For many people, peer to peer loans is the perfect option. They allow you to borrow money without having to go through a bank or other intermediary. When using them, you will need to keep 3 things in mind:
– The interest rates can be higher than with traditional loans from banks: they are not regulated by the government, which means that borrowers must be aware of this when signing up.
– You may not have an established credit score yet: If you do not have a regular credit score yet (which can be the case if you are young or moved abroad), they might not be for you just yet.
– There is no guarantee your loan will be approved: there is no guarantee your application will be accepted.
In conclusion, these loans are a way for young or international people with no credit history to get money, but they are very risky.