• The place to find the right expertise and make better decisions
  • Find the right expertise

Has anyone used a P2P lender to obtain a personal loan? If so, would love to get your feedback on the process and how the loan compares to other providers

5 years ago

Responses

I haven't. Saw an article in the latest Adviser mag, but haven't had a chance to read yet.

Hi Paul,

I have offered finance to clients via a p2p lender and lent my own money through a p2p lender, finding the process to be very smooth.

Clients enter their details online, they then choose their bank and enter the account number and login details through a secure gateway. The p2p lender can then analyse their bank statements and they usually have a turnaround time of up to 24 hours.

The rates on loan are offered against the customers risk profile and they can get lower rates than your average bank if overall score is good. Everything is transparent with breakdown of fees, total repayments, etc.

I also feel confident about lending my money through the platform as well to earn a return. The p2p lender checks are quite stringent requiring a minimum Veda score and as you can imagine picking up every liability and savings habits about the customer through their bank account

Comments

Hi Erol, great feedback, thank you

The margins and profits the banks make on personal loans are amazing so it is great to see such positive feedback on the rates and your positive experience with P2P lenders. Thank you for sharing.

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>