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. 

The post Provide your borrowers with awesome features from these 4 best P2P lending apps appeared first on Coruscate Solutions.

In the early days, when you wanted a loan to pay off your car or credit cards, you’d go to a bank or a credit union. You had to sit down with a loan officer to discuss things and then keep waiting for them to approve the loan with crunched numbers. 

As for investing, it was always done with a traditional broker- either online or in-person.

Since times have changed, there is no need to go to the bank or brokers. Peer-to-peer lending is all about supporting each other instead of relying on big banks. 

In 2005, Prosper came into being where people could lend money to each other and could make money through interest rates.

Today, there is a skyrocketing growth seen for P2P lending and in figures, the growth can be marked as 110%. Looking at the current scenario, we can say the P2P apps are here to stay and conquer with more and more marketplaces popping up every year. 

Since there are overwhelming options let’s check out why some of the best P2P lending apps are great for investors. After reading this, we are sure, you can determine how to attract investors for your P2P lending apps with our white label solutions.

6 best P2P lending apps you have to know about before going for P2P lending app development

1. Prosper

Prosper is the first peer-to-peer lending marketplace founded in the US. The platform came into existence in the year 2005. The company is called OG peer-to-peer lender. The website claims to have co-ordinated more than $12billion loans for more than 770,000 people.

How is it to Invest with Prosper?

Prosper provides many options for you as an investor to choose from. They have seven distinct “risk” categories that you can select from. Each category has its own estimated return and level of risk. Take a look at the risk levels and the estimated returns, according to Prosper:

• AA – 4.99 %
• A – 5.22 %
• B – 5.77 %
• C – 7.78 %
• D – 11.49 %
• E – 13.48 %
• HR (High Risk) – 11.74 %

Now, you can make out as the letter gets lower the risk of default increases and also the return expected is higher. A $25 minimum investment can work for you across all seven categories. Prosper claims that 84% of their active investors get expected or more than expected returns on their investments. 

2. Lending Club

It works just like Prosper but it started two years later than Prosper. 

How is it to Invest with Lending Club?

The lending club allows individual investors to invest as little as $25 across different risk profiles called notes. They have developed an automated solution to pick up loans and the investors can choose from platform mix, custom mix, or do it manually. This allows an investor to become varied with the click of a button. They do not have to worry about finding loans to fit in their particular criteria. 

There is also an education section to let the investors know more about investing with them with this newer type of investment strategy.

3. Upstart

It is an innovative P2P lending company founded by three ex-Google employees. The unique feature of upstart is the way it determines risks. They have a system with Artificial intelligence to assess the risk which has significantly lowered the loss rates. 

How is it to Invest with Upstart?

Investing in Upstart is also rather spontaneous. Unlike other P2P platforms, it allows setting up a self-directed IRA using the investments from peer-to-peer lending.  Many investors should be attracted to this is a unique feature. The platform also allows automated investing by picking a particular strategy and automatically depositing funds. 

4. StreetShares

StreetShares is a peer-to-peer lending platform that is somewhat distinctive than the others. In this platform, the loans are designed for small businesses.

How is it to Invest with StreetShares?

StreetShares allows investors to invest in a Skilled Business Bond that supports business owners all over the country. StreetShares provides funds to new and main street businesses. The investors can earn a 5% flat interest rate on their money. The investors can deposit money from $25 to $500,000 and after one year they can withdraw the money with 5% earnings. 

5. FundingCircle (small business)

This is another P2P platform for small businesses. The company was founded to help small business owners grasp their aspirations by granting them the funds required to grow. The company has funded more than 40,000 small businesses across the world through investment funds by 71,000 investors across the world.

FundingCircle concentrates on more valuable dollar amounts for companies that are available for huge growth. They also have an exceptional TrustPilot rating.

How is it to Invest with FundingCircle?

As an investor, you are required to spend at least a minimum of $250,000.  FundingCircle allows you to invest in American small businesses that have stabilized operating history, cash flow and a vital plan for growth. Although there is risk associated, the fundings are for businesses looking for extra growth.

You can control your finances and choose individual loans or set up an automated strategy. You can set your investment rules and prepare a portfolio.

6. Peerform

Peerform is a P2P lending app founded by Wall Street Executives in the year 2010. It had two primary objectives – to provide borrowers with a positive experience and to provide investors with a well-vetted investment choice. 

How is it to Invest with Peerform?

There are two different types of products for investors – Whole loans or fractional loans.

The whole loans are most suitable for institutional investors and fractional loans are intended for individuals. The platform has 16 different risk classes to invest in. They have deployed an algorithm that is continuously updating as new loans are funded so they can provide the best data for investors. They also allow tailoring investment mix with their customization options to get a diversified portfolio.

After reading all these features for investors in the famous apps, you must have got a fair idea in your mind to attract investors with a certain set of features. Our white label solutions have all those features already adorned and you can directly get started without any hassle. 

Interesting isn’t it? We recommend you to connect with us and share the requirements to get these white label solutions customized as per your suitable needs. You can even ask for a free app demo. Our technical team promises end-to-end solutions empowered with the latest technologies to take your business to the next level. With our white label solutions, you can enter the P2P lending world with a bang! What are you waiting for? Get started today!

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