Best Peer to Peer Lending in 2021

[Reviews & Pricing]

You’ve found that you can’t get approved for a traditional loan or simply want to try out something new? In either case, you’ll definitely benefit from the best peer to peer lending options out there. If you’re ready to jump in and start considering your choices, stick with this article and read on to see:

Our methodology
Reviews
Buyer’s guide
Pros and cons
FAQ

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8 Best Peer to Peer Lending Options for Borrowers in 2021

1. Lending Tree

The loans LendingTree offers are available to you with a score of only 500. If you’re on the lookout for a mortgage loan, LoanExplorer can give you a quote right away while keeping you anonymous. Full Review

  • Several lender types
  • Personal finance tools
  • Poor credit score accepted
VISIT SITE

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The loans LendingTree offers are available to you with a score of only 500. If you’re on the lookout for a mortgage loan, LoanExplorer can give you a quote right away while keeping you anonymous. Full Review

Loan Amount

★★★★☆ 4/5

Requirements

★★★★★ 5/5

Repayment Terms

★★★★★ 5/5

Fees and Interests

★★★☆☆ 3/5

2. Prosper

These P2P loans for bad credit come with very lenient requirements. They’re a great choice if you’ve had a bankruptcy more than a year ago, and other lenders won’t consider you because of it. Full Review

  • No prepayment penalty
  • Lenient requirements
  • Quick and simple approval process
VISIT SITE

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These P2P loans for bad credit come with very lenient requirements. They’re a great choice if you’ve had a bankruptcy more than a year ago, and other lenders won’t consider you because of it. Full Review

Loan Amount

★★★★★ 5/5

Requirements

★★★★☆ 4/5

Repayment Terms

★★★★☆ 4/5

Fees and Interests

★★★★☆ 4/5

3. Upstart

Upstart decides whether you qualify for a loan based on artificial intelligence technology. That way, all your qualifications and habits are taken into consideration, meaning there’s a better chance you’ll get approved. Full Review

  • Artificial intelligence decides if you qualify
  • Large range of loan amounts
  • Funded in one business day
VISIT SITE

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Upstart decides whether you qualify for a loan based on artificial intelligence technology. That way, all your qualifications and habits are taken into consideration, meaning there’s a better chance you’ll get approved. Full Review

Loan Amount

★★★★★ 5/5

Requirements

★★★★★ 5/5

Repayment Terms

★★★★☆ 4/5

Fees and Interests

★★★★☆ 4/5

4. Payoff

If your main worry is what kind of interest rates you’ll have to pay on a certain loan, Upstart is a great choice. Not only is APR fairly low, but there are also no prepayment, late payment, or returned payment fees. Full Review

  • Bad credit scores accepted
  • Low APR
  • Only one fee
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If your main worry is what kind of interest rates you’ll have to pay on a certain loan, Upstart is a great choice. Not only is APR fairly low, but there are also no prepayment, late payment, or returned payment fees. Full Review

Loan Amount

★★★★★ 5/5

Requirements

★★★★☆ 4/5

Repayment Terms

★★★★★ 5/5

Fees and Interests

★★★★★ 5/5

5. MyConstant

If you’re looking for a crypto loan with a low APR, check out MyConstant. You’ll get matched instantly, get a loan in as little as a couple of minutes, and know your money is well-protected. Full Review

  • Loan in USD and crypto
  • No credit checks
  • Instant matching
VISIT SITE

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If you’re looking for a crypto loan with a low APR, check out MyConstant. You’ll get matched instantly, get a loan in as little as a couple of minutes, and know your money is well-protected. Full Review

Loan Amount

★★★★★ 5/5

Requirements

★★★★★ 5/5

Repayment Terms

★★★★☆ 4/5

Fees and Interests

★★★☆☆ 3/5

6. Lantern by SoFi

If you’re an entrepreneur looking to reduce the effects of COVID-19 on your business, Lantern by SoFi can help. Even if you have a bad credit score or no credit history, you can still get funded in less than 24 hours. Full Review

  • Disaster relief programs available
  • Bad and little credit accepted
  • Funding in up to 24 hours
VISIT SITE

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If you’re an entrepreneur looking to reduce the effects of COVID-19 on your business, Lantern by SoFi can help. Even if you have a bad credit score or no credit history, you can still get funded in less than 24 hours. Full Review

