Peer-to-Peer Lending: Revolutionizing the Lending Paradigm
What is encouraging most businesses and entrepreneurs to tap into the P2P lending market is the fact put forth by the Word Bank which states that 1.7 billion adults worldwide are unbanked. Furthermore, many are unable to acquire a loan due to poor credit rating. Building a P2P lending platform can be an opportunity to capitalize on such peoples inaccessibility to financial services, providing them with contemporary P2P lending exchange to satisfy their borrowing or lending needs.
What's your take on this?
The problem here is not the idea, it's the implementation.
Are you talking about just bringing together lenders and borrowers together on a platform or are you looking to take an active role in this?
If it's the first option, than I don't see any innovation in this.
If it's the second option, than how would you enforce someone to pay back a loan?