Loanbyte - Lending & Exchange Platform


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Boris Otonicar
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Everyone is supposedly aware of the traditional system of borrowing money from the bank with the lender getting enormous benefits from such a "fair" transaction. Although, there are obviously different ways of doing the same thing under drastically different conditions with the help of P2P Lending platform. The following guide should introduce you to the basics of such a system as well as provide an insight on why it's advantageous over the commonly spread lender-borrower type.

Elimination of Third Parties

One of the reasons borrowing fees are so unjustified and high is due to the fact that there are a lot of third parties involved in the process: you borrow money from the bank, which borrows money from different banks, creating a self-perpetuating negative cycle that impacts the borrowers in a bad way. With the introduction of the P2P Lending platform, it merely became possible to match with the lender directly and avoid all of the bureaucratic hell that people commonly have to experience with the banks. Although the elimination of third parties is quite an important reason the P2P Lending platforms have gained popularity, it's not the only one justification for such a positive phenomenon.

Building Trust on the P2P Lending platform

There is a widespread misconception that all of the platforms operating on the peer-to-peer basis are not trustworthy because they don't require a ton of documents for obtaining the loan. While such may be true for the low-quality platforms, it's not exactly accurate for the majority. The way everything works is pretty self-explanatory: if you need to borrow a loan worth a relatively small amount and is ready to place a collateral to back it up, show your good credit score, and evaluate your risks, then the option of choosing the P2P Lending platform is awesome in the long-term perspective. The platform also allows investors to choose what type of loans they are willing to give and what would be the rate of return in such a scenario, which is pretty awesome so to speak.

Some of the Most Popular P2P Lending platforms

As previously mentioned, it makes sense to trust the brand-type P2P Lending platforms as there is lots of information that proves their credibility as financial institutions. Some of such platforms would be listed below:

Lending Club (As argued by many people in the industry, Lending Club has an enormous influence on the world of P2P banking and facilitated almost 38 billions of dollars in loans, both short-term and long-term. It charges fees starting from as low as 1 percent and up to 6).
Prosper (Prosper is famous for the number of people using the platform, approximating near eight hundred thousand. It claims to have a high-quality number of borrowers with amazing credit scores, which is noteworthy).
Upstart (Upstart is only available to the investors who passed accreditation, making it arguably the most trustworthy P2P Lending platform out of all the different ones available on the market).

Another company that offers the P2P lending platform is Loanbyte. It allows participating in a single transaction to several investors at once if one of them has insufficient funds to cover the amount requested by the borrower. This platform also acts as an intermediary when both parties to the transaction have already agreed on the size of the interest rate.
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