Loan Amount

★★★★☆ 4/5

Requirements

★★★★★ 5/5

Repayment Terms

★★★★☆ 4/5

Fees and Interests

★★★★☆ 4/5

7. LendaBit

If you’re looking to borrow in cryptocurrencies, a 0% starting interest rate should get you interested in LendaBit. Blockchain technology will keep your money safe, and the interest rates are as low as 0.1%. Full Review

  • 0% interest rate for the first 45 days
  • No credit scoring
  • Interest is paid at the end
VISIT SITE

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If you’re looking to borrow in cryptocurrencies, a 0% starting interest rate should get you interested in LendaBit. Blockchain technology will keep your money safe, and the interest rates are as low as 0.1%. Full Review

Loan Amount

★★★★☆ 4/5

Requirements

★★★★★ 5/5

Repayment Terms

★★★★★ 5/5

Fees and Interests

★★★★☆ 4/5

8. Funding Circle

If you’re looking for good peer to peer business lending, but you’re in no rush, Funding Circle is a great choice. Loans of up to $400,000 with repayment terms of 10 years should be enough to get you interested. Full Review

  • Loans of up to $5 million
  • Long repayment terms
  • Secured and unsecured loans available
VISIT SITE

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If you’re looking for good peer to peer business lending, but you’re in no rush, Funding Circle is a great choice. Loans of up to $400,000 with repayment terms of 10 years should be enough to get you interested. Full Review

Loan Amount

Requirements

Repayment Terms

Fees and Interests

How We Created This List – Our Methodology

Getting the right match-making platform to find lenders for you isn’t a small thing. Because we understand how much is at stake, we performed a detailed analysis of several marketplace options for finding loans. Here’s everything we looked at when deciding which lenders deserved a spot on our list:

  • Eligibility requirements.

While some lenders only perform credit checking, others have far more criteria. We looked for peer to peer loans that only have one or two requirements, but we also included those with several reasonable ones.

  • Loan amounts.

Being able to get a $1,000 loan as well as a $50,000 loan is important, as not everyone has the same needs. Knowing this, we picked marketplaces offering a variety of loan options.

  • Repayment terms.

It’s great to get a loan that covers your current debt, but it’s also very important to know you have enough time to pay it off. As a bonus, our list of peer to peer lenders largely consists of those that don’t charge a prepayment fee.

  • Interest rates and fees.

When you’re in debt, every cent counts. For that reason, we looked for loans with decent interest rates and as few fees as possible.

  • Transparency.

Knowing from the get-go what your APR and fees will be is a huge bonus, so we did our utmost to find companies that are upfront about it.

  • Customer reviews.

These reviews wouldn’t be complete without featuring users’ experiences. For that reason, we checked customer reviews before deciding what the best peer to peer lending for borrowers is.

Detailed Reviews

Lending Tree
Lending Tree

Best for Poor Credit

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  • Poor credit score accepted
  • Several lender types
  • Personal finance tools
  • Some get too many calls from lenders
  • Fees not disclosed as they depend on the lender

If you’re in need of a loan but your credit is poor, Lending Tree is the right choice. When it comes to mortgage loans, LoanExplorer even gets you a customized quote without sharing any of your private information. Users can also enjoy a wide array of personal finance tools and services.

Other than the new and refinanced mortgages, Lending Tree also offers auto, business, personal, and student loans. The good news is, you can qualify for them with a credit score as low as 500, and a DTI of less than 50%. But since you’re a higher credit risk for the lenders, expect your interest rates to be higher. With this peer to peer lending for credit score 500, APR ranges between 2.49% and 29.9%. And while the online P2P marketplace itself doesn’t charge any other fees, there will be some with each lender.

Banks, mortgage lending companies, and even individuals can lend you money via Lending Tree. When it comes to loans taken out for a big purchase or debt consolidation, the amount ranges between $1,000 and $35,000. Once you opt for this investment platform, you’ll have at least three years to pay off the loan, and if it’s an emergency loan, the funds could be in your bank as soon as the next day.

Customers who see it as the top peer to peer lending option love that everything happens quickly, while some have experienced too many calls from interested lenders.

