Brick and mortar banks face a new challenger in the competition for loans. No its not another crappy pay day loan center. Peer 2 Peer lending is changing the landscape of lending. What is Peer 2 Peer lending? Its like social working meets finance. People get together on popular sites like Zopa, Prosper, and Virgin Money to lend and borrow with each other. This is a great option if your credit stinks or banks intimidate you.
The rates and agreements vary between parties. The process is handled through black and white contracts, so there wont be a repeat of that loan you made to your brother-in-law; you know, the one that you never got paid back on.
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