Marketplace lending is arguably the best invention after the discovery of mobile phones. Marketplace lending is lending in its fastest form and the services keep on getting better. There are no middlemen involved, which makes it cheaper in terms of interest – therefore benefiting the borrower.
The process of marketplace lending is transparent and is a better experience than going to the actual bank. The best thing about marketing lending is that you don’t have to have guarantors. You only need to have a stable job and a stable bank account. In fact, no one will know that you are getting a loan, not even your bank manager.
An ideal marketplace lender is one who gives the clients a favorable interest rate so that the clients will not have to pay back too much extra money. Before the lender gives money to the borrower, there has to be a thorough background and credit check on the borrower. This makes sure that the borrower will not get any money before his credibility and his credit worthiness is clarified.