I am currently writing my bachelor thesis in economics and need someone to proofread it.
The thesis contains about 9,500 words (without bibliography and table of content).
I'd need it until Thursday night or Friday morning (UTC +1).
The general idea of peer-to-peer (P2P) lending, or more generally peer-to-peer finance, originates from the basic concept of crowdfunding. Käfer (2018) defines crowdfunding as the funding of a project by an individual or a small enterprise through a rather large number of individuals (the crowd). The crowd is willing to invest a specific amount of money in a given project for an expected return or reward such as a product (Käfer, 2018). In the literature, the term “peer-to-peer” usually refers to a relation between two parties without any intermediary playing a central role, coming from the IT sector as a description for a computer network (Milne and Parboteeah, 2016).
The focus within this paper lies on a subcategory of crowdfunding, namely peer-to-peer lending. Peer-to-peer lending also known as person-to-person lending, commonly abbreviated as P2P lending and also used throughout this paper, is an alternative form of investment and financing in which no traditional financial intermediaries are re-quired.
Peer-to-peer lending has its origination in the basic idea that borrowers who seek for financing, request a loan placement at one of the numerous P2P platforms. The plat-forms act as a new kind of intermediary and traditional financial intermediaries are not required in the meditation process (Herzenstein, Dholakia and Andrews, 2011). The individuals demanding to finance their undertaking apply for a loan listing by giving out details about their loan request such as the amount, the purpose of their loan and the loan term. After the successful application procedure and risk assessment the loan is offered to the public, private investors but also institutional investors can invest in a fraction of a loan or fully finance the loan for an interest that is either fixed or set by an auction. Lenders can only decide whether to invest or not based on the given criteria published by the platform. The loan will be granted once the whole sum is sufficiently funded (Namvar, 2013).
The substitution of banks as intermediaries is beneficial for both parties involved in the P2P lending transaction, borrowers as well as lenders. One the one hand, Jackson (2013) points out that after the financial crisis in 2008, banks had to deleverage due to stricter regulations as one of the main aspects for the breakthrough of P2P lending. Consequently, the possibilities of granting credits were restricted and it was tougher for individuals or small businesses to get approved for loans (Aveni, 2015; Jackson, 2013). There was a need for alternative financing which could be an explanation for why P2P lending thrived. The demand gap managed to be satisfied by P2P platforms, supplying enterprises or individuals with loans when the traditional options are not suitable or do not target the specific consumer segment (Segal, 2015).
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