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P2P lending is also known as “social lending” or “crowd lending”. Peer-to-peer (P2P) lending enables individuals to obtain loans directly from other individuals, cutting out the financial institution as the middleman. There are Platforms that have greatly increased its adoption as an alternative method of financing. Reltime DEFI Ecosystem is one of them. P2P lending enables borrowers to directly connect to investors. Each end user can set the rates and the terms and enable the transaction.
First, an investor opens an account on the platform & buys some tokens/coins and deposits a sum of money to be dispersed in loans. The loan applicant posts a financial profile that determines the interest rate the applicant will pay. The loan applicant can review offers and accept one. The money transfer and the monthly payments are handled through the platform. The process can be entirely automated. Any consumer or investor considering using a P2P lending crypto-platform should check the fees on transactions. Each one makes money differently, but fees and commissions may be charged by the lender, the borrower, or both. Like, in Reltime DeFi platform the fee charging is also decided by the end-user. In Reltime DeFi ecosystem, user can lend to anyone with collateral security, can create different loan offers instantly with dApps to anyone in the ecosystem and can own the loan interest with preferably chosen terms & conditions.
