A new kind of personal loan provider
Peer-to-peer lending is expected to really take off in a big way in Australia according to new research by Morgan Stanley. Peer-to-peer lenders provide an online platform for savers with money to lend to approved borrowers.
In Australia peer to peer lenders include SocietyOne and RateSetter. They are providing great personal loan deals and competing hard with the major lenders.
Morgan Stanley said peer-to-peer lenders would be well established in Australia by 2020.
Source: Mortgage Business