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Personal Loans and Mobile Peer to Peer Lending Apps .pdf

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Personal Loans and Peer to Peer Lending Apps
The recent growth in personal loans are being driven by a steadily increasing number of lenders,
peer-to-peer loan companies and alternative financing strategies now available to borrowers,
Personal Money Store​ reports.

Mobile Apps Expand Personal Loan Opportunities
There are a steadily increasing number of lenders, peer-to-peer loan companies and alternative
financing strategies that you can use to find a personal loan, including ​bad credit personal loans​, so
many consumers appreciate being able to find, manage and apply for loans using mobile apps.
Androidapps.com​ and other sources now provide convenient mobile apps that take the drudgery out
of applying for personal loans, but mobile apps can now facilitate offering a loan through P2P and
marketplace lending. In-app loan applications can accelerate the process while helping consumers
find a personal loan that meets their needs.
One of the latest mobile apps that’s drawing lots of attention is the Onloan app for Android from the
Google Play Store. This intuitive app allows users to create loans for alternative lending and invite key
peer groups to apply. These groups might include co-workers, friends, family members and specific
demographic groups. Users can create a loan, calculate legally binding paperwork and set up the loan
without using banks as intermediaries. People who use iOS phones can also manage, track, find and
apply for loans with the iLoan app, which is available from ​iTunes.apple.com​.
The Apple, or iOS, app helps private lenders to keep track of any personal loan they’ve made with
smart calculation and amortization features such as these:

You can enter new loans and keep an accurate record for the entire life of the loan--whether
you’re borrowing or lending money.
The app tracks principal, interest, payments and origination date and balance.
You can enter new payments when you make or receive them.
It’s easy to generate loan statements for the borrowers.
You can calculate the changes in interest if the borrower makes additional payments or misses
a payment.

If you need to borrow money, mobile apps can facilitate finding the right loan through one of the
emerging peer-to-peer lending networks. Mobilepaymentstoday.com offers a free download of a
mobile app that caters to millennials, and the app manages P2P loans that range from $100 up to
$10,000. This sophisticated app even includes a built-in algorithm that extends credit limits up to
$1,000 each quarter for borrowers who repay their loans as agreed.

Intuitive Mobile Apps Now Facilitate Making Loans without
Using Financial Institutions
Consumers now prefer to apply for loans online according to a PDF prepared by PWC.com. This trend
is especially strong among millennials, which are young adults under the age of 34, but older
generations are also beginning to prefer the convenience and privacy of shopping for financial
products online. Mobile apps are also gaining popularity with all demographic groups, and these loan
apps can simplify the drawn-out process of applying to multiple lenders to obtain personal loans.
Onloan, the Android app, takes a personal approach that is similar to what social media platforms
offer. Lenders post photos of themselves in their profiles, and users can share the information with
their social media contacts, friends, family members and business associates. This user-friendly and
engaging approach attracts borrowers who might not like the hassle, red tape and impersonal nature
of applying for loans at traditional banks. In fact, you can offer or find a loan just by signing into your
Facebook account.

Small Personal Loans Are Facilitated by Various Types of
Mobile Apps and Digital Technology
New markets are rapidly evolving for small personal loans. Borrowers often become frustrated with
delays, administrative red tape, and uncaring lenders who won’t consider special or unique
circumstances when evaluating loan applications. There’s been a paradigm shift in how money moves
according to a report posted at ​Huffingtonpost.com​. Consumers and businesses are using new,
digitally enhanced platforms and mobile apps where investors can offer small personal loans through
marketplace lending strategies.
Androidapps.com also offers budgeting apps that help lenders and borrowers track their loans,
manipulate them, enter expenses related to administrative costs and execute personal financial tasks
such as managing multiple loans, credit card accounts, other assets and liabilities.
You can use one of these financial apps from the new generation of technology to budget your
money, apply for a loan and keep track of your financial details such as income and expenses. These
apps can facilitate and automate preparing your income taxes like an expert accountant or software
program. The emerging marketplace lending industry offers faster credit decisions, easier approvals
and more flexible borrowing terms.
Treasury.gov​ reports that marketplace lending offers both opportunities and risks. Many lenders use a
more user-friendly business model when underwriting offers of credit. This practice is innovative but
generates risks. Small personal loans made through P2P lending networks--and mobile apps--don’t
qualify for any kind or repayment guarantees from the government, so lenders can lose their entire

These new lending practices have evolved during a period of low interest, strong credit conditions,
low inflation and declining unemployment rates. If any of these conditions change--and they’re
expected to in the near future--these new credit models could generate high default rates and
massive investment losses.

Risks of Offering Small Personal Loans Through
Marketplace Lending
Apps make it easy for almost anyone to enter the field of offering small personal loans. However,
simplified apps for handling the technical details can’t make the kind of informed decisions that
experience can facilitate. Some of the key concerns for inexperienced P2P lenders include:

Defaults are hard to predict because they don’t remain constant over time.
Unsecured loans are risky because borrowers can’t be forced to repay them.
Marketplace lenders must report both positive and negative information about loan
repayments to the major credit reporting agencies.
People with the best credit ratings tend to go to banks for a personal loan.
Private investors have no government guarantees for their loans.
Marketplace lending hasn’t been tested long enough to understand all the risks.

Despite the risks, the alternative lending industry is making rapid inroads in the personal loan
business. In the United States and United Kingdom, a recent upsurge in P2P loans is leading a recovery
in the personal loan industry. Technology apps make it increasingly easy for any investor with some
extra cash to finance a small personal loan. You can find out more about mobile apps for loans and
financial management at the Personal Money Store.

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