Here are our top four factors to consider when choosing the right P2P lending software for your business:
Credibility
Unfortunately, P2P lending, like any other niche that works with money, has its fair share of fraud and scams, so both borrowers and investors should do thorough checks before committing to a company.
Fees
The companies worth doing business with will be open about the monetization model they use. Be it a part of the interest rate that they keep to themselves, a flat application fee, or an origination fee. Find out beforehand if the conditions suit you.
Ease of communication
No matter the loan size you’re seeking, you should be able to get in touch with a support representative of the company with any questions you have at any stage of the process.
Terms and eligibility criteria
Before you register, you should find out all the information you may need - including the terms at which your loan will be distributed, how fast you should expect the money to arrive on your account or the criteria you’d need to meet in order to qualify for the loan at acceptable terms. Not to mention, the exact decisioning process your file will go through and the way the company will control you.