I amaze that someone that you do not recognize lend you some money. They may want to help you to pay off your credit. We can also determine the interest rate. Something that is impossible if you borrow money from Bank. There are some kind people who charge low interest. I do not know the admin fee of the peer to peer landing. I guess it is not much as administration bank fee.
The borrowers may get money fast, meaning you will get the money fast. It is good too pay off your debt fast. The application is not difficult as bank or other financial institution.
The cons of the P2P lending are the limit of the credit. You cannot use the P2P to buy house, car, or student loan.
Debt is still debt. You may get the lower interest but you should pay off the debt. This world where has no free lunch. When the debt due, you have to pay the debt and the interest. The interest is not higher as the bank loan but you still pay the taxes. The interest is higher than deposit rate. You cannot set the interest that is lower than deposit rate because the lender will not want to do it. They want to lend you because the interest is higher than the deposit rate.
Perhaps the lender will charge fine if you do not pay it. The debt still chokes you. Like snowball that will chase you.
I wonder when someone lends you money without interest rate or any interest. They just want to help you to get out from debt. You can pay off the back if you are able to do it. You are better to find your friend or family who can help you. They may help you without interest.
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