What do you think of "social lending" app?

Earnin does this, I think it's cool. Last I checked the borrower pays back what they think is fair, no set interest amount.

To be honest with you, the only reason I don't use this app is because if I need a loan, I go to Tripoint Lending BBB and without any app, I get a loan which they give me very quickly and with no problems. what attracts me is the very low-interest rate on the loan, so because of this factor I take a loan from them. They also provide a lot of other services, so if you want, you can take a look.

Lending apps usually have lower barriers to entry than traditional financial institutions, making them a popular choice for people who may have difficulty obtaining credit elsewhere. One potential advantage of lending apps is that they often have a faster approval process than traditional banks, which can be beneficial in emergency situations or when people need quick access to cash. Additionally, some borrowing app offer more flexible terms, such as allowing borrowers to choose their repayment period and offering more personalized loan amounts. In summary, lending apps can be a useful tool for some individuals, but it is important to understand the potential risks and costs before using them. It is also important to choose a reputable lending app with clear and transparent terms and conditions.

No, I would not be interested in lending money to strangers through a social lending app. The top reasons that discourage me are concerns regarding security and trustworthiness. Being unfamiliar with the borrowers and lacking personal guarantees makes me wary. Additionally, I prefer relying on reputable financial institutions with clear terms and established processes. I can suggest checking clearpath lending reviews to find out other people's experiences.