans between individuals who lend money to each other.

The borrower pays back the loan plus interest over time. This type of investment is becoming increasingly popular because it allows investors to get involved without having to put their money into a bank account.

There are several peer to peer lending platforms that allow individuals and businesses to borrow from lenders.

These include Prosper Marketplace, Lending Club, Funding Circle, and Zopa. Each platform offers its own unique features and benefits.

Here are the top 12 peer-to-peer online lending platforms that you can check out

1. Lending Club

Lending Club is a peer to peer lending site that connects borrowers and lenders. Borrowers find loans they need and then submit their personal information to the site.

Investors or lenders review the borrower’s information and decide whether or not to provide funds. Once both parties agree to the terms, the lender transfers money directly to the borrower’s bank account.

Lending club Interest rates vary based on the loan amount and term length.

2. Prosper

Prosper is one of the top P2P lending platforms that provides small business owners with capital to start or grow their businesses.

Businesses apply to become members and receive funding after meeting certain requirements. Members use the platform to make payments and track their progress toward repayment.

See also  What is Electronic Money Transfer Levy in Nigeria, Banks?

As of January 2018, Prosper offers two types of loans: equity and credit. Equity loans are structured similarly to traditional bank loans where investors purchase shares in the company being financed.

Credit loans, on the other hand, are offered at interest rates lower than those charged by banks.

3. Zopa

Zopa is a p2p lending platform that was founded in 2004. It focuses primarily on providing short-term consumer loans.

In addition to offering loans, Zopa also provides its users with financial education articles and tips. Users may borrow between $500 and $25,000.

4. Funding Circle

Funding Circle is a peer to peer lending site that enables individuals to lend and borrow money.

It is a p2p site where investors lend money to local businesses. Investors can invest their money into projects and receive interest payments

Users create profiles about themselves and upload documents to prove their identity and employment history.

Businesses can list their project details and seek funding from individual investors.

Investors can review the company’s profile before deciding whether to fund the business. If approved, the investor receives his/her principal back plus interest.

After a background check, lenders determine if the applicant is eligible for a loan. If approved, the lender receives a percentage of the loan amount back in cash.

5. Credio

Credio is a peer to peer lending platform for investors and borrowers that helps people get loans when needed. Users begin by establishing a profile about themselves and uploading a copy of their ID.

Next, they complete three credit checks and wait for lenders to approve them. When approved, lenders transfer money to the user’s bank account once the loan reaches maturity.

6. RobinHood

Robinhood is a peer to peer lending platform that invests in stocks, bonds, commodities, ETFs, options, and cryptocurrencies. Users buy and sell securities using real money.

Robinhood charges no fees for trades or deposits. Instead, it takes a commission from each trade.

7. LendUp

LendUp is a peer to peer lending platform that connects borrowers and lenders directly via their smartphones.

Borrowers can use the app to search for loans from local businesses and individuals who offer them at competitive rates.

Lenders can post loans seeking funds from local businesses and individuals looking to borrow money.

Both parties can then view each others’ profiles and decide whether they want to work together.

If both parties agree to lend money to each other, they can complete the transaction immediately.

See also  Nairabag Loan App Download – How to borrow money from Naira Bag Apk

8. Simple Loan

Simple Loan is a peer to peer lending sites that enables consumers to connect with local service providers. Consumers can request services from local professionals using the app.

These professionals can choose to accept or reject the requests based on their availability and preferences.

Once accepted, the professional provides the requested service and receives payment.

9. ZestFinance

ZestFinance is a peer to peer lending platform that enables consumers and small business owners to access short term loans online.

Users submit information about themselves and receive offers from local businesses. Businesses can browse users’ profiles and apply for loans if interested.

Users select the terms and conditions of the loan and provide additional information about themselves. After selecting the loan amount, users review the terms and conditions and provide approval.

Approved users are notified by email and can log into the website to confirm their acceptance.

10. Prosper Marketplace

Prosper Marketplace is a peer to peer lending platform that connects lenders and borrowers.

Borrowers can list their personal finance needs and seek out loans from local businesses. Lenders can browse borrowers’ financial needs and choose to fund those loans.

Both parties can communicate privately and securely through the app. Once a lender decides to fund a borrower’s loan, he/she can monitor the progress and receive regular updates.

11. Fundrise

Fundrise is a peer to peer lending platform that connects investors with real estate opportunities across the U.S. Investors can create portfolios and add deals to their portfolio through the app.

Portfolios are displayed publicly and can be followed by other investors.

When an investor selects a deal in his/her portfolio, he/she can compare its performance to similar investments.

He/she can also set alerts to notify him/her when certain criteria are met.

12. Funding Universe

Funding Universe is a p2p lending sites for investors and borrowers that enables small business owners to raise capital from local investors.

Owners can upload documents about their business and seek out loans from potential investors.

Investors can review these documents and select the type of loan they would like to provide.

Both parties can communicate through the app and finalize the terms of the loan.

Investors can track the status of their loan and receive regular updates.

Funding Universe was founded in 2012 and is headquartered in San Francisco, California.

All rights reserved. Do not copy, rewrite or republish this content, in part or in whole, without proper credit to the source.

You might like

About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

Leave a Reply

Your email address will not be published. Required fields are marked *

Copying of this content disabled