Peer-to-Peer Lending: Elimination of Financial Checks to Influence Market Growth
Peer-to-peer lending is a method of debt financing that enables individuals to borrow and lend money without banks. The global peer-to-peer lending market removes middleman from the process. P2P lending is also known as social lending or crowd lending. Traditionally, individuals and small businesses who want a loan usually apply for one through the bank. The bank would run extensive financial checks on the applicant’s credit history. This is done