How does peer-to-peer lending compare to banks?

What are the main differences between peer-to-peer lending and traditional banks?

Peer-to-peer lending typically offers lower interest rates and faster approval times compared to traditional banks. It connects borrowers directly with individual lenders.

Are there any risks involved with peer-to-peer lending?

Yes, there are risks such as borrower default and less regulatory protection compared to banks. It's important to assess the platform's credibility.

How do I choose a reliable peer-to-peer lending platform?

Look for platforms with a strong track record, transparent fees, and good customer reviews. Also, check their risk assessment processes.

Can I get a loan from a peer-to-peer platform if I have bad credit?

It may be more challenging, but some peer-to-peer platforms cater to borrowers with lower credit scores. However, expect higher interest rates.