Share and share alike?
The peer-to-peer lending phenomenon is relatively new in financial circles, although it’s reputation is growing. Some of the big players in the market are spending a lot on advertising, and the industry is now being regulated by the Financial Conduct Authority. Even the large financial institutions want a piece of the action, as plans to securitize personal loans roll into motion.
But it’s not just money that individual can lend to individual with comparative ease. The peer-to-peer approach has many more aspects than just pure financing. Here are a few other examples of the sharing approach that are rapidly taking off.
- Accommodation. Through sites such as Air B’n’B, it’s possible to rent a room, or a whole home, as an alternative to staying in a hotel when you take a holiday. It can often prove cheaper, but saving money isn’t the key objective for this kind of travel. You can narrow your search for accommodation down to match your exact requirements, such as the area of a city you want to stay in, or the owner’s policy on dogs or children. And if you choose to just rent the room, your host(s) will be at hand throughout your stay to give you plenty of advice on what to do while you’re there – some even act as informal guides.
- Transport. Owning your own car can be a costly experience, when you take into account insurance, taxes, parking and the rising cost of fuel. A revolutionary new site called RelayRides is putting car owners whose vehicles are sitting idle in touch with people who need to hire one for just a few hours or days at a time. Borrowers can take their pick from the model of car, and where and when they pick it up, while owners can considerably offset the cost of running their car by renting it out as much as they want. Although it’s currently only available in the United States, this is a concept with wheels.
- Everything Else… And what about the little things we often need but can’t afford or don’t want long-term? Snap Goods is a site that applies the peer-to-peer lending model to virtually any high-value item you might think of, from power tools to musical instruments, even smart phones.
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