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A Lending marketplace is a non-banking individual or company that loans money. They are generally considered more relationship-based than banks. The following points are few reasons why people prefer lending marketplace instead of Banks.
A lending marketplace can compare more than 30 banks and finds a suitable lender for the customer, whereas a bank has no choices/comparison hence the changes are high for rejecting most of the applications which does not fit their profile.
A soft approval of loan by a lending marketplace can be done even within 1 hour if a bank can make do this it may not be possible to implement these fast approvals due to availability of the large audience.
3.Single Point of Contact:
Banks has plenty of customers hence personal attention to individual customer cannot be given, in case of lending marketplace each and individuals query will be clarified and the point of contacting will one single member every and need not explain your case or needs all the time like you do in banks.
Any query regarding your application will be clarified and responses regarding the same will be very fast comparing to banks.