LOAN AMOUNT $1,000-$35,000
APR RANGE/INTEREST RATE APR: 2.49%-29.9%
REPAYMENT TERMS 3+ years
FUNDING TIME Next business day
FEES Depends on the lender
Prosper
Prosper

Best for Long Credit History

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  • Quick and simple approval process
  • No prepayment penalty
  • Lenient requirements
  • Several fees
  • Some customers had payment issues during the pandemic

When it comes to requirements for a loan, you’ll hardly find a more lenient company than Prosper. Not many P2P lending companies would take a chance on you if you’ve had some serious money issues a year and a half ago, but as long as you have an established credit history, Prosper likely will.

This company offers several types of loans – personal loans, debt consolidation, home improvement, and HELOC (home equity line of credit). While you need a credit score of 630 to qualify, the annual income required is anything other than $0. If you:

  • Haven’t had a bankruptcy in 12 months
  • Haven’t had more than five credit inquiries in the past six months
  • Have three or more lines of credit open on a credit report
  • Have a DTI of less than 50%

It’s enough to find people who loan money on this platform. Once you do, your APR will likely be 6.95%-35.99% with an origination fee of 2.41%-5%. Failed payments also inquire a $15 fee, but there is no prepayment penalty with any of the lenders. You can get $2,000-$40,000 in only three to five days, with either three or five years to repay. Just be aware that the autopay option will be set by default.

Customers love that all communication can be done via email. However, during the pandemic, some customers have complained they had issues with certain payments.

LOAN AMOUNT $2,000 – $40,000
APR RANGE/INTEREST RATE APR: 6.95%-35.99%
REPAYMENT TERMS 3 or 5 years
FUNDING TIME 3 to 5 days
FEES Origination fee: 2.41%-5%
Failed payment fee: $15
Upstart
Upstart

Best for Those New to Credit

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  • Several fees
  • Funded in one business day
  • Artificial intelligence decides if you qualify
  • Large range of loan amounts
  • Some requirements exist regardless of the AI

If you fear your lack of credit history can’t get you qualified for any loan, Upstart has the solution. Instead of basic credit checking, this alternative financial service uses artificial intelligence to determine whether you qualify for a loan. While the minimum credit score mentioned is 580, plenty of other things come into consideration as well.

There are plenty of different loans you can apply for:

  • Medical
  • Moving
  • Wedding
  • Debt consolidation
  • Home improvement
  • Business startup/expansion
  • Athletic training
  • Travel

Another requirement mentioned is an annual income of at least $12,000. One of the top peer to peer lenders has an APR of 7.98% – 35.99%. While there’s no prepayment fee, there is a late payment fee of either $15 or 5% of the amount. Some lenders may also charge an origination fee.

You can borrow as little as $1,000, or as much as $50,000, and will likely get the money only one business day after signing. Upstart will give you either three or five years to repay the loan.

The best peer to peer lending site for those new to credit makes applying and approval a hassle-free experience, which users love.

LOAN AMOUNT $1,000 – $50,000
APR RANGE/INTEREST RATE APR: 7.98%-35.99%
REPAYMENT TERMS 3 or 5 years
FUNDING TIME One business day
FEES Late payment fee: $15 or 5%
Origination fee may be present
Payoff
Payoff

Best for Fair Credit

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  • Only one fee
  • Bad credit scores accepted
  • Low APR
  • Minimum loan amount higher than for most
  • Several requirements

Not only does Payoff have a low APR compared to most peer to peer lending sites, it also has no other fees save from an origination fee. For that reason, there are more requirements than for some other loans, but it’s the perfect choice for those with fair credit.

Payoff focuses on personal loans and debt consolidation. To qualify for one of the two, you need a credit score of at least 640 and no current delinquencies. While we know DTI, utilization, credit history, as well as open and satisfactory trades, play a role in the decision, it’s not made clear what kind of requirements exist when it comes to these factors.

A more than decent APR of 5.99%-24.99% is coupled with an origination fee of 0%-5%. If you end up qualifying for the best peer to peer lending, you can borrow between $5,000 and $40,000. You’ll have anywhere between two and five years to repay it, and funds should be in your account in three to six days.

Customers love the lack of fees, although some of them have complained about customer support not always being entirely helpful.

