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Online P2P Lending Site

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I’ve been thinking about a new way to create an online peer-to-peer lending site. I’m thinking of creating a platform that would match people who have money to lend (in the form of personal checking or savings deposits) with people who need a loan. This would be a win-win for everyone. Individuals would be able to take advantage of opportunities traditionally only available to banks, e.g., earning revenue by lending out money sitting in your account. Borrowers would benefit from a lower interest rate than they would get from a credit card.

My idea for this new company is to help borrowers get out of debt by enabling them to use peer-to-peer loans to get a lower-interest loan. My idea is that people could use this new platform to negotiate an interest rate between 4% and 6%.

I’ve been in talks with a few people in the industry about starting this company and I’d love to get feedback on my idea to get a better idea of whether this is a viable business idea.


  1. That sounds like it could work, but I’m a bit worried about the risk, as there would be no credit checks.

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  2. This answer was edited.

    I think your idea is interesting, but you should be careful with the marketing around “debt.” I don’t know that people who do have credit card debt think about it that way– I get the impression they think about it more as a buy now, pay later situation which inherently sounds a lot more carefree and casual than the heaviness of “debt.” In your marketing, to better appeal to the kind of audience I think you’re going after, you should be sure to avoid words like “debt” that are trigger words that makes people think about their own debt issues. If you’re careful about the way you present this to people, I think this could be really successful.

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  3. Curious what kind of feedback you’ve gotten from banks so far? Interesting idea, but I don’t know much about the lending business.

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