What is a P2P lending app?

P2P is a peer-to-peer lending application. It allows people to individually lend or borrow money from another person. A P2P lending app eliminates the need for going through a bank or financial institution since it directly connects borrowers and lenders.

How do money-lending apps work?

Money lending app connects borrowers and lenders. A user who is seeking to take a loan or borrow money can access various lenders. They both have livery to determine loan conditions and agree upon interest rates also. Once the agreement is done, the app processes the cash or credits the money into a user account within the app or bank account.

Is money lending app legal?

Yes, loan lending apps are legal. But before your app must be registered as a legal business entity or company as per the country's laws. You have to check legal compliance to launch a loan lending app in a particular region.

What are the popular loan lending apps in the current market?

Earnin, Brigit, Dave, MoneyLion, Chime app, Branch, Empower, Cash App, and SoFi are some of the widely-known loan lending apps around the globe.

WRITTEN BY

Vaibhav Sharma

Vaibhav Sharma is the Business Head of RipenApps, the fastest-growing mobile app development company. Holding expertise in creating a user experience, he has a firm grip on product strategizing that gives clients a clear roadmap of their product development lifecycle.

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