What is p2p lending

[btccredit_io]

https://medium.com/@info_60688/what-is-peer-to-peer-lending-6d714dadc4e2
An article on peer to peer lending by Btccredit to explain the proposition of lenders and borrowers.
Do share your comments and suggestions.

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[Ailmand]

https://medium.com/@info_60688/what-is-peer-to-peer-lending-6d714dadc4e2
An article on peer to peer lending by Btccredit to explain the proposition of lenders and borrowers.
Do share your comments and suggestions.

I think it's more convenient to use p2p lending thank banks. However, with regards to security traditional lending is more secured than p2p lending. P2P lending cuts off interes rates from the bank plus service charge or fees. A lot of p2p lending had popped-out in our country, it's really easy to apply and it only takes hours or days to be approved. The lender takes higher risk since there's no way or limited ways for them to verify credibilty when it comes to timely payment.

[traderethereum]

According to Wikipedia:

Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers.

So it will work on the internet, and it doesn't need a high cost of offering the service. Besides that, the P2P Lending can reach in many places over the world so people in other countries can try to lend some money and the other can borrow the money. I think there is a broker of P2P lending in out there, but I don't know which one is recommended.

[Crypdon]

The risk is on the lender more than the bank, after delivering the coins there isn't much of a chance of getting them back unless legally secured against a valuable asset

[btccredit_io]

https://medium.com/@info_60688/what-is-peer-to-peer-lending-6d714dadc4e2
An article on peer to peer lending by Btccredit to explain the proposition of lenders and borrowers.
Do share your comments and suggestions.

I think it's more convenient to use p2p lending thank banks. However, with regards to security traditional lending is more secured than p2p lending. P2P lending cuts off interes rates from the bank plus service charge or fees. A lot of p2p lending had popped-out in our country, it's really easy to apply and it only takes hours or days to be approved. The lender takes higher risk since there's no way or limited ways for them to verify credibilty when it comes to timely payment.

You are right. Were the new p2p lending based on crypto or just fiat based?
And about the risk of lender in p2p lending we are offering crypto collateral for borrowers before lending them. This will be not needed in future when users develop their credibility with their successful transactions.

[btccredit_io]

The risk is on the lender more than the bank, after delivering the coins there isn't much of a chance of getting them back unless legally secured against a valuable asset

I would like to mention here that on our platform there is a system that borrower has to deposit a collateral in Bitcoin or BTCC tokens, then only he can get loan. So the lender's fund is safe. Our goal is to ensure the fund protection and help others in need.

[Astvile]

P2p way of lending money i think is alot reliable then lending money from the bank,in p2p lending you can talk about the rates of interest and not be forced to pay in huge interest.Compared to bank where you need to pay huge fix interest rate

[btccredit_io]

P2p way of lending money i think is alot reliable then lending money from the bank,in p2p lending you can talk about the rates of interest and not be forced to pay in huge interest.Compared to bank where you need to pay huge fix interest rate

Exactly, the borrower gets the right to decide his rates and so does the lender.

[shield132]

Banks are the worst thing but I highly doubt p2p lending has any future, especially with cryptocurrency. One day price is x, another day - y and this diffetence can hugely affect any lending company which plans to take care of thousand people.
Let's say truth, no one likes taking loan and we usually take when really need but also consider the fact that usually demand is from people who can't pay back. With p2p lending, risks of lender is huge, so logically demand will be very, very low. Also p2p has nothing to do with fees, I can set high pay interest, doesn't matter it's bank or p2p, I can set. So in this aspect, banks are and still will be leaders.

[Ailmand]

https://medium.com/@info_60688/what-is-peer-to-peer-lending-6d714dadc4e2
An article on peer to peer lending by Btccredit to explain the proposition of lenders and borrowers.
Do share your comments and suggestions.

I think it's more convenient to use p2p lending thank banks. However, with regards to security traditional lending is more secured than p2p lending. P2P lending cuts off interes rates from the bank plus service charge or fees. A lot of p2p lending had popped-out in our country, it's really easy to apply and it only takes hours or days to be approved. The lender takes higher risk since there's no way or limited ways for them to verify credibilty when it comes to timely payment.

You are right. Were the new p2p lending based on crypto or just fiat based?
And about the risk of lender in p2p lending we are offering crypto collateral for borrowers before lending them. This will be not needed in future when users develop their credibility with their successful transactions.

Currenlty they are just offering fiat. What lacks on their system is the collateral. They only require KYC and necessary documents, the first loan is just small just like 20$ payable within 15 days with an interest of 10%.
Once clients paid his/her first loan they can get higher loan amount on their next loan.

In this part, lender is at risk, a lot of clients are not paying them on their first or second loan. Lender won't even bother reporting this since the cost of filing a case and hiring a lawyer will cost more than the loan.

[Indamuck]

The risk is on the lender more than the bank, after delivering the coins there isn't much of a chance of getting them back unless legally secured against a valuable asset

The majority of people get credit without collateral.  They hand out credit cards like candy to anyone with a pulse.  Most people pay back or at least attempt to, lenders make money off volume.  Of course there will always be a few people that can't repay but they work on averages. 

