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What is peer-to-peer (P2P) lending?

Sometimes we just don’t have the money when we need it, and that’s no fun. Peer-to-peer (P2P) lending is a genius way of borrowing money without involving those greedy, money-hungry banks. Instead of a traditional loan from the bank, peer-to-peer lending matches folks who have some spare cash to lend with responsible fellows who want to borrow money. Hooray for the sharing attitude.

About peer2peer

The great stuff about P2P lending

There are a bunch of benefits that P2P lending has compared to a bank loan including:

  • A friendly soft search for your credit file
  • No nasty charges or fees
  • You decide the repayment plan that suits you best
And if all that wasn’t enough, you’ll have a massive grin on your face knowing that you’re not feeding those portly banking fat cats.

P2P the giffgaff way

We started offering a P2P service with RateSetter back in October 2013 so that you guys, our lovely members, could buy sparkly new phones in an affordable way. Now we’ve expanded this team effort to offer our members RateSetter's flexible, hassle-free personal loans too. The loans are designed to help out when you need some extra dosh for things other than a new phone – whether it’s your wedding, a new car or that holiday of a lifetime. Apply for a loan now

Our philosophy

Getting the readies from RateSetter

By teaming up with the awesome chaps at RateSetter, the UK’s leading P2P lending platform, our members are offered access to their super P2P services. With a terrific track record of dependable lending, the guys at RateSetter work hard to play financial cupid between borrowers and lenders to make sure they get the perfect match each time. Since their launch in 2010 they have matched over £500m of funds and had 100% of funds paid back. Awesome stuff. Learn more about RateSetter

Safe money

P2P in the media

Banking may be on the cusp of an industrial revolution. This is being propelled by technology on the supply side and the financial crisis on the demand side. The upshot could be the most radical reconfiguration of banking in centuries.
- Andy Haldane, WIRED

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The truth though is that P2P represents a revolution not an evolution: a return to the oldest form of direct savings and loan banking. The sector has a way to go to establish itself as a genuine alternative to the banking system . . . P2P Finance has a big part to play.
- Rhydian Lewis, New Business

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Until recently the notion of being able to lend and borrow to strangers online appealled only to an adventurous minority. But the social lending revolution is gathering pace . . . those seeking loans are offered more attractive terms than are typically available from the high street institutions.
- The Scotsman

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