[pɪə-tuː-pɪə ləʊnz]
Peer-to-peer Loans are made through platforms matching lenders with individual borrowers. They have similar tax obligations to savings accounts.
Peer-to-peer Loans are a form of loan conducted through peer-to-peer lending platforms. These platforms connect individual borrowers with investors and thus bypass traditional financial institutions like banks.
Borrowers apply for funding through these platforms by providing information about their creditworthiness. The platform then assigns a risk rating to these individuals, and investors can choose if they want to let borrowers borrow their money.
Interest earned from these platforms have the same tax obligations as interest earned from a savings accounts. So, your Personal Savings Allowance applies if it exists and then you pay Income Tax at the usual rate.
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