One of the toughest things about being a migrant is that the cost of setting up a new life often causes tens of thousands of dollars of debt. Banks in new countries will rarely lend money to people who are not established in their country. As a result, it can be very troublesome for migrants to find the resources that they need to start with their new lives. A number of individuals however, were able to find timely and effectively solution with the help of peer-to-peer lending.

Peer-to-peer lending revolves around the practice of debt financing which allows individuals to borrow and lend money without the need to use of an official financial institution as an intermediary. This in turn allows newcomers such as migrants to have their loans granted receiving the necessary aid in the process.

Many peer-to-peer lending companies have emerged especially today where more and more individuals are leaning towards such practice. This is because of the huge convenience these companies provide to their clients. Furthermore, several of these lending companies have set up and integrated their services over the internet which allows for easy access and reach to their clients. Consider these peer-to-peer lending companies around the world.

Lending Club is considered to be the world’s largest online credit marketplace in the USA, facilitating personal loans, business loans, and financing for elective medical procedures. Borrowers access lower interest rate loans through a fast and easy online or mobile interface.

Zopa is the UK’s leading peer-to-peer lending service that was founded in 2005 and has helped people lend more than £1.51 billion in peer-to-peer loans. Furthermore, the company has also been voted ‘Most Trusted Personal Loan Provider’ in the Moneywise Customer Awards for the past 6 years in a row.

Lendling Loop is an online marketplace for Canadians to lend money to growing local businesses. The company was born after the founders became frustrated with the inefficiencies and imbalances of traditional banking being driven by costly intermediaries. Lending Loop aims to solve this problem through its innovative marketplace that efficiently connects Canadians willing to lend with businesses seeking financing.

The New Zealand finance market is dominated by some of the most profitable banks in the world and Harmoney was built from the ground up to create a better financial experience.

Clients today will indeed not be finding any shortage of peer-to-peer lending companies proving themselves to be an invaluable asset to migrants who are dealing with their debt. It is good to hear that there exist a huge number of alternative bank lenders who are happy to welcome their clients as they find a way to help resolve their debt problems. Since most of these peer-to-peer lending companies can be found online, clients are able to save a great deal of time and resources looking for them as there is no need to travel to distant location just to get in touch with them as these can be done at the comfort of one’s home. Consider peer-to-peer lending today.