When time is the main factor in everything especially finance, we have developed the lending option to its best, easier and faster than the old ways. Peer To Peer Lending or simply known as P2P, is one of the best alternative lending options using online platform to connect the lenders and borrowers without middleman. The companies providing this financial service are like a controller for both parties to make the transaction smooth and transparent.
The best thing about Peer To Peer Lending is convenience as it is easy to access via the Internet. This makes the borrowers and the lenders do not have to travel to the companies. Moreover, the speed and flexibility are set up to better motivate the borrowers. Peer to Peer Lending is another level of financial transaction service. With the introduction of online loan market to offer users in the form of a simple click, you will be able to apply as a borrower and lender within a few steps. Using online platform is the way that companies can save on investment cost, making the service charge and interest rate lower as well.
Peer To Peer Lending has been successful in many countries, including the United States with two major markets, Lending Club and Prosper where millions of people have already approved loan up to $2 billion. And another country in Asia like China with over 3,000 online loan market platforms which considered to be the biggest loan market over $7 billion. Somehow, Peer To Peer Lending is still a pending hope here when the Commercial Bank of Thailand is still in a process of drafting the law for Peer To Peer Lending business providers. Many Fintech companies in Thailand such as Satang Dee,Peer Power, Beehive, and Daingern are patiently waiting for their dreams to come true eventually the good news has been announced that the law is close to completion and the BOT is ready to submit the information for evaluation by the end of this year. Legalizing Peer To Peer Lending will help reduce the risk to both borrowers and lenders and gain more confidence to the investment market in Thailand.