Borrowing through peer to peer

Matt15

Hi all,

I have been reading on this site about the peer-to-peer sites that can be used for savings. However, it only seems to talk about it from a saver's point of view. Can anybody say whether this is a good option for borrowing money?

Thanks in advance.

Consumerist

They're much the same as borrowing from banks. They will do credit checks and make entries on your credit file. They can be cheaper than traditional banks to borrow from.

I don't know what their missed and late payments policy may be so you should check their Ts & Cs before borrowing.