Peer to Peer … Lending (?!)


Peer to Peer … Lending (?!)

Serendipity led me to some sites today which deal with (the, to my mind boggling in its possibilities, idea of) peer to peer lending.   The concept seems to be, rather than give your money to a bank, who gives it to someone else and makes a profit, returning a little bit to you, a p2p lending site matches you up with someone who you give your money to, giving you the profit, returning a little bit to the lending site.  This means that you are taking on more risk, and also sharing more in the rewards.  On the borrowers’ side, it can mean access to capital at a reduced rate, or on more favourable terms (eg if you have a reputation for being a good payer/some other good reason to receive the money, but would be ruled out by a banks’ bureaucracy).

Are banks the next music industry?

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