Cutting Out The Bank As The MiddlemanNov 2, 2014 RainFin In the news News , Personal Finance
Maya Fisher-French explains in the Witness Newspaper how to cut out the bank as middleman by using peer-to-peer lending. Maya says peer-to-peer lending is similar to crowdsourcing except instead of a business proposal, borrowers list needs for a personal loan and investors decide if they want to commit funds based on a specific return rate. This is a cost-effective way for borrowers to access finance and investors to receive returns comparative or better than RSA retail bonds.
Maya says that while the model aimed to lower borrowing costs and provide better returns, it was not to be seen as a solution for people with poor credit records to get easy credit.