What is Marketplace Lending?

Marketplace Lending
https://bizloanbankers.com/marketplace-lending/

In the financial services industry, P2P first emerged in 2005 – focusing on lending and
borrowing. P2P lending platforms, also known as marketplace lending platforms, offered an alternative to traditional banking and payment systems, since they cater to the underserved with services like consumer lending, student loans, real estate and small-business lending markets.

While these online providers create a marketplace for lend- ers and borrowers, lenders expect a higher rate of return on their investments compared with simple transactions such as bank deposits.

Borrowers who are unable to qualify for loans from banks turn to these alternatives to obtain credit — possibly at a lower interest rate than they would have received from their bank, based on their respective credit profiles.

To deepen our understanding of marketplace lending dynamics, we conducted a detailed study in the U.S. — surveying both borrowers and lenders across a wide array of marketplace lending companies, age groups and income categories.

The survey was conducted online among a nationally representative sample of approximately 11,000 U.S. consumers — roughly 701 of whom are marketplace lenders or borrowers.

Our goal was to capture emerging trends, as well as the current and future needs of lenders and borrowers, to help organizations increase the uptake of marketplace lending services.

The study identified distinct sets of financial and social characteristics of borrowers. These attributes can serve as a benchmark when making lending decisions.

From our findings, we recommend that marketplace lending companies focus on vehicle and small business loans, and provide more options for lenders to analyze loans.

They should consider both financial and social factors while categorizing loans. Marketplace lending businesses should also partner with banks to leverage those institutions’ large branch networks.

 

Please visit for more details:

 

https://bizloanbankers.com/marketplace-lending/
Location: Petaluma, CA, USA

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