Peer-to-peer (P2P) lending companies are becoming increasingly popular in the US in 2023, allowing individuals to borrow and lend money without involving a traditional financial institution. These companies offer borrowers lower interest rates due to reduced overhead costs, while also allowing lenders to receive higher returns on their investments. There are a variety of online platforms that connect borrowers and lenders, each with different terms and conditions. Borrowers and lenders should both do their own due diligence to make sure they understand the risks involved and make sure they are comfortable with the deal. However, P2P lending does not typically provide the same protections as traditional banks, so borrowers should be aware of the risks.
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