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How To Start A P2P Lending Business
With the massive growth potential of marketplace lending, there has been a significant uptick in new entrants in this market. All of them have been inspired by the success of Lending Club, Prosper, Zopa or Funding Circle. But due to this huge interest, you need to be clear on what it takes to be a successful marketplace lending platform.
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Build Vs. Buy
Peer-to-Peer or Marketplace lending platforms have transformed the lending space, making it more convenient and accessible for both lenders and borrowers, by using technology as a backbone. The industry is witnessing extraordinary growth with PwC’s analysis indicating the P2P lending market could reach $150 billion or higher by 2025.
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What Is P2P Lending
Most of us have experienced the process of getting a loan from a bank or a financial institution – the arduous task of filling out forms, providing a plethora of information, and waiting for days, not to mention the many physical trips involved to the bank branch during working hours.