[Beerwizzard]

1. First of all you should move your thread to service discussion. Here no one really gives a shit about the project you are advertising.
2. You have creates 2 almost the same threads in a single section. That's called a spam and it is more likely that those threads would be deleted and maybe your acc get banned.
3. Advertising your service by violating forum rules is not  a wise move.

[jjjfff]

According to Wikipedia:

Peer-to-peer lending, also abbreviated as P2P lending, is the practice of lending money to individuals or businesses through online services that match lenders with borrowers.

So it will work on the internet, and it doesn't need a high cost of offering the service. Besides that, the P2P Lending can reach in many places over the world so people in other countries can try to lend some money and the other can borrow the money. I think there is a broker of P2P lending in out there, but I don't know which one is recommended.

I think that definition is wrong.

If there's a middleman that matches lenders with borrowers then it's no longer P2P.

[Gozie51]

I think one of the major factors in P2P lending is that it is less formal because from the name, it is interpersonal kind of transaction and so the rules might not be strict.

[sheenshane]

If you have a great community and mutual friends within the industry, p2p lend would fit with your needs. However, you must make sure to ask some help to the people who you would trust and will let you a comeback if you went down and became broke. In cryptocurrency, you have to accept that the time won't always be with your side. Sometimes you will also fall and you have the choice to stand or let yourself lying down and weak.

So you have to choose the people who will be able to back you up. Let you borrow theirs and will also help you stand up and pay them back in 2,000% interest. 2,000% interest means paying them back with things they couldn't afford using their money. Like loyalty, trustworthiness and being friends with them.

[avikz]

https://medium.com/@info_60688/what-is-peer-to-peer-lending-6d714dadc4e2
An article on peer to peer lending by Btccredit to explain the proposition of lenders and borrowers.
Do share your comments and suggestions.

I won't go into the definition of the p2p lending because it is already available in various resource which can be fetched through Google search! Rather, I would tell you about my experiences with it! It is a failed business idea in crypto space! BTCJAM was one of the pioneers of crypto p2p lending which closed down their operations back in 2017 or in 2018 beginning. I had an account and I used to lend to a lot of highly ranked borrowers. Only 90% people defaulted and I received only 10% of my investment back. I would be at least 4 bitcoins richer today if I had avoided this p2p lending business back in 2016 and 2017. It's a flawed business idea because you can't really track down a person in Nigeria from USA for few hundred dollars! 

[stompix]

Hahahahahah, what garbage!!!!

Let's see what the OP propose with his "project".

By using USDT as a medium of exchange the System fees for borrower will be 0.25%.
When Bitcoins are pledged as collateral, borrower has to pay the interest as per the Loan contract.

Borrower can borrow upto 75% LTV of the collateral value by pledging BTCC Token.
Borrower can borrow upto 60% LTV of the collateral value by pledging Bitcoin.

Seriously?  Probably people working in banks are calling 911 while choking from such laughter!!!!

So I go to your platform, deposit 10 BTC worth 50 000 euros and you loan me 30 000 euros!!!
 

Are you people out of your f mind?

[Haunebu]

I won't go into the definition of the p2p lending because it is already available in various resource which can be fetched through Google search! Rather, I would tell you about my experiences with it! It is a failed business idea in crypto space! BTCJAM was one of the pioneers of crypto p2p lending which closed down their operations back in 2017 or in 2018 beginning. I had an account and I used to lend to a lot of highly ranked borrowers. Only 90% people defaulted and I received only 10% of my investment back. I would be at least 4 bitcoins richer today if I had avoided this p2p lending business back in 2016 and 2017. It's a flawed business idea because you can't really track down a person in Nigeria from USA for few hundred dollars! 

4 freaking BTC? Damn. I always knew that the p2p model was not sustainable or feasible in the long term due to the risks involved, but I did not know that this model was so heavily flawed in the crypto world.

Why do people even bother when there are way better alternatives out there? Plain stupidity.

[carter34]

It's a flawed business idea because you can't really track down a person in Nigeria from USA for few hundred dollars! 

This is exactly the issue with p2p. Once you are cheated, then forget it

It involves high level of trust.

I should say is more like cryptocurrency itself, decentralized 

[Bitinity]

Hahahahahah, what garbage!!!!

Let's see what the OP propose with his "project".

By using USDT as a medium of exchange the System fees for borrower will be 0.25%.
When Bitcoins are pledged as collateral, borrower has to pay the interest as per the Loan contract.

Borrower can borrow upto 75% LTV of the collateral value by pledging BTCC Token.
Borrower can borrow upto 60% LTV of the collateral value by pledging Bitcoin.

Seriously?  Probably people working in banks are calling 911 while choking from such laughter!!!!

So I go to your platform, deposit 10 BTC worth 50 000 euros and you loan me 30 000 euros!!!
 

Are you people out of your f mind?

Nice catch and it is obviously not good service/offer. People will prefer to do real p2p lending in this forum with trusted member. The process is basically the same but the amount of the loan we can get by p2p lending in this forum will be higher as most lenders are requiring collateral with 120% value of the loaned amount.