LOAN AMOUNT $5,000 – $40,000
APR RANGE/INTEREST RATE APR: 5.99%-24.99%
REPAYMENT TERMS 2 to 5 years
FUNDING TIME 3 to 6 days
FEES Origination fee: 0%-5%
MyConstant
MyConstant

Best Choice of Cryptocurrencies

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  • Low APR
  • Loan in USD and crypto
  • No credit checks
  • Instant matching
  • Plenty of fees
  • Collateral needed
  • Short repayment terms

The more tech-savvy customers who are looking for person to person loans should check out MyConstant. The company’s loans are crypto-backed and thoroughly protected.

The great news is, there’s no credit checking whatsoever – anyone is eligible for a MyConstant loan. But the reason that’s so is the collateral you need to deposit before being approved for a loan. This collateral ranges anywhere between 100% and 200% of the loan amount, in cryptocurrencies. You can choose the multi-collateral option, or improve your choices by isolating a single crypto. There are 40+ cryptocurrencies to choose from, and there’s no maximum loan amount, which is a huge plus.

MyConstant’s peer to peer loans with no credit check get you matched instantly. This is due to all investments being ready in an investment pool. APR is pretty low at 6%-11%, and the matching fee is 2.5%. Early repayment fees are as follows:

  • 50% interest for the remaining time if less than 75% of the term has passed
  • 100% interest for the remaining time if more than 75% has passed

The late repayment fee is 10% of the total interest due.

Once you’re matched and the money has been deposited, you can get funded in just minutes, and in case of larger sums, up to one business day. You can get your loan in crypto, but also in USD. One downside of this person to person lending is that you can only choose repayment terms of one, three, or six months.

Customers love the instant matching, as well as not having a maximum on how much they can borrow.

LOAN AMOUNT No maximum
APR RANGE/INTEREST RATE APR: 6%-11%
REPAYMENT TERMS 1, 3, or 6 months
FUNDING TIME Minutes to one business day
FEES Matching: 2.5%
Prepayment: 50% or 100% interest for the remaining term
Late repayment: 10% of the total interest left
Lantern by SoFi
Lantern by SoFi

Best Business Loans for Bad or Little Credit

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  • Funding in up to 24 hours
  • Disaster relief programs available
  • Bad and little credit accepted
  • No clear requirements
  • Soft credit check needed to determine APR and fees

Looking for peer to peer business lending, but you have bad credit or little credit history? Lantern by SoFi has something for you. There are several loan types to choose from, and there are even disaster relief programs for those hit by COVID-19.

The different business loans Lantern offers are:

  • SBA
  • Merchant cash advance
  • Personal loans
  • Term loans
  • Line of credit
  • Invoice financing

The lender also offers student loans and personal loans.

Once you’ve made your choice, you’ll need to perform a soft check in order to find the APR and fees that would be applied in your situation. There also isn’t any additional information on who is eligible, though Lantern does say these P2P loans are fit for bad credit, and even those with little credit history. There’s no information on the loan amounts, either. However, you have nothing to lose by performing a soft check and determining whether the loan amount, APR, and fees proposed are something you’d go for. Once you make a decision with Lantern’s active help, you’ll get your funds in as little as 24 hours.

For an entrepreneur with bad/little credit who’s struggling with the fallout of the pandemic, a soft check is a small price to pay for funds available that quickly.

LOAN AMOUNT Depends on the lender
APR RANGE/INTEREST RATE Depends on the lender
REPAYMENT TERMS Depends on the lender
FUNDING TIME Up to 24 hours
FEES Depends on the lender
LendaBit
LendaBit

Best Crypto Loan Interest Rate

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  • Interest is paid at the end
  • 0% interest rate for the first 45 days
  • No credit scoring
  • Less liquidity
  • Unclear funding time

The best peer to peer lending comes in many forms, and crypto is one of them. It’s getting more and more popular, which is why we needed to include this blockchain-based site on our list. One great thing with LendaBit is that interest is paid at the end of the term.

Like many other crypto lending sites, LendaBit doesn’t require credit checking. That means anyone tech-savvy enough can apply for a loan, but crypto collateral is necessary. During the first 45 days, your interest rate will be 0%. And while later on interest rates of these peer to peer personal loans can be anywhere between 0.1% and 100%, they average at 5%-15%. Withdrawal fees depend on the currency – for USD, they are $5 or 4% of the amount. Meanwhile, system fees are 1% of the loan amount. The good news is, there are no prepayment penalties.

