Peer-to-peer lending is a type of loan that has been growing in popularity over the last few years. It can be a good option for people who need money but don’t have any collateral or credit history because they are given based on your income and credit score. If you’re considering getting one, you must understand the benefits to know whether this is right for you. In this article, we’ll discuss three benefits:
First off, peer lending can help build your credit score.
Second, peer lending is often less expensive than getting a loan from the bank or other financial institution because it doesn’t require any interest payments (and you can even get paid for making someone else’s loan!).
Finally, peer lending gives borrowers more flexibility when they need their funds back quickly – sometimes as soon as 24 hours!
Lenders may also charge interest rates lower than those of credit cards, meaning peer to peer loans can be a great way to pay off high debt without adding any more onto your monthly budget.
If you need a loan, this may be your solution.