From the course: AI in Fintech Essential Training (2019)

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Borrowing and lending with online P2P markets

Borrowing and lending with online P2P markets

From the course: AI in Fintech Essential Training (2019)

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Borrowing and lending with online P2P markets

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- [Instructor] Another major area of fintech involves what's called online lending. So I'm here on the Prosper website. Prosper and its competitor LendingClub are two of the biggest online lenders, and basically, just as the name implies, the idea is that people can borrow money online. Now the difference versus, say, filling out a loan application with a traditional bank like J.P. Morgan or Bank of America online, is that in the case of Prosper and LendingClub and some of their other competitors, the borrowers and the lenders are both individuals. Now, Prosper and LendingClub will let you either invest your own money, or borrow money from them, depending on what it is you're looking for, right? And they've done this all across the country for tens of billions of dollars in loans. So that's the interesting thing about these groups. LendingClub is very similar, right? Again, both Prosper and LendingClub will let you borrow…

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