3 P2P lending platforms in USA to watch out for in 2024
By Delisha Fernandes
Peer-to-Peer lending (P2P lending) is a form of direct lending of money between two entities without the involvement of an official financial institution participating as an intermediary. As we step into 2024, the P2P lending industry in USA is set to witness unprecedented growth and innovation. Savvy investors and ambitious borrowers alike are eagerly eyeing the horizon for platforms that not only facilitate financial transactions but also redefine the traditional lending experience.
The advent of P2P lending service providers has been described as a tectonic shift in the financial services industry by experts. Each day more firms are entering into this space, and global regulators are scrambling to keep up the pace with the innovative offerings and business models being concocted by these firms.
Here is a list of 3 P2P lending platforms in USA to watch out for in 2024:
Honeycomb Credit is a peer-to-peer lending platform designed to allow friends and family to fund small businesses. Founded in December 2017, the company has helped over 200 businesses run investment offerings with approximately 85% of borrowers successfully reaching their minimum funding goal. Honeycomb is often recognized as a company using financial technology to make business growth and community investment accessible.
Hundy is a mobile app that provides community members with cash advances. In less than five minutes, Hundy members can open an account, request an advance, and receive their money the following business day. Crowd investors provide a significant portion of the funding for the Hundy deposit advance, and both members and investors are involved in an app-based community that places a high value on the sharing and celebration of small deeds of good character.
A P2P lending platform based in San Francisco, California, Lending Club was founded in 2007. They are one of America’s largest providers of unsecured personal loans, originating more than $70 billion in loans to their 4 million high-FICO, high-income members and helping them save millions on their cost of credit.
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