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Peer-to-peer or P2P lending is a method of borrowing money from a specific person anonymously via a platform.
Lenders gain access to assets that help them earn some extra income while the borrowers gain some extra money to work with in the meantime. P2P platforms tend to have much lower interest rates than other loaning options too.
These platforms bring together the following:
You need to do quite a bit of research before choosing a platform. Things to consider are interest rates, risk factors, lean request limits, etc. Other than that, simply make sure the platform is legitimate by finding their affiliated banks and lending license.
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There are five main P2P lending platforms in Singapore:
P2P isn’t as common as other loan options in Singapore. However, as people realize how safe, convenient and how low interest rates are, it is set to grow in the short to long term period.
Before choosing a platform to work with, make sure you check things such as their credit license, affiliated banks, etc. If you can’t find this information, do not use that platform!
Once you’ve narrowed your list down, you can look into the interest rates that each platform offers. The lower the interest rate, the better the offer.
Most platforms have a borrowing limit, meaning that you can only borrow a certain amount at a time. Make sure that your chosen platform does allow you to borrow the amount you require.
Reviews are a great way to determine if a platform is good or not. If the majority of reviews are quite positive, you should be okay. A few people will always complain, so be sure that you read a lot of them to get a good perspective.
You should also look into what your lenders require. Make sure the contract that you have is solid and informative. You don’t want anyone taking advantage of you by being vague in their contract details.
Generally speaking, the funds for a peer-to-peer loan come from one investor or a group of investors. The investor(s) would either have chosen your loan request directly or have a pre-set credit requirement set up that matches your own.
A P2P loan is typically paid off through direct debit. You will transfer the money to your investor’s bank account or into an escrow account.
They will first choose the risk grade that they mean to lend in. After filling out a few details about their intended investment type, the system will offer them some loan requests to choose from. They can then decide to provide a partial or full loan for one or more of those requests.
The expected eligibility requirements are that you are 21+ years old, employed, and earning a specific amount of money annually. Some of these requirements vary depending on your chosen platform.
P2P lending means that you are borrowing a certain amount of money with the intent to repay it with interest. Crowdfunding contains a predetermined contract in which you have a specific amount that you agree to repay, instead of a certain interest rate.