In just the past few years, Peer-to-Peer (P2P) Lending has exploded from a potentially disruptive lending niche to a major segment of consumer borrowing responsible for a whopping $5B of loans in 2014, driven in large part by investor willingness to fund the loans given demand for fixed income alternatives that provide better yields in today’s low-interest-rate environment. Yet the reality is that P2P lending isn’t just about investment opportunities – for many, it’s a key source of borrowing potential, especially for those with healthy credit scores but limited borrowing collateral, and can be helpful to consolidate and refinance existing credit card and other debts at lower interest rates. In this “Financial Advisor’s Guide To Peer-To-Peer Borrowing”, we discuss the mechanics of how borrowing via Peer-to-Peer Lending actually works, the rules and requirements, the costs and the caveats, and the situations in which financial advisors should consider exploring a P2P loan as a financial planning strategy for clients to manage the liability side of their balance sheet!
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