Posted this because having heard of P2P lending before, I had no idea that it had grown to such a large ( scale and scope ) industry. The most recent exposure I've had to P2P lending or microloans is probably Kiva's more charitable based business model.

But these new companies are certainly not in that space, as some are charging up to 20% on interest!? Who's taking loans at that level, and who's funding it at that level on this type of trust system??

That had me intrigued, so doing more research, this article goes in depth on the various types of lenders, the borrowers as well as their motivations, and the collaterals involved: https://www.accaglobal.com/content/dam/ACCA_Global/Technical...

And some top US based companies at the moment: https://www.forbes.com/sites/oliviergarret/2017/01/29/the-4-...

Still haven't read enough to form a solid opinion, but it is an intriguing space. I definitely see the value in providing capital and easier access to capital to people who probably never had the opportunity, but the space seems ripe for fraud, manipulation, high defaults, etc.