You’ll be able to borrow 0.025 BTC-535 BTC. The collateral is posted either in BTC or ETH, and you can withdraw the loan in USDT and exchange it for fiat. While it’s not clear how soon you’ll be funded, it seems that the process is fairly quick. Once you qualify, you can choose repayment terms of one, three, six, or twelve months.

Peer to peer lending reviews of this platform are generally positive, though they do mention less liquidity due to this P2P platform being fairly new.

LOAN AMOUNT 0.025 BTC – 535 BTC
APR RANGE/INTEREST RATE Interest rate: 0.1%.-100%
Average interest rate: 5%-15%
REPAYMENT TERMS One month to one year
FUNDING TIME Not clear, but should be quick
FEES Withdrawal fee: $5 or 4% of the amount
System fee: 1% of the loan amount
Funding Circle
Funding Circle

Best for Small Businesses

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  • Secured and unsecured loans available
  • Loans of up to $5 million
  • Long repayment terms
  • Excellent score required
  • Long funding times

With Funding Circle, you can choose between unsecured and secured business loans. If you have excellent credit, this is likely the best peer to peer lending site for small business loans.

There are plenty of business loans offered:

  • SBA loan
  • Line of credit
  • Term loan
  • Working capital
  • Merchant cash advance
  • Invoice factoring

Since the SBA loan is Funding Circle’s most widely used option, we’ll talk more about it.

The (recommended) excellent credit score isn’t the only criterion Funding Circle has. For starters, your business needs to have been around for at least 3 years and make upwards of $400,000 a year. You can’t have an active tax lien, and all personal guarantors need a FICO score of 680. Finally, you need a positive book value, with assets greater than the liabilities.

If you qualify for this peer to peer lending app and site, expect an interest rate of 6% -8%. Other fees to expect are the origination fee of 3.49%-6.99%, and a late payment fee, which is 5% of the missed payment. You can apply for a loan between $20,000 and $5 million, with loan terms as long as 10 years. One downside of this huge loan is that it usually takes between 60 and 90 days to arrive.

LOAN AMOUNT $20,000 – $500,000
APR RANGE/INTEREST RATE Interest rate: 6%-8%
REPAYMENT TERMS Up to 10 years
FUNDING TIME 60-90 days
FEES Origination fee: 3.49%-6.99%
Late payment fee: 5% of the missed payment

Peer to Peer Lending Platforms – Buyer’s Guide

Because there’s no government insurance on these loans, choosing a credible platform that can both help and protect you is not an easy job. Even when you do find a couple of credible ones, making the final decision can be difficult.

How to Choose a Peer to Peer Lending Platform

By following these tips, you’ll find it much easier:

Be clear on what you need the loan for.

Depending on whether you need personal, business, or auto loans, you’ll need to choose a different lender. Top peer to peer lending sites for one purpose usually aren’t the same ones fit for another purpose.

Determine how much you need.

Some lenders offer loan amounts as small as $1,000 and as big as $50,000, while others only start at $5,000. No matter how great the other things about the lender are, if it doesn’t offer the amount you need, all the pros aren’t worth much.

Check your credit score.

While peer to peer lenders are more lenient than banks, most of them still have some credit score, as well as annual income and other requirements. If you have a poor credit score but a lender asks for a fair one, applying will be a waste of time for both of you.

Peer to peer lending comparison.

Compare the repayment terms lenders offer, as well as the APR and fees, to find the best offer for yourself. Also, find those with less volatility and places where servicing loans are offered professionally and in the borrower’s best interest.

Avoid scams.

Finally, don’t fall for those claiming you’ll definitely be approved. No matter how well you fit the requirements, no credible platform will tell you something like that upfront.

What are the Advantages and Disadvantages of Peer to Peer Lending?

While peer to peer lending is a great choice for many, it does come with its own pros and cons. In order to make the most informed decision, here are some of the advantages and disadvantages you can expect:

Pros:

Everyone gets a chance. Even those who can’t get a traditional loan, be it because of bad credit, no credit, or some other issue, are likely to find private investors offering personal loans on P2P platforms.

Personalized quotes. Most P2P platforms will give you personalized quotes for free. That means you get a soft credit check to see if you qualify, without affecting your credit score.

Simple to apply for. Most of these platforms let you apply in just a few clicks, in less than 30 minutes. In the case of crypto loans, all it usually takes is posting a deposit, with no other checks needed.

