Peer-to-peer (P2P) lending, or social lending, allows you to offer your money in the form of a loan to another person. It differs from traditional banking in that there is increased transparency, often allowing you to select the country, project, or even person to whom you will loan your money and the money is not typically exchanged through a bank.
P2P lending networks have become quite popular among those seeking alternative financing and among those who want to use their money to make a difference, particularly in helping the poor who might not have other financing options.
The P2P lending network industry is growing with the recent entrance of E-bay and Virgin into the marketplace. Here is just a sampling of the many options available:
- MicroPlace (recently launched by E-bay)
- Virgin Money (recently acquired the former CircleLending)
- Kiva
- Duck9
- Prosper
- Zopa
- Smava
- CommunityLend
- Boober
- Lending Club
- BatoAmigo
- Fairrates
- GlobeFunder
- Ireloans
- Lendary.com
- Nexx
- PeerMint
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