P2P lending offers both secured and unsecured loans. However, most of the loans in P2P lending are unsecured personal loans. Secured loans are rare for the industry and are usually backed by luxury goods. Due to some unique characteristics, peer-to-peer lending is considered as an alternative source of financing. Some peer-to-peer marketplaces allow borrowers to have credit scores as low as 600. This is good news if you don’t have great credit or much credit at all — and can’t find a loan through other means.
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