Provide your borrowers with awesome features from these 4 best P2P lending apps
The P2P industry has grown tremendously in less than a decade due to the rigid and time-consuming procedures of the conventional banking system. The peer-to-peer lending industry has become a viable option compared to the standard bank loans and is rising as a rival to the conventional banking system.
Peer-to-peer lending is a new system of debt funding that enables people to borrow and lend money without a monetary organization. Controlling technology and big data, P2P platforms unite borrowers to investors quicker and more economical than any bank.
The P2P lending system has made the custom of borrowing easier. You can easily find loans online with just a click of the mouse. The P2P model is a huge success due to all-time low-interest rates, uncomplicated applications, and quickened decisions.
These companies are gaining a foothold and gathering momentum having proposed borrowers with an enhanced financial aspect. According to a PriceWaterhouseCoopers statement, even though the P2P market is still in its infancy but it has distributed $5.5 billion in loans in 2014. It is estimated to go up to $150 billion or higher by 2025.
User features of top P2P lending apps you should know before going for P2P lending app development
⇒ Borrowing with Prosper
Prosper offers loans up to $40,000 with a fixed-rate and a fixed-term of either three or five years for the borrowers. The monthly EMI is fixed as per the duration of the loan and there is no prepayment penalty. So, if possible the borrowers can pay off early. The platform allows getting an instant look at what your rate would be and, once approved, the money gets deposited directly into your bank account.
⇒ Borrowing with Lending Club
Lending Club allows four different types of solutions for borrowers:
- Personal loans: A personal loan of up to $40,000 which can be utilized for paying down credit cards, paying off debt, renovating your home, or paying for higher costs like a wedding or a car.
- Business loans: A business loan up to $300,000 is allowed with a set term within one and five years with no prepayment punishments. You require to have a business for at least 12 months. The other requirement is having at least $50,000 in annual sales and having good business credit. To qualify for the business loan you also need to own at least 20 percent of the organization.
- Auto refinancing: You can qualify for an auto-refinancing loan if you have a car less than 10 years old and it has not operated over 120,000 miles. The loan for your car should have started at least a month ago and should have at least two years left on it. The loan amount that you owe should be between $5,000 and $55,000.
- Patient solutions: The peer-to-peer platform also works with doctors all over the country to assist the borrowers to fund the medical and dental bills that cannot be paid all at once. All the borrowers need to do is check their eligibility by typing their doctor’s name. They can avail of a loan up to $50,000 for all types of bills and procedures that include hair restoration, fertility, and weight loss surgery.
⇒ Borrowing with Upstart
Upstart allows borrowers to get loans from $1,000 up to $50,000 with rates as low as 8.85 percent. The loan term can be extended from three or five years. However, there is no prepayment penalty.
Upstart check the FICO scores and years of credit history using its AI/ML technology. The app also checks for education, area of study, and job history before determining the borrower’s creditworthiness. The platform insists that their borrowers save a predicted 24 percent compared to different credit card rates.
⇒ Borrowing with StreetShares
StreetShares allows borrowers with three types of business loans for their business to grow:
- Term Loan: The platform grants a loan between $2,000 to $100,000 for a period of three months to three years. The funds are deposited in the borrower’s account as soon as they are approved. They also do not have any prepayment penalties.
- Patriot Express Line of Credit: This loan is to grant more versatility. The borrowers can borrow anywhere from $5,000 to $100,000. The period of the loan is from three months to three years. As it is credit loan the funds can be drawn whenever needed and the interest is applicable only to the money which is used.
- Contract Financing: This loan is basically based on the future earnings of the borrower. This takes a little more time to get approval. There is no limit on the amount to be borrowed. The borrowers get a Mobilization Loan/Line option and no prepayment penalties.
Getting approval for these loans requires fulfilling some special conditions. The borrower needs to be a U.S. resident and he should have a running business for at least one year. They should earn minimum revenue and need a business guarantor with “fair” credit.
⇒ Borrowing with FundingCircle
The minimum loan a person can borrow with FundingCircle is $25,000 and can go all the way up to $500,000. The rate of interest is very low at 4.99 percent. The period of the loan can be anywhere between six months to five years. There are no prepayment penalties. The loan fund can be used for any purpose that you deem necessary for your business. The borrowers need to pay a start fee. However, the funding is much faster than any other small business loans and the borrowers can get the amount deposited in their accounts in as little as five days.
Looking at the features which these popular P2P lending platforms are rendering for their borrowers, you must get a fair idea of the things that you can offer your borrower to get in the list of popular platforms.
We can help you with your mission with our creative technical team and awesome white label solutions for P2P lending apps. Our developers can customize the user features with the most amazing interface, making the application process simpler for the borrowers and drawing in more borrowers through the word of mouth marketing.
Our research team can support you with the latest figures and market scenarios to make it easier for you to launch your P2P lending platform. We can assist you at each step in your business becoming your technology partner and rendering the best technology to take your app in the top list of the P2P lending.
If you are interested in the white label solutions or customized P2P lending app, connect with us to share your requirements and kickstart your business to capture the market.
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