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Social lending

Social lending is a recent internet-based financial phenomenon whereby people lend and borrow money from each other with no bank involvement whatsoever.

Lenders and borrowers are able to choose who, how much and at what rate they lend or borrow guaranteeing superior rates for both sides. Effectively an online financial marketplace, social lending, also known as person-to-person lending, is an attractive alternative to traditional savings accounts with banks that could provide you with far greater returns on your savings.However, it can be difficult to know what to look for and how to go about finding the best deal for you.

myfinances.co.uk is here to help by comparing internet social lending for you so you don’t have to, saving you time and finding you interest rates you previously thought unattainable. Check our best buys table for the best online social lending available in the UK.

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