I think it's more convenient to use p2p lending thank banks. However, with regards to security traditional lending is more secured than p2p lending. P2P lending cuts off interes rates from the bank plus service charge or fees. A lot of p2p lending had popped-out in our country, it's really easy to apply and it only takes hours or days to be approved. The lender takes higher risk since there's no way or limited ways for them to verify credibilty when it comes to timely payment.
I haven't fully understood how this p2p lending works because I have a lot of concerns, and one of this concern I have is that how can the lender be sure that he/she is going to get their money back in due time, since this is the blockchain space and you don't need to see the other party before you would be able to make transaction with them, I have been thinking of a method that would be suitable and save for both the lender and the borrower but I haven't seen any method yet, so how does this really works.