Peer to Peer Personal Loans
Peer to peer lenders or P2P lenders, who are increasingly referred to as marketplace lenders provide technology platforms that designed to match borrowers with investors, offering both sides more attractive interest rates than the traditional lenders such as banks, credit unions and building societies.
Peer to peer lending is a relatively new borrowing option in Australia with the first platform launching in 2012, following earlier launches in America and the UK, where P2P lenders are now well established. Predictions made by the leading investment bank Morgan Stanley suggest that the Peer to peer lenders are on a path to become a major player in the lending arena with loans made through the platforms estimated to reach $22 Billion within 5 years.
Compare the P2P loans side by side in the comparison table below where interest rates, comparison rates and the key features are considered.