Peer-to-Peer lending is also known as "person to person lending" or "social lending". Peer-to-peer lending is lending between two nonbank partners. The service was popularized by Propser.com, which provided a network for borrowers to find loans form private individuals. Peer-to-peer lending is an alternative to payday lending, as borrowers with poor credit may still find a lender willing to loan money (oftentimes at rates lower than payday lenders charge).
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