Kuflink

Other than the traditional borrowing methods like banks or building societies, peer to peer funding is an alternative finance method which makes it easy for borrowers to borrow money. And it offers people a chance to earn tax-free interest over their investment. It is a type of direct lending of the funds to businesses or consumers without any participation from the official financial organisations as intermediaries in the deal. This type of funding is usually done using an online platform which matches borrowers with potential lenders. Peer to peer loans can be secure and unsecured both. But, the majority of these loans are unsecured personal loans. In this industry, secured loans are a rare and generally are backed against borrower's luxury good. Because of its unique elements, the p2p lending is widely adapted alternative source of financing. The process of these platforms is usually pretty simple. Every transaction is carried out using a specialised online platform. The borrower has to fill out an application with details about the amount and term of the loan. That application is then assessed to determine the credit rating and risk of the borrower. Then the borrower is assigned the suitable interest rate. Once the application is approved, the borrower receives the available options from the lenders depending on their credit rating. The borrower can assess the options and choose the right one for them. Read more details on our website.