Lower loan rates. Because of the greater competition, P2P lenders often offer lower fees and rates than banks do.

Cons:

An application fee may be needed. Because you’re able to perform a soft credit check with no consequences, applying itself could cost you.
No government insurance/protection. P2P lending companies don’t offer the same amount of protection that banks do. However, if you choose a reliable company, that shouldn’t be an issue. Be careful with loans from unknown entities and do thorough research before borrowing from (and especially depositing to) an online P2P marketplace.

How to Apply for a Peer to Peer Loan?

Applying for a peer to peer loan is quite simple. Just follow these three steps:

  • Do a soft check.

In general, peer to peer lending sites allow (and even encourage) you to get a personalized quote without having to perform a hard check. Not only does this let you know what to expect, but you can give up on a loan you don’t qualify for without affecting your credit score.

  • Select loan amount and repayment terms.

Choose a loan amount that covers you, and repayment terms that give you enough time to repay. Be sure to balance out the two, or you’ll end up repaying more than you should.

  • Provide information.

After providing your legal name, Social Security Number, and your annual income, all you need to do is wait for approval.

Types of Peer to Peer Loans

If you need money right away, give peer to peer lending a chance. Unlike payday loans, you won’t end up in spiraling debt, but will instead get the chance to reorganize your finances. There are various loans you can choose from:

  • Personal loans.

This type of loan is usually aimed at making a big purchase or consolidating some high-interest debts. Not only do personal loans make repayment easier by turning all debts into a single monthly payment, but it also comes with lower interest rates.

  • Auto loans.

When you go to P2P lending platforms wanting to make a motor vehicle purchase, you’re looking for an auto loan. It’s usually structured in the form of installment loans secured by the vehicle’s value.

  • Business loans.

As the name suggests, these loans are taken out specifically for business purposes.

  • Bad debt loans.

Unlike good debt, which can help you increase income over time (mortgages, student loans), bad debt doesn’t aid your financial wellbeing. Examples of bad debt are credit cards, and it’s something the best peer to peer lending platforms can help you with.

  • Student loans.

These types of loans help students pay for post-secondary education, different materials needed for it, living expenses related to it, etc.

  • Mortgages.

Mortgages, synonymous with real estate loans, are used to fund real estate purchases. Alternatively, mortgage can also be a lien on the property when owners raise funds for another purpose.

  • Refinancing.

When you take out one loan to pay off another, it’s called refinancing. This is often done due to the second loan offering better rates.

  • Medical loans.

If you’re in need of paying off medical expenses, look for the best peer to peer lending companies offering these types of loans.

Best Peer to Peer Lending in 2021 at a Glance

  • Lending Tree – Best for poor credit
  • Prosper – Best for long credit history
  • Upstart – Best for those new to credit
  • Payoff – Best for fair credit
  • MyConstant – Best choice of cryptocurrencies
  • Lantern by SoFi – Best business loans for bad or little credit
  • LendaBit – Best crypto loan interest rate
  • Funding Circle – Best for small businesses

Key Takeouts

Peer to peer lending (also known as person to person lending, social lending, or crowd lending) offers a lower overhead solution great for those who can’t get a traditional loan. Even those who can should give it a go since greater competition means lower rates and fees. For starters, you’ll get a quote that doesn’t hurt your credit score, something not many banks offer. Next, you have a wide variety of choices, and you can even get crypto-backed loans. Whether you’re looking for unsecured personal loans, secured crypto loans, or require anything in between, you’ll find what you’re looking for if you choose the right peer to peer lender.

FAQ

Which peer to peer lending is best?

It depends on what you need it for. Those looking for personal loans for bad credit will see one lender as the best, and those on the lookout for business loans another. Add to that different rates and terms, and you see why it’s impossible to call a single lender the best.

Is peer to peer lending safe?

If you’re borrowing from trustworthy platforms, absolutely! Just be sure to do thorough research and read trusted reviews before depositing to and borrowing from any lender. If you do, there shouldn’t be anything to worry about.

What are the risks of P2P lending?

The main risks are the same ones any loan brings with it – hidden and high fees. Also, keep in mind that even the best peer to peer lending isn’t government-protected, though that will hurt you more as a lender than it will as a borrower.