This essay has served the purpose of describing the way in which P2P platform for lending has evolved and is evolving. There are many companies in the game changing platform and Zopa is one of the leading UK based platforms. The company has managed to transform itself through its effective business model in the best manner possible. There are several competitors of the company as well but the company has managed to stay ahead of them. However, the company needs to continue motivating and reinvigorating itself in order to realign its strategies and processes of investment. Through its processes, the company has provided benefit to several of its borrowers and investors considerably and this has reflected through its profit making ability. The company has many opportunities at the forefront which the company needs to utilize.
There are several essential benefits to borrowers involved when they undertake a platform through P2P lending. From the perspective of Zopa, there are 5 key benefits offered. The first is that rates of interest are attractive (Casu et al., 2015). P2P platform sites offer competitive rates of interest to borrowers depending upon their history of credit and timeline for payback. For example, a baseline is currently offered by Zopa at 6 percent interest (De Roure et al., 2016). From this perspective, it is not only the borrowers who benefit from such rates but the investors also realize returns above-average.
Secondly, there is a quick speed for funding. Borrowers do not require ensuring a long period of waiting for receiving funds they require. As a matter of fact, funding requires average of only maximum of 3 weeks. This depends upon the loan size. It can take conversely many months to obtain funds from traditional loans of bank.
Thirdly, the borrower has the ability of telling their story. When looking at the banks, they have a very black or white process towards applications of loan (Saunders, 2013). When one has a bad credit amount, they still have a good chance of not getting that loan. If one does, then there is a likeliness of coming with a prohibitive rate of interest (Funk et al., 2015). P2P lending, however, gives a chance of explaining why this bad credit exists and this allows investment makers the option of giving one a break.
Next advantage is few fees for payment. Traditional loans from banks with several fees involve lead towards increasing the total price of the loan. However, sites with P2P lending such as Zopa and Lending Club charge only one fee for screening borrowers and for issuing loans. Such fees are taken immediately from loans and nothing else which means there are no hidden costs.
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