Lending platforms are online services that connect borrowers with lenders, facilitating loans without traditional banks. These platforms allow individuals or businesses to apply for loans, often with competitive interest rates and flexible terms. They typically use technology to assess creditworthiness and streamline the application process. Many lending platforms operate on a peer-to-peer model, where individual investors fund loans directly to borrowers. This approach can provide better rates for both parties. Popular examples of lending platforms include LendingClub and Prosper, which have gained traction for their user-friendly interfaces and efficient loan processing.