Peer-to-peer lending (P2P) provides a platform for exchange of money between people who have money and people who need money in the form of a loan to be returned later.
People with idle funds can now extend a loan to borrowers anywhere across the country and earn returns on their funds in the form of interest.
P2P helps formalise non-institutional lending between individuals. Thus, this is not the usual process of taking a loan from a bank or a non-banking financial company (NBFC).
• Lendbox
• Faircent
• I-lend
• Monexo
• Lendenclub