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The Traditional Lending Segment to Witness a Remarkable Growth in The Peer-To-Peer Lending Market, Boasting A Substantial Market Share and Projected to Advance at CAGR of 29.3%

New York, United States, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Peer-to-peer lending is a system that allows individuals or businesses to obtain loans directly from other individuals or lenders, bypassing financial institutions and the banking industry. Peer-to-peer lending offers secured as well as unsecured loans. However, the majority of loans made through P2P lending are unsecured personal loans.

According to Straits Research, "The global peer-to-peer lending market size is Projected to reach USD 9,76,299 million, registering at a CAGR of 29.9% during the forecast period." P2P lending solutions don't require massive workforces, infrastructure, or facilities like traditional banks. Web-based services power the P2P lending platform. These lending platforms make money by charging fees to debtors and deducting expenses from investor loan repayments, which encourages the market's growth. P2P lending platforms also help reduce operational costs by lowering the cost of physical branches, labor, and branch maintenance, which promotes market expansion. With the help of peer-to-peer lending platforms, investors can reduce various market risks, such as interest rate, unemployment rate, and property price risk, further encouraging global market growth. Additionally, this platform supports effective decision-making, a critical factor in the growth of the peer-to-peer market, by using technology to grade and assign interest rates to loan applicants quickly. Along with the widespread use of smartphones, there has been an increase in internet users worldwide, which has significantly accelerated online lending in recent years and supported the growth of the peer-to-peer market.

Download Free Sample Report PDF @ https://straitsresearch.com/report/peer-to-peer-lending-market/request-sample

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