What Are Borrowing And Lending Exchanges?
Borrowing and lending exchanges are co-operative which offer low cost personal loans. They can do this because their costs are low compared to high street banks. People lend and borrow from one another directly and enter into a legally binding contract. The lending exchange manages the collection of repayments and uses exactly the same sort of recovery processes as the high street banks. Amounts borrowed or loaned are spread between over 50 plus borrowers and lenders to further reduce any risk of losses.
